【作者】 李霞；

【导师】 雷涯邻； 王勇进；

【作者基本信息】 中国地质大学（北京） ， 工商管理， 2013， 硕士

【摘要】 随着我国市场经济的快速发展，与旅游业紧密相连的经济型酒店行业也随之快速发展起来，以如家为代表的国内经济型酒店纷纷选择在美国上市融资，以满足自身的扩张需要，而在高速扩张的背后，如家等企业究竟隐藏着什么经营问题，如何解决这些问题，都吸引着笔者进一步研究，本文以如家为例，从财务角度出发，借助财务分析的专业方法对如家进行详细的财务分析，试图挖掘出其所存在的经营问题，并进一步提出改善建议，希望对如家及其他经济型酒店的经营管理有一定的借鉴意义。本文首先分析了经济型酒店的经营环境状况，包括宏观环境与微观环境，宏观环境是经济型酒店得以快速发展的外在因素，而微观环境则揭示了经济型酒店目前的特点及所面临的挑战。其次，对如家2008-2011年的财务报表数据进行了较为全面的分析，由其三大财务报表可知，如家的资产和负债规模大幅度增加，净利润在2011年出现了负增长，公司经营活动产生的现金流量已无法满足自身的扩张需要，对外融资的依赖性加大；运用比率分析法和趋势分析法对如家的财务指标进行了针对性的分析，其中长期偿债能力、盈利能力和持续发展能力指标在2011年的表现差强人意；运用杜邦财务分析法对2011年的财务数据进行了系统化的综合分析，发现导致其净资产收益率下降的根本原因是成本费用的上涨及投资未能及时产生效益。然后，将如家同其竞争对手7天、汉庭做了对比分析，如家虽然具有绝对的竞争优势，但在经营的稳健性及电子商务的应用等方面不及对手。最后，针对如家过度依赖外部融资、快速扩张的潜在风险及报表上没能如实反映加盟商的盈利等问题提出了几点建议：由租金较高的一线城市向二、三线城市发展、加强差异化经营、向利润较高的高端市场发展、重视加盟商效益。更多还原

【Abstract】 With the rapid development of China’s market economy, closely connected withtourism Econo Hotel industry develops fast. Home as a representative of the domesticEcono Hotel have chosen listing and financing in the United States, to meet theirdemand. But behind the rapid expansion of enterprises, such as hidden exactly whatmanagement problem, how to solve these problems, have attracted the author furtherstudy.In this paper, home as an example, from a financial perspective, analyzes in detailthe finance for the home with the help of the professional financial analysis methods,and try to dig out the operation and its existing problems, and put forward improvementsuggestions, hope to have certain reference significance for other management homeand Econo Hotel.This paper firstly analyzes the management environment condition of EconoHotel, including macro environment and micro environment, the macro environmentis the external factors to the rapid development of the Econo Hotel, Econo Hotel andmicro environment reveals the characteristics and challenges.Secondly, financial statement data on home2008-2011years were analysedcomprehensively. By its financial statements, such as the scale of assets and liabilitiesincreased by a large margin, net profit negative growth in2011, cash flow generatedfrom operating activities of the company has been unable to meet the needs of itsexpansion, dependence on external financing increased; The use of financialindicators to be like the home ratio analysis and trend analysis of a specific analysis,the long-term solvency, profitability and sustainable development capacity index in2011just passable performance; Application of DuPont financial analysis of financialdata for2011are analyzed systematically, find the root causes of its net assets yielddecline is cost increases and investment failed to produce benefits.Then, will be to do a comparative analysis with its rivals such as7days, Chinesefront courtyard, home, although has the absolute competitive advantage, but in therobustness and e-commerce business applications than rivals.Then, will be to do a comparative analysis with its rivals such as7days, Chinesefront courtyard, home, although has the absolute competitive advantage, but in therobustness and e-commerce business applications than rivals.更多还原