A Study On The M&A Synergistic Effect Assessment Of Tourism Listed Companies

With the increasing proportion of the service industry in the three industries,the good development of the tourism industry makes the influx of capital,and industry competition is becoming increasingly fierce.With the law of the capital market development,tourism industry,like other industries,gradually formed through Mergers and acquisitions to integrate resources,to seek economies of scale and enhance the competitiveness of enterprises in the development trend.The main motivation of M & A is to seek the synergistic effect,and it reflects the effect of enterprise resource integration and the result of capital allocation.It is the embodiment of the efficiency of M & A activity.There are 103 China's tourism listed companies in 2015,of which are 97 landing on the domestic capital market,and 6 landing on overseas capital market.In 2015,there were 15 mergers and acquisitions events in listed companies,but the effect of resource integration was poor after the completion of M & A,and the benefits of M & A were less.Therefore,many scholars through the study of the synergistic effect of M & A to find the possible reasons for the success of mergers and acquisitions in order to reduce the risk of mergers and acquisitions,to provide a theoretical basis for mergers and acquisitions to promote better implementation of M & A activities.This paper briefly reviews the qualitative and quantitative analysis of M & A synergistic effect,and then evaluates the synergistic effect of M & A of tourism listed companies.After analyzing the existing literatures,this paper chooses 12 financial indicators to reflect the comprehensive ability of enterprises to evaluate the synergistic effect of M & A of tourism listed companies.The financial indicators mainly include indicators such as net assets and net assets,and earnings per share;indicators that reflect solvency,such as current ratio,quick ratio,accounts receivable turnover and asset-liability ratio;indicators that reflect profitability,such as net profit margin and return on assets;indicators that reflect capacity such as inventory turnover,fixed asset turnover and total asset turnover.And then use the principal component analysis method to evaluate the relative value of the synergistic effect of the four years after the implementation of M & A.The seven factors that may affect the synergistic value of M &A mainly include M & A payment method,whether it is related transaction,relative size of M& A,proportion of outstanding shares,M & A performance before M & A,scale of M & A and equity concentration.Based on the correlation analysis of seven influencing factors and M & A synergistic effect,four significant factors,including cash payment ratio,pre-merger performance,pre-acquisition scale growth and equity concentration,were determined.Based on these four factors,Four years after the synergistic effect of classification analysis.The study found that the four-year collaboration effect of tourism listed companies is relatively poor and the level of value is low,and the number of enterprises that realize thesynergistic effect is relatively small.The tourism enterprises can realize the synergistic effect of M&A,but the synergistic effect is less persistent.Seven influencing factors have little explanatory effect on the synergistic effect of M & A,and only four factors such as cash payment ratio,pre-merger performance,pre-merger growth and stock concentration are significant.Tourism enterprises in the acquisition of a higher proportion of cash payments,pre-merger performance is low,the size of the slow growth before the merger and the higher concentration of equity and other factors,so that the acquisition of the four years after the synergies to achieve unsatisfactory.