Research On The Value Of Yunnan Tourism Under The Background Of Group M&A

On May 18,2015,Development and Reform Commission promulgated the "Opinions on Deepening the Key Work of 2015 Economic Reform",Proposed to deepen the reform of state-owned enterprises,improve the state-owned assets management system and promote the development of state-owned enterprises,In October 2015,at the Fifth Plenary Session of the 18 th CPC Central Committee,one of the core issues of the conference was still the related content of the reform of state-owned enterprises.All provinces also planned the restructuring of their state-owned enterprises in their own province,As state-owned economic reform progresses with the revitalization and prosperity of the country’s economy,It is one of the important forms in the reform of the state-owned economy that central SOEs merge and acquire local state-owned enterprises.The report of the 19 th CPC National Congress proposed to speed up the optimization of state-owned economy layout,structural adjustment,and strategic restructuring to promote the maintenance and appreciation of state-owned assets.According to the public statistics of the Ministry of Finance,the total profit of state-owned enterprises in China from January to June2017 reached 1.4 trillion yuan,an increase of more than 24% year-on-year.Its central enterprises contributed 93.31 billion yuan in profits,an increase of 18% year-on-year;local state-owned enterprises contributed 4.72 billion yuan in profits,a year-on-year increase of 37%.This shows that,Under the background of the reform of state-owned assets and state-owned enterprises,the overall operation of state-owned enterprises is improving.OCT Group strategy into Yunnan,the use of Yunnan tourism listed company platform integration of tourism resources in Yunnan Province,Yunnan is expected to follow-up tourism resources integration,business improvement and promotion of incentives will bring about positive changes.However,OCT has indirectly controlled Yunnan Expo’s listing platform through the Yunnan World Expo,which means that Yunnan Tourism and OCT Joint Stock Company,which are bothcontrolled by OCT,will be facing competition in the future.In addition,there are integration risks after the merger and acquisition of state-owned enterprises.For example,the degree of match between the two sides of the merger and acquisition strategy is different,the uncertainty caused by the change of corporate governance structure,the merger resistance caused by the merger and acquisition of the two sides of the cultural conflict,Uncertainties brought about by the integration of capital size and funding structure before and after merger and acquisition,and the impact of changes in human resources.Whether M&A can enhance corporate value is related to limited integration after M&A.The company must do a good job in the integration of post-merger human resources,strategic objectives,corporate governance,etc.With the advanced concepts,mechanisms,funds and brands of state-owned enterprises,and professional operational capabilities,local state-owned enterprises’ resources are grafted to realize the maintenance and appreciation of state-owned assets.Therefore,researching the company value of Yunnan tourism and its development path have reference to how to make rational use of the opportunity of state-owned listed companies to enhance the company’s value.This article is divided into six chapters.The first chapter,introduction.From the research background,the meaning of the research elaborates the significance of this writing,introduces the research content and overall framework of this paper.The second chapter,the theoretical basis and literature review,Theories related to motivations,market outcomes and performance impacts of mergers and acquisitions,summary of research on group and company values.The third chapter,case studies,introduces the industry and policy environment,and introduces the merger and reorganization of the two parties.The fourth chapter,from the perspective of shareholders’ equity,conducts a valuation analysis on the case-listed companies using the two valuation models commonly used by the company.Analyze the applicability and limitations of the two methods in the valuation of tourism companies.Then analyze the sensitivity,analyze the factors related to the market reaction and value impact of tourism in Yunnan under the background of group mergers and acquisitions,and analyze the impact mechanism.The fifth section analyzes the financial andnon-financial factors that affect the value of tourism in Yunnan under the background of group mergers and acquisitions and restructuring.The sixth chapter,research conclusions and suggestions.Through specific case studies,we will study the factors that influence the value of mergers and acquisitions on the company’s value.Finally,it focuses on the risks that the group mergers and acquisitions may bring to the listed company.Based on the discussion of the case,it suggests how the state-owned holding company can reasonably use the opportunity of the state-owned enterprise reform to enhance the company’s value from the perspective of the acquirer and the acquiree,and finally puts forward the deficiencies of the paper Department.