Mergers And Accquisitions Performance Study Of China's Listing Corporation In Hotel Industry

As science and technology continue to innovate and progress,it has led to the rapid development of social economy.At the same time,it also makes the competition between companies increasingly intensified.In order to gain a firm foothold in the fierce market competition and continue to grow and develop,companies can only speed up the pace of capital expansion and closely follow the development of the market.Facing the global economic downturn since the financial crisis,under the influence of the continuous deepening of the country's economic restructuring and fierce market competition,the growth rate of the hotel industry under the traditional extensive development strategy has been slowing down.The traditional hotel industry has been forced to accelerate the transformation,realize industrial scale economy or diversified development,form an intensive development approach,and explore new development paths.Mergers and acquisitions,as an important means of capital expansion,is also the most important way for companies to achieve the goal of optimal allocation of resources,structural adjustment,and strategic transformation in the shortest possible time.Therefore,it has gradually become the most important path on the road to the transformation of the traditional hotel industry.With the wave of global mergers and acquisitions,more and more companies in different industries have joined the ranks of mergers and acquisitions.The research on the effect evaluation after M&A and the standard definition of the success or failure of mergers and acquisitions are also increasingly concerned by researchers.This article combines the research status of merger and acquisition motives and M&A performance by domestic and foreign scholars,introduces the relevant concept theories of mergers and acquisitions,merger and acquisition motives and M&A performance,and analyzes the industry background of the hotel industry to construct the research foundation of this article.This paper selects Jinjiang Hotel M&A Plateno group Hotel as the research case of this article,and adopts event research method and principal component analysis method to analyze the M&A performance of this case.The assessment of the case performance of Jinjiang Hotel's acquisition of the Plateno Hotel is mainly based on short-term and medium-term and long-term evaluations.Firstly,the short-term evaluation of the performance of the company is conducted using the event research method under the market model,that is,by observing the difference between the stock price return rate and the expected return rate during the window period.Then use the principal component analysis method to analyze the mid-term and long-term performance of this acquisition,which involves the related financial indicators and non-financial indicators before and after the merger.Through the combination of the two,the evaluation index system of the merger and acquisition performance is more comprehensive and perfect.This article analyzes the performance of the short-term and medium-long-term perspectives of mergers and acquisitions.From the point of view of short-term performance evaluation,this acquisition created excess returns for investors and also brought considerable financial performance improvements to Jin Jiang Hotel.From the perspective of long-term performance evaluation,this merger has had a positive M&A impact on Jin Jiang Hotel and has changed its long-term performance.Combining the combined effects of this merger and acquisition,it promoted the implementation of the brand diversification strategy of Jin Jiang Hotel,played a synergistic effect,expanded the scale of the membership and improved the operation and management level,which proved that the acquisition activity created value for Jin Jiang Hotel..Based on the analysis and research of this case,this article also summarizes some experiences and successes that the hotel industry can use for reference in M&A activities.It is a revelation part,including clear M&A motives before M&A,risk prevention during mergers and acquisitions,and attention integration after mergers and acquisitions.Content runs through the entire M&A activity.With a view to inspiring the M&A behavior of listed companies in the hotel industry in the future.