The Analysis Of The Motivation,Valuation And Performance Of M&A Based On The Case Of Btghotels And Home Inns

In the modern development process of modern economy,M&A,as an important form of capital operation,has gradually participated in the development of the enterprise.M&A is an important means for enterprises to expand their scale,improve their core competitiveness and optimize the allocation of resources.Practice also shows that during the growth process of many large-scale enterprise groups,the scale of their own enterprises has often been expanded rapidly by implementing merger and acquisition activities.In recent years,with the adjustment of China's economic structure and the upgrading of industrial structure,mergers and acquisitions and restructuring activities among Chinese enterprises have become more frequent.In China's hotel industry,mergers and acquisitions are also emerging.The vigorous development of the capital market has prompted large domestic hotel groups to vigorously merge and expand to quickly increase market share and further strengthen their competitive advantage.This article selects the BTG hotels M&A event of the Home Inns as a research case,and takes the whole process of the case as the main line to review the background and process of the case.Then analyze the reasons for mergers and acquisitions,and analyze the valuation duri ng the merger and acquisition process.Finally,through the analysis of the performance after mergers and acquisitions,using the post-mortem review to see the success or failure of the merger and acquisition,to examine whether the acquisition has reached the expected vision,and then make a corresponding evaluation of the case.Through the analysis of the cases,some corresponding experiences and inspirations are drawn.The possible innovation of this paper is to conduct a systematic and comprehensive analysis of the M&A cases of BTG Hotels M&A Home Inns.However,there are few literatures on the M&A events in China.There are very few literatures on the case of BTG Hotels ' acquisition of Home Inns.This article collects as much publicly available reference materials as possible,and grasps the case as a whole,from the introduction of the BTG hotel M&A background,the M&A process review,the motivation analysis of the M&A,to the analysis of the reasonableness of the payment price in the M&A process.,and focused on an analysis of the performance of the BTG hotel after its merger and acquisition.With a view to refining the experience and enlightenment that our country's hotel business can learn from.The inadequacy of this paper is that in the analysis of asset valuation in the course of M&A transactions,only a simple comparable company method was used for analysis,and therefore it was concluded that the M&A party did not pay excessive prices for the M&A transaction.We are waiting for us to test it thr ough a variety of methods.Second,the information needed to analyze the case in this paper comes from public data.The information collected may not be complete enough,so that there is an omission in the analysis of the case.Again,this article strives to analyze the whole case systematically.However,due to the author's limited ability,the analysis of various aspects of the case may not be thorough,and the analysis may have the author's personal subjectivity.In addition,since the completion time of this M&A event is less than two years away from now,the study on the performance of M&A after the merger remains to be further improved after further analysis.