The Performance Evaluation Of The Consolidation Of Beijing Tourism Group Co?Ltd And HMIN

After the "golden decade" period of rapid development,China's hotel industry experienced a slowdown in growth and showed the trend of oligopoly after 2013.Now,long after the era of horse racing and land enclosure,it has become a red sea market.Affected by the downward trend of the global economic situation,under the influence of the "eight regulations","six bans" and other policies,the consumption of official business has been greatly reduced,resulting in a sharp decline in the high-end hotel market business of BTS hotels and declining profits.The budget hotel market where home inns are located is faced with rising property rents,consumption upgrading and transformation,soaring operating costs,increasingly fierce competition in the industry and low price competition,and the profit of hotels relying on low housing prices is gradually declining.With the increasing pressure on the traditional hotel industry,it has become one of the effective ways to avoid the disappearance of hotel dividends to transform to high-end hotels through mergers and acquisitions.Facing the competitive pattern of industrial differentiation and survival of the fittest,each major hotel group is actively adjusting its strategy,carrying out brand building,optimizing marketing channels,accelerating the upgrading of hotels to fu,and seeking new ways through integration layout,m&a and reorganization.Since 2015,the hotel industry has witnessed a wave of mergers and acquisitions,including foreign group mergers,domestic group mergers and cross-cultural integration at home and abroad...However,China's hotel industry has been trying to get out of the industry dilemma and pursue higher efficiency through mergers and acquisitions.This paper selected the case of BTS hotel merger and acquisition as the object of study.Through the establishment of a comprehensive performance evaluation system,it discussed whether merger and acquisition can improve corporate performance and analyzed the reasons.Firstly,by studying domestic and foreign research literature,this paper expounds relevant theories such as m&a,m&a performance,m&a motivation and m&a performance evaluation method.Secondly,the paper introduces the basic situation of BTS and home inns,the payment method in the process of merger and acquisition,and analyzes the motivation of merger and acquisition.Then,the m&a performance evaluation system based on the eventresearch method,financial index analysis method,EVA and non-financial index analysis is established.The report data and corporate announcement information of the first three quarters of 2014-2018 are used for the m&a performance evaluation and analysis.The conclusion is drawn that m&a can significantly improve the short-term market performance.Some financial indicators were improved in the year of merger and acquisition,and almost all financial indicators began to rise after merger and acquisition integration.According to the results of factor analysis of comprehensive financial indicators,comprehensive financial ability began to improve after merger and acquisition integration.Based on EVA analysis of changes in the annual economic added value of BTG hotels,the wealth created by shareholders in the year of merger and acquisition decreased.However,after the completion of merger and acquisition integration,EVA value began to increase significantly,even exceeding that before merger and acquisition.From the non-financial indicators,BTS hotel has a good momentum of development.This study believes that BTS m&a brings positive m&a performance to enterprises and m&a improves BTS hotel performance.Finally,according to the actual situation after the merger and acquisition of BTS hotels,some enlightenment is obtained and some Suggestions are put forward to provide some reference opinions for the merger and acquisition of the hotel industry.