Study On The Value Evaluation Of Hotel Mergers And Acquisitions In Vienna From The Perspective Of Real Options

With the improvement of China's market economic system,the driving factors of economic growth are changing from traditional resource driven to innovation driven.Mergers and acquisitions of enterprises improve the efficiency of resource allocation and play a particularly important role in new forms of innovation.Many well-known high school end hotels have become a new hot spot in the investment market,attracting the attention of investors in the same industry or cross-industry due to their excellent service level,comprehensive staff ability,low vacancy rate and other characteristics.Especially in the current small and medium-sized hotels to seek breakthroughs,large and medium-sized hotels to seek an important node of innovation,both sides of mergers and acquisitions of hotel enterprises are in urgent need of real and reasonable mergers and acquisitions value evaluation method to provide reference for the decision-making of mergers and acquisitions of hotel enterprises.However,asset evaluation started late in China,and the part about enterprise value evaluation did not specifically list the evaluation methods of merger and acquisition.The traditional asset-based method,market method and income method can no longer meet the development needs of rapidly expanding merger and acquisition value evaluation business.Based on the unique value hotel enterprise m&a features,PingGuJie experts and scholars at home and abroad to actively to improve on the traditional evaluation methods,the application of real option theory is more and more widely,the option theory in the process of considering the method at the same time considering mergers and acquisitions mergers and acquisitions hotel value and option value coexist,the characteristics of scientific assessment of mergers and acquisitions in uncertain cases value,applying real options method in enterprise mergers and acquisitions valuation can yet be regarded as a kind of good choice.The paper systematically introduces the meaning and characteristics of the real option theory and the related concepts of the real option method.Taking jinjiang hotel's plan to buy 80%shares of Vienna hotel as an example,this paper introduces the real option theory and real option model to evaluate the value of Vienna hotel.The case first describes the transaction party,including the introduction of Vienna hotel basic situation,basic financial data and evaluation background.Then analyze the Vienna hotel assessment case,this paper introduces the traditional evaluation methods and the theory of real option method,the applicability of the various evaluation methods are analyzed in this case,and a separate income present value method,market comparison method and real options method in the evaluation stage,the process and results,and finally compares three methods of evaluation results analysis and evaluation.From assessment cases found in the process of the real option method in practical application advantages and bright spots,compared with the traditional evaluation methods of applying real options method put forward in the future when evaluating hotel mergers value should be pay attention to the combination of real asset and the option value,according to the different conditions of m&a to assess options to choose the appropriate m&a types,and to grasp the hotel industry life cycle different stage in the appraisal value of real option characteristics,in order to provide more accurate decision-making for the hotel enterprise mergers and acquisitions valuation reference opinions.