The Research Of Intention And Performance Evaluation Of OTC M&A Of Yunnan Tourism

With the development of state-owned enterprises of mixed ownership reform,the central enterprises mergers and acquisitions of local state-owned enterprises has gradually become one of the important ways in the reform of mixed ownership.At the same time,in order to further deepen the reform of the management system of state-owned assets,the State Council's Opinions on the Development of Mixed Ownership Economy in State-owned Enterprises in 2015 proposed that the proportion of state-owned shares should be gradually adjusted through holistic listing,mergers and acquisitions,reorganization and issuance of convertible bonds,and various investors should be actively introduced to form diversified ownership structure,norms of shareholders' behavior,effective internal To carry out efficient and flexible operation mechanism.In this context,the Overseas Chinese Town,a central enterprise,actively conforms to the policy guidance of the state,enters Yunnan by increasing its investment in Yunnan's tourism shares,and takes advantage of the location and brand advantages that Yunnan's Tourism shares already possess,so as to better realize the strategic development of global tourism.On the other hand,Yunnan Tourism Co,Ltd,give up the control rights of listed companies,optimize the ownership structure of listed companies,and introduce overseas Chinese city group holding with strong capital strength and abundant resources.Overseas Chinese Town's merger and acquisition of Yunnan Tourism Co,Ltd,has opened a new model for central enterprises to participate in the development of cultural tourism industry by local state-owned enterprises,so whether the enterprise's operating conditions can be improved has become the focus of attention from the outside world.Based on the analysis of overseas Chinese cities' merger and acquisition of Yunnan tourism,this paper,from the perspectives of overseas Chinese cities and Yunnan tourism,deeply explores the motivation of the merger of both sides on the basis of extensive collection,collation and analysis of data,and then makes a more realistic analysis and evaluation of the merger and acquisition performance of the acquired party's Yunnan Tourism Co,Ltd,by comprehensive balanced scorecard method.Finally,this paper puts forward corresponding suggestions for the problems revealed in the process of merger and acquisition integration,which will provide inspiration,ideas and new thinking for the smooth development of merger and acquisition expansion of central enterprises and local state-owned enterprises under the new environment,and enrich the research scope of relevant theories,which has certain practical significance and theoretical significance.In the short term,the financial performance of Yunnan Tourism Co,Ltd,has improved after mergers and acquisitions.At the same time,through the optimization of management structure,personnel adjustment and business carding,the synergy effect has been achieved,and the enterprise value of Yunnan Tourism Co,Ltd,has been enhanced to a certain extent.In the long term,profitability and development capacity of Yunnan tourism should be strengthened and the effectiveness of China's central enterprises mergers and acquisitions of local state-owned enterprises still need to observe.