A Case Study On The Exit Method Of Tourism Industry Investment Fund

The Tourism Industry Investment Fund is an industrial guiding fund born in response to the country's call for tourism reform and development,to further expand and enhance the financial and financial support for the development of the industry and to comprehensively promote the global tourism and "tourism +" strategy.The tourism industry investment fund can effectively combine private capital and government capital,promote private investment,maximize the efficiency of capital allocation and utilization,greatly promote the virtuous circle of tourism economy,and alleviate the government's adjustment and upgrading of tourism industry structure.Financial difficulties.As an investor focused on tourism,the tourism industry investment fund integrates the resources of the tourism industry from a higher level and marketization perspective,improves industry operations,fosters core values,innovates business models,optimizes and enhances the tourism industry,and further Implementing the supply-side reform of the tourism industry,cultivating and expanding the new driving force and new space for the development of tourism industry,so as to better implement its positive role in stabilizing economic growth,adjusting economic structure and improving people's livelihood issues.Expand it.As a new force in China,the development of tourism industry investment funds is still immature in recent years.Domestic scholars' research on their withdrawal is relatively rare.This requires us to further study the exit of tourism industry investment funds in theory and practice.It provides a powerful driving force for the upgrading and transformation of China's tourism industry,which also reflects the innovative theme of the research topic.Whether the exit channel is reasonable and smooth is related to the survival of the tourism industry investment fund and the circulation of capital.Firstly,the thesis expounds the background of tourism industry and tourism industry investment fund development,and uses literature research and case study as the research method of the article.At the same time,it analyzes the connotation,status quo and special significance of tourism industry investment fund and its exit.Secondly,the paper uses information asymmetry theory,game theory and synergy effect theory as the theoretical basis of case study,and clarifies the case study method using single case,and also explains the source of relevant case data,and the basic situation of the article case,exit The background,process,and results are stated.Then,the article analyzes the characteristics of the case,and analyzes the exit strategy,effect and defects in combination with the specific theory.Based on the comparison of different exit methods,the M&A method is the best exit mode choice for the case.Finally,based on the results of the case study,the article summarizes the following case implications: Tourism industry investment funds should play the role of “value finder”,and the liquidation exit method can not help tourism industry investment funds to achieve their functional attributes,so the liquidation exit method is not tourism.Appropriate choice of industrial investment funds.Under the background of industrial policy promotion and continuous active M&A market,M&A will become the primary exit channel for tourism industry investment funds.Therefore,targeted measures should be taken to ensure that tourism industry investment funds can achieve M&A exit.The article also enriches the payment method of M&A,balances the interests of all parties,develops the tourism industry M&A fund,promotes the coordinated development of all parties,improves related supporting facilities,smoothes the exit channel of mergers and acquisitions,and conforms to the development trend of M&A and rational treatment of M&A exit.Suggestions for improving the exit mode of M&A of tourism industry investment funds are put forward,which provides reference for the current government to promote the benign operation of industrial funds.