Study On Motivations And Effects Of Cross-border Merger And Acquisition Of Chinese Hotel And Tourism Enterprises

Since China joined WTO,more and more domestic companies have kept up with the pace of world economic development,gradually expanded their own scale,stood on the world stage with their strength,and participated in international competition.More listed companies are positioning their markets in the international market.In order to integrate into the global economic development as soon as possible,the listed companies realize the goals of scale expansion and internationalization by means such as cross-border mergers and acquisitions.With the gradual acceleration of the process of cross-border mergers and acquisitions of Chinese enterprises,its influence is increasingly affecting the world development.But so far,the results and performance of China's multinational corporations' mergers and acquisitions have not achieved the expected results.The reasons are complicated.It is not only affected by various factors such as the macroeconomic level,but also on the micro level by corporate mergers and acquisitions strategies,industry development restrictive norms,etc.Therefore,it is of great practical significance to study the motives and effects of transnational mergers and acquisitions of hotel and tourism enterprises.This paper chooses the case of JJ stock merger and acquisition LF group as the object of investigation,mainly because it is one of the typical mergers and acquisitions cases in China in recent years.At the same time,this case also has the common problems such as theory and practice that most transnational enterprises face in mergers and acquisitions.The author hopes to study the successful factors of JJ share acquiring LF group,analyze the characteristics of cross-border merger and acquisition of China's listed companies from the international perspective,and expound the whole process of JJ share acquiring LF group,as well as the problems and difficulties encountered in the process of cross-border mergers and acquisitions.At last,the author summarizes the ideas which are beneficial to the International mergers and acquisitions strategy of other domestic tourism enterprise through the analysis of motivation,strategy and performance.