基于目标企业视角的旅游企业并购绩效研究——以桂林“两江四湖”并购事件为例

Research on M&A Performance of Tourism Enterprises Based on Target Enterprises——A Case Study of the M&A Events in the Two Rivers and Four Lakes of Guilin

研究桂林旅游股份有限公司收购桂林"两江四湖"景区项目的并购事件,采用会计指标研究法对比"两江四湖"景区被并购前后的经营绩效变化进行分析,指出被并购旅游企业在选择并购方时,应充分考虑并购方专业化水平、并购双方相对规模与地域性等三项关键因素,将有利于目标企业并购后经营绩效的提升。

The article takes up research on the M＆A events of the scenic zone project of Two Rivers and Four Lakes, which is taken over by Guilin Tourism Corporation Limited. Accounting-based index approach is used to compare the scenic zone of Two Rivers and Four Lakes and analyze the change in business performance before and after mergers and acquisition. It is suggested that in section of aequirers, tourism enterprises taken over are expected to take into full consideration the acquirers＂ professional level, relative size of both sides as well as their regionalitv, which helps to improve target enterprises＂ M ＆ A performance.