锦江股份并购卢浮集团绩效分析

Performance Analysis of the Acquisition of Lufu Group By Jinjiang Co.,Ltd

近年来,国内旅游市场不断开发,酒店业发展进入了瓶颈期,国际并购浪潮又对酒店行业产生了较大冲击。为扭转困局,在国家实施的“走出去”战略和相关政策的支持下,我国酒店行业开始在国际市场寻找出路,尝试以跨国并购的方式开辟新的市场空间。目前,国内外针对制造行业跨国并购的研究较多,而对于酒店行业跨国并购的实证研究较少。因此,本文选取我国酒店跨国并购案例作为研究对象,综合运用改进的杜邦财务分析法、关键因素指标法、连环替代法等方法,对锦江股份跨国并购的成功案例进行绩效分析,以期为我国酒店行业的跨国并购提供一些有益的参考和启示。

In recent years,China's rapid economic growth and strong economic strength have driven the improvement of people's material living standards and spiritual pursuit,promoted the rapid development of the tertiary industry,but also intensified the fierce competition of the tertiary industry.Especially in recent years,the domestic tourism market has been developing continuously,and the development of the hotel industry has entered a bottleneck period.In order to reverse the dilemma,under the impact of the"going out"strategy and policy support implemented by the state and the wave of international M&A,China's hotel industry began to seek a way out of the international market and began to open up new market space by means of cross-border M&A.However,at present,most of the research focus on cross-border M&A in manufacturing industry at home and abroad,and few empirical studies focus on cross-border M&A cases in hotel industry,especially in China.Therefore,this paper selects China's Hotel cross-border M&A as the research object,adopts the improved DuPont financial analysis,and uses the key factor index method and serial substitution method to analyze the performance of the successful case of Jinjiang Co.,Ltd.in the cross-border M&A,so as to provide a model and reference for similar M&A in the hotel industry.