ZX旅游并购ZY国旅案例分析

发布时间：2018-03-12 16:15

本文选题：ZX旅游　切入点：ZY国旅　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,我国的经济得到了高速的发展。我国的人民生活水平也随之提高,人们消费需求已经不仅仅是从前满足如温饱问题一类的生理需求,而是越来越多的追求精神层次的享受。这也给我国新兴产业之一的旅游业的发展带来了新的机遇。近些年来,我国不仅对国内旅游的需求大幅度提升,我国人们对出境游的需求也在不断提升,而且不仅仅是简单的数量需求,对出境游产品的质量以及种类的多样化需求也在不断增加。据有关数据统计,我国占比最多的中等收入人群对出境游的需求量正在逐年上升。这意味着旅游业的发展特别是出境游的发展在我国迎来了黄金期。这一行业的发展在逐渐被人们看好的同时,身处这一行业中的企业,也收到了前所未有的关注。本文所研究并购案例中的并购方企业ZX旅游与被并购企业ZY国旅均是有着多年旅游业经营经验积累的企业,目前是国内少有的几家实力比较强的专业出境游经营商。如今,随着经济的快速增长,越来越多的企业都在加速扩张发展的步伐。企业间的并购作为一种可以以相对较低的成本迅速使企业发展壮大的一种手段,受到了越来越多的关注。各行各业中企业的发展都越来越多的离不开企业间的并购。并购的形式也越来越多样化。中外学者对并购相关的理论研究也越来越深入。对理论研究的最好办法之一就是理论联系实践,在实践中去发展完善理论,使理论能够更好的指导实践。本文案例中的并购方ZX旅游上市后为了进一步的扩展业务,掌握旅游资源,增强自身的增长能力,收购了出境游业绩较为突出的ZY国旅。被并购方为非上市企业ZY国旅,是我国有着多年丰富经验的出境游行业中的先锋企业,为了打开进入资本市场的大门以拓宽融资渠道,从而有助于将企业做大做强,ZY国旅接受了 ZY旅游的并购。本次并购为一次典型的旅游行业中的横向并购,本文通过运用财务分析法对并购绩效的分析,了解到本次并购为一次较为成功的并购,并购后进一步增强了上市公司对旅游资源的掌控能力,从而一定程度上增强了公司的竞争力。同时通过对并购动因,并购风险等方面的分析,总结出了一系列本次并购的值得借鉴的成功之处以及力求避免的不足之处。本次并购的成功之处在于在选择了合适的并购标的、并购模式以及并购时机等。不足之处在于本次并购完成后形成了巨额商誉,对日后会计利润的增长以及公司的稳定造成了一定的风险等。本文通过对ZX旅游并购ZY国旅这一并购案例的详细介绍、分析与总结,以期待为以后本行业企业间的并购活动提供一定的借鉴意义。
[Abstract]:Since the reform and opening up, the economy of our country has been developing at a high speed, and the living standards of the people in our country have also been raised. People's consumption demand has not only been to satisfy the physiological needs such as food and clothing in the past. More and more people are pursuing spiritual enjoyment. This has also brought new opportunities to the development of tourism, one of the new industries in our country. In recent years, not only has the demand for domestic tourism been greatly increased in our country, The demand for outbound tours is also increasing in China, not only for simple quantity, but also for the quality and variety of outbound tour products. According to the relevant statistics, The demand for outbound travel is increasing year by year among the most middle income people in our country. This means that the development of tourism, especially outbound tourism, has ushered in a golden period in our country. The development of this industry is gradually being valued by people at the same time. The enterprises in this industry have also received unprecedented attention. ZX tourism and ZY China Travel, the M & A enterprises in the M & A cases studied in this paper, are enterprises that have accumulated many years of tourism management experience. At present, there are few relatively strong professional outbound tour operators in China. Now, with the rapid growth of the economy, More and more enterprises are accelerating the pace of expansion and development. Mergers and acquisitions between enterprises as a means of rapid growth and growth at relatively low cost, More and more attention has been paid to it. The development of enterprises in various industries is more and more inseparable from mergers and acquisitions between enterprises. The forms of M & A are becoming more and more diversified. The theoretical research on M & A related to Chinese and foreign scholars is also more and more in-depth. One of the best ways to study theory is to connect theory with practice, To develop and perfect the theory in practice, so that the theory can better guide the practice. In order to further expand its business, grasp tourism resources and enhance its own growth ability after the merger and acquisition party ZX tourism listed in this paper, ZY China Travel, which has outstanding outbound tour performance, was acquired by the acquired company ZY China Travel, an unlisted enterprise, and is a pioneer enterprise in the outbound tourism industry with many years of experience in China. In order to open the door to the capital market to broaden the financing channels, This is helpful to make the enterprises bigger and stronger and ZY Tours accept the merger and acquisition of ZY tourism. This merger is a typical horizontal merger in the tourism industry. This paper analyzes the performance of M & A by means of financial analysis. We understand that this merger is a relatively successful one. After the merger and acquisition, the ability of the listed companies to control tourism resources has been further enhanced, thus enhancing the competitiveness of the companies to a certain extent. At the same time, through the motivation of M & A, The analysis of M & A risk summarizes a series of successful aspects of M & A and some shortcomings that should be avoided. The success of this M & A lies in the selection of the appropriate target of M & A. M & A mode and timing, etc. The disadvantage lies in the huge goodwill formed after the completion of this merger and acquisition. The growth of accounting profits in the future and the stability of the company have caused certain risks. This paper introduces, analyzes and summarizes the case of ZX tourism merger and acquisition of ZY China Travel in detail. In order to look forward to the future M & A activities between the industry to provide certain reference.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F592.6

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