基于财务报表的快捷酒店经营业绩评价与发展对策研究

发布时间：2018-11-19 12:18

【摘要】：随着我国市场经济的快速发展，与旅游业紧密相连的经济型酒店行业也随之快速发展起来，以如家为代表的国内经济型酒店纷纷选择在美国上市融资，以满足自身的扩张需要，而在高速扩张的背后，如家等企业究竟隐藏着什么经营问题，如何解决这些问题，都吸引着笔者进一步研究，本文以如家为例，从财务角度出发，借助财务分析的专业方法对如家进行详细的财务分析，试图挖掘出其所存在的经营问题，并进一步提出改善建议，希望对如家及其他经济型酒店的经营管理有一定的借鉴意义。本文首先分析了经济型酒店的经营环境状况，包括宏观环境与微观环境，宏观环境是经济型酒店得以快速发展的外在因素，而微观环境则揭示了经济型酒店目前的特点及所面临的挑战。其次，对如家2008-2011年的财务报表数据进行了较为全面的分析，由其三大财务报表可知，如家的资产和负债规模大幅度增加，净利润在2011年出现了负增长，，公司经营活动产生的现金流量已无法满足自身的扩张需要，对外融资的依赖性加大；运用比率分析法和趋势分析法对如家的财务指标进行了针对性的分析，其中长期偿债能力、盈利能力和持续发展能力指标在2011年的表现差强人意；运用杜邦财务分析法对2011年的财务数据进行了系统化的综合分析，发现导致其净资产收益率下降的根本原因是成本费用的上涨及投资未能及时产生效益。然后，将如家同其竞争对手7天、汉庭做了对比分析，如家虽然具有绝对的竞争优势，但在经营的稳健性及电子商务的应用等方面不及对手。最后，针对如家过度依赖外部融资、快速扩张的潜在风险及报表上没能如实反映加盟商的盈利等问题提出了几点建议：由租金较高的一线城市向二、三线城市发展、加强差异化经营、向利润较高的高端市场发展、重视加盟商效益。
[Abstract]:With the rapid development of China's market economy, the economy hotel industry, which is closely connected with the tourism industry, has also developed rapidly. Domestic economy hotels, such as home, have chosen to list and raise funds in the United States to meet their expansion needs. But behind the rapid expansion, such as home and other enterprises are hiding what management problems, how to solve these problems, are attracting the author to further study, this article take home as an example, from the financial point of view, With the help of the professional method of financial analysis, this paper makes detailed financial analysis on Ruijia, tries to find out the existing management problems, and puts forward further suggestions for improvement, hoping that it can be used for reference to the management of domestic and other economy-type hotels. This paper first analyzes the operating environment of economy hotel, including macro environment and micro environment, which is the external factor for the rapid development of economic hotel. The micro-environment reveals the current characteristics and challenges of economic hotels. Secondly, a more comprehensive analysis of the data of the financial statements such as the 2008-2011 financial statements shows that, for example, the scale of assets and liabilities of the family has increased substantially, and the net profit has increased negatively in 2011. The cash flow generated by the company's business activities has been unable to meet the needs of its own expansion, and the dependence of external financing has increased. Ratio analysis and trend analysis are used to analyze the financial indicators of Rujia, and the performance of the indicators of long-term solvency, profitability and sustainable development in 2011 is not satisfactory. This paper makes a systematic and comprehensive analysis of the financial data in 2011 by using DuPont's financial analysis method. It is found that the fundamental reasons leading to the decline of the return on net assets are the increase of cost and expense and the failure of investment to produce benefits in time. Then, the author makes a comparative analysis between Rujia and its competitors for 7 days. For example, although home has absolute competitive advantage, it is inferior to its rivals in the aspects of business stability and the application of electronic commerce. Finally, in view of the problems such as excessive reliance on external financing, potential risks of rapid expansion and failure to reflect truthfully the profits of franchisees on the financial statements, this paper puts forward several suggestions: to develop from higher-rent first-tier cities to second-and third-tier cities. Strengthen differentiation management, high-profit high-end market development, attach importance to the benefit of franchisees.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F719

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