旅游企业跨国并购动因实证研究

发布时间：2018-03-25 02:04

本文选题：旅游企业　切入点：跨国并购　出处：《上海外国语大学》2012年硕士论文

【摘要】：进入21世纪，随着全球产业的逐步转型和变革，国际旅游业进入了蓬勃发展时期，对于美国和欧洲大部分国家，旅游业几乎成为国民经济最重要的产业之一。收、并购（MA）作为企业跨国经营中最炙手可热的战略和研究领域，一直被视为企业进行扩张的最快方式，世界上许多大型旅游企业为了拓展海外市场、吸引当地客源、整合当地旅游产业链，都纷纷使用跨国并购来提升自身竞争力。而我国旅游企业虽处于蓬勃发展阶段，但是跨国并购的尝试并不多，偶有一些大型旅游企业刚刚开始“试水”跨国并购。本文正是基于以上大背景下，通过跨国经营理论以及并购理论的阐述和分析，，研究全球旅游企业的跨国并购动因，并提出影响旅游企业收购的因素为：企业成长率、国际化经验、海外销售收入增长率、国际市场贡献率、主营业务销售增长率、主营业务销售利润率、销售净利率以及财产周转率；然后对基于这些因素下的并购可能性进行研究并提出模型：企业跨国并购Y=K1*海外销售收入增长率+K2国际市场贡献+K3跨国并购经验+K4主营业务销售增长率+K5主营业务销售利润率+K6企业成长率+K7销售净利率+K8财产周转率+K常数对模型中各个因素对与应变量企业跨国并购的影响进行回归分析获得模型结果，最后结合携程收购香港永安的案例验证模型对于我国旅游企业的适用性。
[Abstract]:In the 21st century, with the gradual transformation and transformation of global industries, international tourism has entered a period of vigorous development. For the United States and most of the European countries, tourism has almost become one of the most important industries in the national economy. M & A (M & A) as the hottest strategic and research field in multinational operations, M & A (M & A) has always been regarded as the fastest way for enterprises to expand. In order to expand overseas markets and attract local tourists, many large tourism enterprises in the world, To integrate the local tourism industry chain, all of them use cross-border M & A to enhance their competitiveness. However, although the tourism enterprises in China are in the stage of vigorous development, there are not many attempts at cross-border M & A. Occasionally, some large tourism companies have just started to "try water" cross-border mergers and acquisitions. This paper is based on the above background, through the theory of transnational management and M & A theory of the elaboration and analysis of the global tourism enterprises cross-border M & A motivation, and proposed that the factors that affect the acquisition of tourism enterprises are: corporate growth rate, International experience, overseas sales revenue growth rate, international market contribution rate, main business sales growth rate, main business sales profit margin, sales net interest rate and property turnover rate; Then the possibility of M & A based on these factors is studied and the model is put forward. Overseas sales growth rate K2 International Market contribution K3 Cross-border M & A experience K4 main Business sales growth rate K5 main Business sales profit margin K6 growth rate K6 net rate of sales K7. K8 property turnover K constant. The model results are obtained by regression analysis on the influence of each factor in the model on cross-border mergers and acquisitions of dependent enterprises. Finally, the applicability of the model to Chinese tourism enterprises is verified by the case of Ctrip acquisition of Hong Kong Wing'an.
【学位授予单位】：上海外国语大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F592.6;F271;F224

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