我国旅游业起步较晚，但发展迅猛，进而带动了酒店行业的稳步发展，国内酒
店集团积极扩张，以寻求突破。此次首旅酒店集团并购如家酒店，不仅是首旅酒店
集团对企业并购实践的又一次尝试，也将为今后我国资本市场上酒店服务行业并购
提供一个比较有参考意义的模式
本文首先回顾了企业并购理论以及企业并购协同效应理论，同时归纳总结了并
购协同效应评估因素和并购协同效应评价指标体系，然后在理论的基础上，结合首
旅酒店集团并购如家酒店的案例，从案例企业财务协同效应、并购管理协同效应、
并购经营协同效应等几个方面定性和定量的对此次并购进行了协同效应的分析，最
后结合首旅并购如家的案例对我国企业开展并购活动提出一些参考意见，以期对企
业资本运作提供参考与借鉴
关键词：企业并购；战略；协同效应；评价III
Abstract
Today, the global economy is speeding up the process of development, Our country
in order to adapt to the multi polarization of the world, the trend of economic
globalization, in 2013 proposed the The Belt and Road concept, in order to build a new
pattern of all-round opening, the depth of integration into the world economic system.
Four years “The Belt and Road has gradually transformed from concept to action,
promote the upgrading of domestic industries, the international cooperation capacity.The
national economic development, enterprises in the development process is to seek a way
out, pay more attention to the enterprise development mode and efficient method, more
and more enterprises will be mergers and acquisitions to the strategic development of the
way into the effective way of enterprise development. We need to pay attention to that, in
theory, mergers and acquisitions can expand the scale of operation of enterprises,
improve business performance, but in practice, there are also many cases of failed
mergers and acquisitions. Therefore, how to realize the strategy of enterprise merger and
acquisition and to evaluate the synergy of M & A activities is the key point of enterprise
merger and acquisition.
China&39;s tourism industry started late, but the rapid development, and thus led to
the steady development of the hotel industry, the domestic hotel group actively expand,
in order to seek breakthroughs. The BTG hotel group is not only the acquisition of Home
Inn, try again the first trip to the hotel group&39;s acquisition of the practice of enterprises,
will also for the future of China&39;s capital market on hotel service industry mergers and
acquisitions provide a reference mode.
First of all, this paper reviews the theory of M & A and the synergy theory of
M & A. At the same time, it summarizes the evaluation factors of M & a synergy and the
evaluation index system of M & a synergy. Then, on the basis of the theory, combined
with the case of group merger and acquisition of Home Inn, this paper analyzes the
synergy effect qualitatively and quantitatively from several aspects. At last, someIV
suggestions are put forward to carry out M & A activities of Chinese enterprises in
combination with the case of first brigade mergers and acquisitions, in order to promote
the prosperity and development of China&39;s economy.
Keywords: Enterprise Merger and Acquisition; Strategy; Synergistic Effect;
EvaluationV
目 录
摘要.I
Abstract ......... III
目 录..V
第一章 绪论1
1.1 研究背景和研究意义........ 1
1.1.1 研究背景...... 1
1.1.2 研究意义...... 3
1.2 文献综述.... 4
1.2.1 国外研究现状.......... 4
1.2.2 国内研究现状.......... 4
1.3 研究内容和方法.... 6
1.3.1 研究内容...... 6
1.3.2 研究方法...... 7
1.4 本文创新点 8
第二章企业并购协同效应相关理论9
2.1 企业并购的概念和分类.... 9
2.1.1 企业并购的概念...... 9
2.1.2 企业并购的分类...... 9
2.2 企业并购动因理论..........10
2.2.1 协同效应理论........11
2.2.2 FDI 理论 ....12
2.2.3 市场势力理论........12
2.2.4 交易成本理论........12
第三章 并购协同效应评估因素及评价指标体系的构建14
3.1 并购协同效应评估因素..14
3.1.1 宏观因素....14
3.1.2 微观因素....15VI
3.2 并购协同效应评价指标体系......17
3.2.1 财务协同效应评价指标....17
3.2.2 管理协同效应评价指标....19
3.2.3 经营协同效应评价指标........
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