本文選題：ZX旅游　切入點：ZY國旅　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：改革開放以來,我國的經(jīng)濟得到了高速的發(fā)展。我國的人民生活水平也隨之提高,人們消費需求已經(jīng)不僅僅是從前滿足如溫飽問題一類的生理需求,而是越來越多的追求精神層次的享受。這也給我國新興產(chǎn)業(yè)之一的旅游業(yè)的發(fā)展帶來了新的機遇。近些年來,我國不僅對國內(nèi)旅游的需求大幅度提升,我國人們對出境游的需求也在不斷提升,而且不僅僅是簡單的數(shù)量需求,對出境游產(chǎn)品的質(zhì)量以及種類的多樣化需求也在不斷增加。據(jù)有關數(shù)據(jù)統(tǒng)計,我國占比最多的中等收入人群對出境游的需求量正在逐年上升。這意味著旅游業(yè)的發(fā)展特別是出境游的發(fā)展在我國迎來了黃金期。這一行業(yè)的發(fā)展在逐漸被人們看好的同時,身處這一行業(yè)中的企業(yè),也收到了前所未有的關注。本文所研究并購案例中的并購方企業(yè)ZX旅游與被并購企業(yè)ZY國旅均是有著多年旅游業(yè)經(jīng)營經(jīng)驗積累的企業(yè),目前是國內(nèi)少有的幾家實力比較強的專業(yè)出境游經(jīng)營商。如今,隨著經(jīng)濟的快速增長,越來越多的企業(yè)都在加速擴張發(fā)展的步伐。企業(yè)間的并購作為一種可以以相對較低的成本迅速使企業(yè)發(fā)展壯大的一種手段,受到了越來越多的關注。各行各業(yè)中企業(yè)的發(fā)展都越來越多的離不開企業(yè)間的并購。并購的形式也越來越多樣化。中外學者對并購相關的理論研究也越來越深入。對理論研究的最好辦法之一就是理論聯(lián)系實踐,在實踐中去發(fā)展完善理論,使理論能夠更好的指導實踐。本文案例中的并購方ZX旅游上市后為了進一步的擴展業(yè)務,掌握旅游資源,增強自身的增長能力,收購了出境游業(yè)績較為突出的ZY國旅。被并購方為非上市企業(yè)ZY國旅,是我國有著多年豐富經(jīng)驗的出境游行業(yè)中的先鋒企業(yè),為了打開進入資本市場的大門以拓寬融資渠道,從而有助于將企業(yè)做大做強,ZY國旅接受了 ZY旅游的并購。本次并購為一次典型的旅游行業(yè)中的橫向并購,本文通過運用財務分析法對并購績效的分析,了解到本次并購為一次較為成功的并購,并購后進一步增強了上市公司對旅游資源的掌控能力,從而一定程度上增強了公司的競爭力。同時通過對并購動因,并購風險等方面的分析,總結(jié)出了一系列本次并購的值得借鑒的成功之處以及力求避免的不足之處。本次并購的成功之處在于在選擇了合適的并購標的、并購模式以及并購時機等。不足之處在于本次并購完成后形成了巨額商譽,對日后會計利潤的增長以及公司的穩(wěn)定造成了一定的風險等。本文通過對ZX旅游并購ZY國旅這一并購案例的詳細介紹、分析與總結(jié),以期待為以后本行業(yè)企業(yè)間的并購活動提供一定的借鑒意義。
[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.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F592.6

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