【摘要】：隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的快速發(fā)展，與旅游業(yè)緊密相連的經(jīng)濟(jì)型酒店行業(yè)也隨之快速發(fā)展起來(lái)，以如家為代表的國(guó)內(nèi)經(jīng)濟(jì)型酒店紛紛選擇在美國(guó)上市融資，以滿足自身的擴(kuò)張需要，而在高速擴(kuò)張的背后，如家等企業(yè)究竟隱藏著什么經(jīng)營(yíng)問(wèn)題，如何解決這些問(wèn)題，都吸引著筆者進(jìn)一步研究，本文以如家為例，從財(cái)務(wù)角度出發(fā)，借助財(cái)務(wù)分析的專(zhuān)業(yè)方法對(duì)如家進(jìn)行詳細(xì)的財(cái)務(wù)分析，試圖挖掘出其所存在的經(jīng)營(yíng)問(wèn)題，并進(jìn)一步提出改善建議，希望對(duì)如家及其他經(jīng)濟(jì)型酒店的經(jīng)營(yíng)管理有一定的借鑒意義。 本文首先分析了經(jīng)濟(jì)型酒店的經(jīng)營(yíng)環(huán)境狀況，包括宏觀環(huán)境與微觀環(huán)境，宏觀環(huán)境是經(jīng)濟(jì)型酒店得以快速發(fā)展的外在因素，而微觀環(huán)境則揭示了經(jīng)濟(jì)型酒店目前的特點(diǎn)及所面臨的挑戰(zhàn)。 其次，對(duì)如家2008-2011年的財(cái)務(wù)報(bào)表數(shù)據(jù)進(jìn)行了較為全面的分析，由其三大財(cái)務(wù)報(bào)表可知，如家的資產(chǎn)和負(fù)債規(guī)模大幅度增加，凈利潤(rùn)在2011年出現(xiàn)了負(fù)增長(zhǎng)，，公司經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量已無(wú)法滿足自身的擴(kuò)張需要，對(duì)外融資的依賴(lài)性加大；運(yùn)用比率分析法和趨勢(shì)分析法對(duì)如家的財(cái)務(wù)指標(biāo)進(jìn)行了針對(duì)性的分析，其中長(zhǎng)期償債能力、盈利能力和持續(xù)發(fā)展能力指標(biāo)在2011年的表現(xiàn)差強(qiáng)人意；運(yùn)用杜邦財(cái)務(wù)分析法對(duì)2011年的財(cái)務(wù)數(shù)據(jù)進(jìn)行了系統(tǒng)化的綜合分析，發(fā)現(xiàn)導(dǎo)致其凈資產(chǎn)收益率下降的根本原因是成本費(fèi)用的上漲及投資未能及時(shí)產(chǎn)生效益。 然后，將如家同其競(jìng)爭(zhēng)對(duì)手7天、漢庭做了對(duì)比分析，如家雖然具有絕對(duì)的競(jìng)爭(zhēng)優(yōu)勢(shì)，但在經(jīng)營(yíng)的穩(wěn)健性及電子商務(wù)的應(yīng)用等方面不及對(duì)手。 最后，針對(duì)如家過(guò)度依賴(lài)外部融資、快速擴(kuò)張的潛在風(fēng)險(xiǎn)及報(bào)表上沒(méi)能如實(shí)反映加盟商的盈利等問(wèn)題提出了幾點(diǎn)建議：由租金較高的一線城市向二、三線城市發(fā)展、加強(qiáng)差異化經(jīng)營(yíng)、向利潤(rùn)較高的高端市場(chǎng)發(fā)展、重視加盟商效益。
[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.
【學(xué)位授予單位】：中國(guó)地質(zhì)大學(xué)（北京）
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F719

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