A Case Study of Cross-border M&A Between BTG Hotels and Homeinns Hotel Group

徐慧琳

周冬华

硕士

江西财经大学

跨境并购;;并购动因;;并购风险;;跨境换股

随着经济全球化的不断加深,我国企业的跨境并购活动也在蓬勃发展。并购是企业扩大规模和业务扩张的快捷方式,可以快速提高企业经营业绩,但是实践中也存在许多并购效果并不理想甚至并购失败的案例,这些企业往往在并购决策阶段过于草率和乐观,未充分考量各类风险因素。跨境并购交易涉及范围更广,难度系数更大,所面临的风险更加复杂多样,在并购的不同阶段,风险的类型及影响因素也各不相同。只有根据不同并购阶段的特征对风险进行有针对性的识别和评价,才能帮助企业制定出更加合理的并购方案。本文将理论研究与案例研究相结合,在理论部分,本文通过查阅国内外相关文献资料,回顾有关企业跨境并购的动因和风险的研究成果,对企业跨境并购的动因条件和风险类型进行归纳总结。在案例分析部分,以首旅酒店与如家酒店集团间的跨境并购交易为分析样本,对其开展跨境并购的动机和跨境并购过程中所面临风险进行具体探析。在分析并购动机方面,本文从酒店行业情况、首旅酒店自身需要和实现条件这三个层次进行分析,重点分析了首旅酒店通过跨境并购所获得的相关资源利益,主要包括获得下沉市场、管理经验和酒店品牌等方面内容。在分析跨境并购风险方面,本文全面分析首旅酒店跨境并购交易流程中存在的主要风险要素,从整体的法律风险、交易阶段的财务风险和并购完成后的整合风险三个层面进行风险识别。本文的文章主体结构由以下五个方面构成。第一章为引言部分,对本文选题背景以及选题意义进行阐述,并对现阶段国内外针对跨境并购动因和风险形成的文献资料进行系统性的梳理。第二章是跨境并购的相关理论概述,根据现阶段的研究成果,介绍跨境并购的基本概念和主要类型,进一步介绍了跨境并购的融资和支付方式,对企业跨境并购的一般动机和基本风险类型进行分析。第三章进入到跨境并购的案例分析部分,详细剖析了首旅酒店跨境并购如家酒店集团的动因,并对首旅酒店跨境并购如家酒店集团的方法和过程进行具体介绍,说明采用跨境换股方式的积极作用。第四章对首旅酒店可能面临的跨境并购风险进行全面分析和评价,从法律风险、财务风险和整合风险三个方面归纳首旅酒店开展跨境并购的风险因素,进而总结首旅酒店应对跨境并购风险的相应举措。第五章结合前文理论和案例分析结果得出本文研究的结论及启示。目前我国对于企业跨境并购风险的研究还处于一个零散的阶段,往往停留在对跨境并购的某一要素或某个阶段的风险分析上,缺少对并购全程整体风险的全面分析。本文通过上述研究,完整分析了跨境并购实施过程中的风险因素,将理论与实践相结合,对于我国企业防范跨境并购风险具有一定参考价值。首旅酒店跨境并购如家酒店集团创新性地使用了跨境换股方式,跨境换股过去处于政府的严格监管下,在国内较少能够成功实施,在国家推行资本市场全面对外开放的今天,跨境换股具有极大的可行性,但是目前国内关于企业如何实施跨境换股的研究较少,本文总结首旅酒店实施跨境换股的成功经验,丰富了我国关于跨境换股的研究成果,为其他跨境并购企业提供方式借鉴。

With the deepening of economic globalization,cross-border mergers and acquisitions of Chinese enterprises are also booming.M&A is a fast way to expand the scale and business of an enterprise,which can improve the business performance rapidly.However,there are many cases in which the effect of M&A is not ideal or even the M&A fails.These enterprises are often too hasty and optimistic in the decision-making stage of M&A,and do not fully consider all kinds of risk factors.Cross-border M&A involves a wider range,has a greater degree of difficulty,and faces more complex and diverse risks.In different stages of M&A,the types and influencing factors of risks are also different.Only by identifying and evaluating the risks according to the characteristics of different stages of M&A,can we help enterprises to make a more reasonable M&A plan.In this paper,theoretical analysis and case study are used to study.In the part of theoretical research,a large number of domestic and foreign literatures are reviewed and summarized,and the related research results of the motivation and risk of cross-border M&A are introduced.In the case analysis part,based on the case of cross-border M&A between BTG Hotels and Homeinns Hotel Group,this paper focuses on the motivations and the risks faced in the process of cross-border M&A.In the analysis of M&A motivation,it mainly analyzes the development trend of the hotel industry,BTG Hotels' relevant resource benefits and Implementation conditions,and the relevant resources mainly include market,management and brand.In the analysis of cross-border M&A risks,this paper comprehensively analyzes the main risk elements and carries out risk identification from the overall legal risk,the financial risk in the transaction stage and the integration risk after the completion of the M&A.The main structure of this article consists of the following five aspects.The first chapter is the introduction part,which describes the background and significance of this topic,and systematically sort out the literature and research on the causes and risks of cross-border M&A at home and abroad at this stage,which lays a good theoretical foundation for the following research.The second chapter is an overview of cross-border M&A theory.First of all,according to the current research results,this paper introduces the related concepts of cross-border M&A and introduces the current main types of cross-border M&A,and further introduces the financing and payment methods of cross-border M&A,and finally analyzes the general motivation and basic risk types of cross-border M&A.The third chapter is the case introduction of cross-border M&A of BTG Hotels.First of all,it analyzes the motivation of cross-border merger and acquisition of BTG Hotels in detail,and then introduces the method and process of cross-border M&A of BTG Hotels,and explains the positive role of cross-border share exchange.The fourth chapter is the risk analysis and evaluation of cross-border M&A of BTG Hotels.First of all,it summarizes the risk factors of cross-border M&A from three aspects of legal risk,financial risk and integration risk;then,it analyzes the measures of cross-border M&A risk and summarizes relevant experience.The fifth chapter is the conclusion of this paper and the enlightenment.At present,the research on the risk of cross-border M&A in China is still in a scattered stage,which often stays in the risk analysis of a certain element or a certain stage of cross-border M&A,and lacks a comprehensive analysis of the overall risk in the whole process.Through the above research,this paper analyzes the risks in the whole process of cross-border M&A,and provides reference for Chinese enterprises to prevent cross-border M&A risks.BTG Hotels has innovatively used the cross-border share exchange method.In the past,the cross-border share exchange was under the strict supervision of the government,which was rarely successfully implemented in China.Today,when the national capital market is fully open to the outside world,the cross-border share exchange has great feasibility.However,at present,the domestic research on how to implement the cross-border share exchange is less,and this paper enriches China's research results on the implementation of cross-border share exchange,and the successful experience of the implementation of cross-border share exchange of BTG Hotels is summarized to provide reference for other enterprises.