“疯狂收购”下酒店盈利及发展能力研究——以首旅酒店收购案为例
Study on Hotel Profitability and Development Capability under “Aggressive Acquisitions”—A Case Study of Beijing Tourism Group’s Hotel Acquisitions

随着国民经济的日益提高、人民对美好生活的日益向往，旅游成为大家提高生活质量的主选休闲娱乐方式之一，作为旅游业中一个重要分支的酒店业的表现更为引人注目。因为全球金融危机以及我国政府限制公款消费等影响，我国酒店业遭受重创，但依靠经营者的不断努力，酒店行业近年来开始逐渐复苏，但酒店业盈利及发展能力在整个旅游业中仍然较差。近年来，酒店行业频繁发生收购事件，大型资产重组成为目前酒店类上市公司拓宽市场的常用手段，但收购真的能改善酒店盈利及发展能力吗？本文选取中国最大的酒店集团——首旅酒店作为研究对象，采用PEST分析法及双重差分法，分别研究首旅酒店所处的宏观环境以及收购对其盈利及发展能力的影响。结果发现，酒店行业的宏观环境较好，但行业竞争压力也较大，首旅酒店应对激烈的竞争环境选择收购的确增强了其盈利能力，但其后期采取的“求稳”策略使其发展能力不断减弱。
With the increasing national economy and people’s growing aspirations for a better life, tourism has become a primary choice for leisure and entertainment to enhance the quality of life. The hotel industry, as a significant branch of the tourism sector, has garnered more attention. The global financial crisis and China’s government restrictions on public spending have severely impacted the hotel industry. However, through the continuous efforts of operators, the hotel industry has been gradually recovering in recent years. Despite this, the profitability and development capability of the hotel industry remain relatively weak within the broader tourism sector. In recent years, frequent acquisitions have occurred in the hotel industry, with large-scale asset restructuring becoming a common method for publicly traded hotel companies to expand their market reach. But do these acquisitions genuinely improve hotel profitability and development capabilities? This paper selects China’s largest hotel group, Beijing Tourism Group, as the research object. Using PEST analysis and the Difference-in-Differences (DID) model, this study examines the macro environment of Beijing Tourism Group and the impact of acquisitions on its profitability and development capability. The results reveal that while the macro environment of the hotel industry is favorable, competitive pressure is also significant. Beijing Tourism Group’s strategy to counteract intense competition through acquisitions has indeed enhanced its profitability. However, its subsequent “stability-seeking” strategy has led to a continuous decline in its development capability.