Research On Performance Of Online Travel Agents In Mergers And Acquisitions

With the improvement of the tourism industry in the national economy and the integration of tourism and the Internet,the scale of online travel market grows fast.But at the same time,the competition of the online travel market is very fierce,which makes almost all of the online travel agents are deficit for a long time.In order to ease the pressure of competition,company merger and acquisition become much more popular.Due to the history of online travel industry is still short,the academic research on the mergers and acquisitions have left a blank.Moreover,the current academic research on M &A performance mostly concentrated on the empirical study of large samples,and the study of important cases is less.This paper on the basis of the theory and the present situation of market and the particularity of the M&A in online travel industry,takes the merge of Ctrip and Qunar as an example,analyze the causes and performance of the merger.The event method is used to analyze the short-term performance of the merger,the long-term performance is analyzed by the method of accounting index and principal component analysis,and use the non-financial indicators to supplementary analysis,in order to reveal the impact of the merge on two companies and on the industry.Based on the analysis results,in the short term,the shares of Ctrip and Qunar has been significantly improved and have synergistic effects,the market value of the companies were also increased.But the effect on Ctrip is more than Qunar.In the medium and long term,the accounting index of the Ctrip and Qunar has been improved,and both began to profit.It is expected to achieve a win-win situation in the development of the day after.As for the non-financial indicators,both have excellent performance in the mobile market.At the same time,the merge also will lead the market to a new stage.Firstly,Upstream and downstream industry will have a large number of integration and mergers,and reduce dependence on OTA channels.Secondly,the focus of competition will turn to the holiday market.Furthermore,free from the price war,the enterprises will begin to focus on improving quality of service.In addition,the tourism industry with the Internet and the financial industry will react more.Finally,the merge will also promote the upgrading of the tourism industry of our country.