Study On The Motive And Performance Of Mergers And Acquisitions By Ctrip And Qunr

M &A is the fastest way to achieve business growth and capital expansion,which is one of the most important ways of enterprise development strategy.Along with the transformation and upgrading of China's economic structure,national consumption levels in the rapid development,market regulations increasingly standardize and improve.M&A gained more and better external environment,and more and more active among enterprises.In the context of national to focus on supporting,and face the market opportunities for capital market vigorously invested.Increasingly competitive between online travel enterprises,Usher in a new wave of mergers and acquisitions.How to promote M&A activity go smoothly,Achieve the goal of M&A,access to performance growth,which is online travel enterprises face major challenges.The combination of the “Internet + travel” make online travel become a hot topic in recent years,the M&A market also frequently appear online travel enterprises.M&A as an important means of resource optimal allocation,greatly promote the development of the online travel industry,Ctrip as the representative of the OTA enterprise made unprecedented progress.At present,domestic online travel mergers and acquisitions to the attention of a growing,but as a result of the short M&A time,the study of online travel M&A cases slightly lack.Especially lack of online travel enterprises M&A case studies,which has the combination of motivation and performance.This article selects the M&A case is Ctrip and qunr,for studying the motivation and performance evaluation.First of all,it describes the research background and significance of this article,combing and summarizing the domestic and foreign theoretical research about motivation and performance of M&A.Secondly,summarizes the development course of China's online travel industry,analyzing the characteristics,the development status and trend of the industry.Thirdly,brief introduction of the M&A cases and both sides of the M&A,and study the operations of both enterprises before M&A,summarized the result of SWOT analysis.Fourthly,combined with the market environment,the characteristics of enterprise and the commonness of enterprise M&A motivation,put forward its M&A motivation from the macro market,business management and corporate development three angles.Fifthly,taking the M&A motivation as the starting point,through the analysis of shareholders' wealth effect,performance of Synergistic effect,and the merger industry market structure after the M&A,the results of M&A performance are obtained.Finally,summarized the conclusions of this article,look into the future academic research and development about the online travel industry.Through the research and analysis,this article draws the following conclusions:The M&A of Ctrip and qunr,the External cause of is the push of market competition and capital market power,and the internal drive is the pursuit of synergy and market share,and strategic motivation is to improve the industrial chain,layout of mobile terminals.Wealth effect model shows that both sides of the M&A of Ctrip and qunr have produced a positive cumulative excess income,the wealth effect of shareholders is significant.M&A have achieved good operating synergies and financial synergies,but management effect is not significant,the overall synergistic effect is good,the M&A performance is significant.After the M&A,Ctrip control the majority of market share in the online travel market,enhanced control of the market and the right to speak,access to the transcendent industry status,M&A performance significantly.Overall,from the perspective of the development of short-term after M&A,enterprises have achieved good performance of M&A,completed the target of M&A.