Study On Performance Evaluation Of Ctrip Merger Qunar

With the development of Internet technology,Internet-related industries have developed rapidly.As an important means of optimal allocation of corporate resources,M & A has had a significant impact on the development of various industries and mergers and acquisitions among internet companies have also become increasingly active.With the continuous growth of China's tourism market and the rapid popularization of Internet technology,online travel enterprises also ushered in the golden age of development,and M & A activities among online travel enterprises are also very active.Because of the short history of China's online travel industry,there is not much theoretical discussion on online travel.This paper intends to study the performance of online travel m&a through ctrip's acquisition of qunar,in order to analyze and explore the current situation and future trend of online tourism.This article through the literature review and theoretical analysis,to build a set of online tourism enterprises M & A performance evaluation index system: First,the use of event research method to study Ctrip net before and after the merger to share price changes;Second,the use of accounting research on Ctrip The analysis of comprehensive financial ability before and after the merger of M & A,one is to analyze each financial index,the other is to analyze the trend of change through factor analysis.Finally,according to the characteristics of Internet enterprises,this paper analyzes the changes of non-financial indexes before and after the M & A of Ctrip.Through the study found that from the stock price point of view,Ctrip net mergers and acquisitions where the net price has been at a high state,to enhance the stock value and increase the total market value of the company;from the comprehensive financial capacity,Ctrip Merger and acquisition to where the net,the overall financial ability declined a certain extent,but after the merger in a year,with synergy and economies of scale,Ctrip comprehensive financial capabilities began to increase;non-financial indicators from the aspect of M & A activity Ctrip's related non-financial performance has been comprehensively improved,website traffic,user size,marketing performance,external rankings and so have performed well,to achieve a certain degree of synergy and economies of scale.At the end,according to the conclusion of the study,a series of policy recommendations to enhance M & A performance of online travel enterprises are put forward.The first is to choose the target enterprises correctly,Ctrip merger Qunar is a horizontal merger between the same industry,which can greatly reduce the technical cost,price negotiation cost and employee training cost after the merger and acquisition.At the same time,it can also expand the original business field.Two,in the merger and acquisition of enterprises,it is suggested to adopt the means of exchange merger and acquisition.The debt,to enable enterprises to retain a certain amount of cash,better integration of operations after the merger,and through cooperation with Baidu,to enable them to acquire more resources;the three is to pay attention to the subsequent effective integration after mergers and acquisitions from the organizational structure,business philosophy and corporate culture three aspects to adjust;four is the online travel the enterprise should seize the opportunity,promote the Internet plus " The integration of online and offline businesses will meet new challenges.Previous studies usually used the financial indexes before and after M & A to evaluate M & A performance,neglected the analysis of non-financial indexes so that the research process and results were not comprehensive.This article uses the combination of financial indicators and non-financial indicators to evaluate the performance of online travel enterprises in order to achieve a combination of quantitative and qualitative evaluation.At the same time,the paper adds the non-financial indicators that reflect the characteristics of the Internet enterprises in the evaluation of M & A performance of the case enterprises,and strives to integrate relevant factors in the Internet industry into the indicators so that the evaluation can better reflect the characteristics of the online travel industry and make M & A performance evaluation more comprehensive.