The Research On The Performance Of M&A Between Ctrip And Qunar

Nowadays,the Internet technology has become an inseparable part in people's daily lives,and plenty of firms are eager to enter the Internet industry in order to make more profits.As the amount of firms tend to be saturated,the process of M&A in the Internet industry is stepping into white-hot stage.In the past years,many researchers have started focusing on the performance of M&A among Internet firms,hoping to discover the law of the industry' s development or experiences of success in this industry,but there is no unified conclusion yet for the particularity of the Internet industry.Thereby,it is quite important for other firms to analyze any typical firms'experiences of successful M&A.The thesis first combs theories about M&A and performance evaluation,then introduces four methods that are often used on performance evaluation of M&A.Next the thesis chooses a M&A case of Ctrip and Qunar,with the help of event study method and balanced scorecard,to make a detailed study on its performance of M&A.On one hand,it turns out to be unprofitable in short-term for Ctrip based on event study method;on the other hand,although this M&A case seems to be successful,several problems,such as declining financial capability and great pressure of competition,still cannot be ignored.After all the above,we draw some suggestions for other firms,in order to promote their development and rich the field.