Study On Performance Of Online Travel Enterprises Merger And Acquisition

Since the late 1990 s,the rapid rise of domestic tourism and the gradual deepening of the application of the Internet(especially mobile Internet)have promoted the rapid development of China's online tourism industry.The competition of online tourism market is becoming increasingly fierce,and the merger and acquisition of online tourism enterprises is becoming more and more common.Because the development of domestic online tourism industry is relatively short,there is little research on online tourism mergers and acquisitions.This paper establishes the performance evaluation index system of online tourism company mergers and acquisitions,and analyzes the performance of Ctrip's mergers and acquisitions,so as to provide some reference for China's online tourism enterprise mergers and acquisitions.This paper uses the event study method to summarize and collate the various academic achievements about accounting research method,and combs and integrates the non-financial index analysis method into a performance evaluation mechanism suitable for online travel companies.Then it analyzes the pre-merger of Ctrip M&A,which is a typical case of online travel industry.After the Ctrip share price changes,on the basis of this analysis of the financial indicators before and after the merger and acquisition of Ctrip,and for the overall economic strength after the merger and acquisition of Ctrip to carry out research.In addition,this paper makes a comparative analysis of the impact of Ctrip M&A on non-financial indicators based on the characteristics of Internet companies.The result shows that where the Ctrip merger has achieved the goal of raising net value and raising the total market value of enterprises.Although the comprehensive financial ability once declined after the merger and acquisition began,after a year,the overall financial strength of Ctrip has been significantly strengthened by the impact of scale effect and synergy effect.Non financial indicators analysis found that Ctrip's non-financial performance began to improve.Since the merger and acquisition,the management system of Ctrip has become more and more perfect,which has excelled in site visits,social awareness,sales business and audience groups,creating obvious scale effect and synergy effect.Finally,based on the above conclusions,this paper puts forward the following management enlightenment for online tourism enterprise M&A: first,choose the target enterprise correctly,second,choose the appropriate means of payment,third,pay attention to the efficient integration in the later period.