| Online travel industry is one of the new industries in our country.Online travel information service platform is in the development of this industry under the demand of the Internet based on the information service platform.So far,online travel information service platform within the enterprise has four listed on the Nasdaq,if the online travel industry continues develop well,the future online travel information service platform become booming as well.With the increase number of companies within the platform,these companies will continue to generate other needs such as:market,mergers and acquisitions,investment and so on.Nowadays,the value of online platform company of travel information service has become one of hot issues.This paper through the in-depth analysis of online tourism information service platform company's characteristics and business model,fully finding the platform of the company's profitability,and analysis the applicability of the current valuation model.Trying to find a suitable assessment method for online travel information service platform company value.After analysis and research,this paper finds that the traditional valuation model can not be applied to the online tourism information service platform enterprise value assessment.Therefore,this paper will make a theoretical analysis based on the characteristics of online travel information service platform and the applicability of valuation methods.And in accordance with the characteristics and applicability of the degree of integration to find a most suitable enterprise value assessment model for online travel information service platform,And tested with examples.Because the S-M real option valuation model is suitable for the online tourism information service platform enterprise value evaluation,so in the model of the choice of the number of active users with the number of agents operating income indicators,To a certain extent,suit the online travel information service platform for the characteristics of the Internet platform,and through the empirical analysis of Ctrip,demonstrated that the choice of this parameter is reasonable.Furthermore we can draw a conclusion that the number of active users can affect the value of the online travel information service platform.Using S-M real option model on the Ctrip,This article found that Ctrip market value has a high premium;this part of the premium should come from the online travel information service platform option value.Just to explain the current mainstream valuation method can not explain the value of intangible assets and R&D investment return.Therefore,this paper argues that the S-M real option method is suitable for the evaluation of the value of the online tourism information service platform. |
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