The Research Of Performance Evaluation Of M&A Based On The BSC

The “Tourism&Internet” plan and the “515 Strategy” issued by the National Tourism Administration suggest that tourism should actively integrate with the Internet.It is planned that by the end of 2020,online tourism consumption expenditure will account for more than 20% of the total tourism industry consumption expenditure.The development of the online travel industry is booming,and the large increase in the scale of transactions has also brought about an increase in the degree of competition.The fierce market environment has led to an endless stream of corporate mergers and acquisitions.In order to stop the war with the price of the place,Ctrip reversed its own business situation and implemented the merger in 2015.This paper introduces the balanced scorecard strategic performance evaluation tool into Ctrip’s M&A performance research.Through the construction of the balanced scorecard M&A performance evaluation index system,Ctrip’s M&A performance is comprehensively evaluated.This paper has divided into six parts,the first part introduces the research background,research significance,research methods and analyzes the application of M&A performance evaluation methods at home and abroad by reading domestic and foreign literature,and constructs a full-text analysis framework.The second part summarizes the related theories such as balanced scorecard,M&A performance evaluation and M&A motivation,and lays a theoretical foundation for the full text.The third part expounds the limitations of the two traditional evaluation methods,such as event research method and accounting evaluation method,and the advantages of balanced scorecard in M&A performance evaluation,thus introduce the balanced scorecard to study the M&A performance cases of this article.In part four,we summarizes the case of Ctrip’s acquisition of Qunar,discusses Ctrip’s enterprise strategy from industry environment,internal environment and development strategy,and analyses the motive of enterprise merger and acquisition..The fifth part is the focus of this paper,for the four dimensions of balanced scorecard,we selected appropriate evaluation indicators for every dimensions of balanced scorecard bycombining the industry characteristic and business characteristic,and analyzed the performance after the merger through the change of indicators.In the last part,from the four dimensions of the Balanced Scorecard,we summarize the performance of Ctrip M&A,and combined the analysis of the M&A case to provide some inspirations and suggestions for online tourism industry mergers and acquisitions,and summarize the shortcomings and limitations of this research.The study has found three main reasons for Ctrip’s mergers and acquisitions.The first one is to enhance the innovation capability of enterprises and to improve their core competitiveness.The second one is to increase market share and to consolidate the status of the industry.And finally,to achieve resource sharing and produce scale effect.Ctrip’s acquisition of Qunar has a positive impact on its performance.Corporate profitability,solvency,operational capability and development capability have been improved,from the dimension of finance.In the terms of customer dimension,corporate market share has increased significantly.Ctrip also achieve effective integration and improved their management efficiency about the internal process.And finally,from the aspect of innovation and learning,R & D capabilities are therefore enhanced,and innovation capabilities are improved.This paper proposed three suggestions for the merger and acquisition of online travel companies,which are as followings.The first one is to consider the development trend of the industry and its own strategic objectives,select M&A enterprises comprehensively.Secondly,focus more on enterprise business integration and cultural integration.And thirdly,enhance enterprise innovation capability and achieve enterprise competitive advantage.