The Research On Causes And Performance Of The M&A Of Online Travel Agents

In recent years,the national discretionary income has been increasing,and the national expenditure on tourism is also increasing.At the same time,the national policy strongly supports the online tourism industry.Coupled with the application of Internet and big data technology,the market of online tourism industry is growing rapidly.However,there is a lot of trouble behind the unlimited scenery.In order to obtain more customer traffic,online travel enterprises at a loss,with a variety of preferential activities for the purchase of customers.In order to end the "price war",a number of online travel companies have taken mergers and acquisitions measures to annex the industry and even the upstream enterprises.Most of the existing relevant literatures are empirical studies on numerous m&a cases of listed companies in a period of time,while there are relatively few studies on the motivation and performance of a single m&a case.Moreover,the emergence of online tourism industry is relatively late,and there are even fewer m&a case studies in academia.Therefore,on the basis of literature review,this paper first analyzes the online tourism industry and its corporate mergers and acquisitions,then discusses the performance evaluation system of the online tourism industry,and finally selects the case of Ctrip's merger and acquisition of Qunar for detailed analysis.This paper analyzes the reasons of the merger and acquisition from three aspects: financial synergy effect,operation coordination effect and expanding market power.The author conducts an in-depth analysis of m&a performance from the three perspectives of short-term m&a performance,long-term financial m&a performance and non-financial performance.The conclusion of the study shows that: in general,both from afinancial perspective and a non-financial perspective,the impact of the merger and acquisition activities on Ctrip is positive.In terms of the short-term market performance of the merger and acquisition,this merger and acquisition activity has brought Ctrip significant cumulative excess earnings.As for the long-term financial performance of the merger and acquisition,Ctrip's financial situation has been improved a lot after the merger and acquisition of Qunar.Ctrip's profitability and growth ability have been greatly improved after the merger and acquisition,and its debt paying ability has also been improved to a small extent.Its operating capacity has not been significantly improved.In terms of the non-financial performance of the merger and acquisition,Ctrip's performance on the mobile terminal has significantly improved after the merger and acquisition,while its performance on the web terminal has not changed significantly.At the same time,this merger and acquisition activity will promote the more healthy development of China's online tourism industry,mainly reflected in: promoting the upgrading and transformation of online tourism products and technologies,making the online tourism industry return to the strategic pattern of "one super strong",and promoting the diversified development of the online tourism industry.