The Performance Evaluation Of Ctrip Merger And Acquisition Of Qunar Based On Synergies

Under the influence of the "Tourism + Internet" plan and "515 strategy" released by the national tourism administration,the development momentum of the online tourism industry is strong,and the substantial increase of transaction scale also brings about the intensification of competition.The fierce market environment makes the industry full of war of words,at the same time each enterprise regardless of own loss also must reduce the price to the lowest.As a leading enterprise in the industry,Ctrip implemented the merger and acquisition of Qunar in2015 in order to stop the bad phenomenon in the industry and to reverse its own business situation,which helped the online tourism standard market to return to rationality and put an end to the crazy spending mode.This paper will analyze the performance of Ctrip's merger with Qunar based on synergies,establish a combination of analytic hierarchy process(ahp)and entropy weighting method to determine the weight through the m&a performance evaluation index system,and then calculate the comprehensive evaluation value of performance and make a comparative analysis,so as to find the actual performance of m&a and put forward relevant Suggestions.This paper first introduces the research background,research significance and research methods of the paper,And through reading domestic and foreign literature,research and analysis of domestic and foreign m&a performance and synergetic effect related theories and application,to build a full-text analysis framework,and build the full text analysis framework.Secondly,it summarizes the concepts,types,motivations and synergies of mergers and acquisitions to lay a theoretical foundation for the following analysis.Then it summarizes the case of Ctrip's merger with Qunar,focuses on the industry background of Ctrip's merger with Qunar and the information of both companies,describes the process of the merger,and analyzes the motivation of the merger.To analyze the synergy effect of Ctrip's acquisition of Qunar,collect relevant data from the company's official website,select relevant index data from 2012-2019,and analyze it from three aspects: operation synergy,management synergy and financial synergy.Finally,the focus of this paper is to comprehensively analyze the performance of Ctrip's acquisition of Qunar.Firstly,the comprehensive analysis index system of merger and acquisition performance is constructed,and the subjective analytic hierarchy process(ahp)and objective entropy weight method are combined to determine the weight ofindicators,which overcomes the defects of separate subjective weighting and separate objective weighting.Based on this,the comprehensive evaluation value of m&a performance in each year is calculated and compared.The results show that the merger brings Ctrip a certain degree of operational synergies and negative management synergies,but not financial synergies.