Valuation Of Online Travel Companies

In recent years,with the large-scale popularization and application of China's Internet technology,a new wave of "Internet +" has emerged in society.More and more traditional industries are seeking integration with the Internet industry in order to adapt to the development of the times,and some companies in the tourism industry have seized the opportunity of this development,making the online tourism industry gradually enter people's vision.Facing the complex and changing market environment and emerging industrial structure,how to take advantage of its existing advantages and effectively combine with the current Internet development trend,and then enhance the value of the enterprise itself,is an urgent problem currently facing various online travel companies.Due to the gradual rise of the online travel industry,managers of many enterprises want to grasp the current market value of enterprises and seek to go public.Not only that,driven by the background of the development of this industry,more online travel companies have joined the tide of mergers and acquisitions and restructuring.From this,it can be seen that in the asset evaluation practice,it is important to construct an appropriate evaluation model to reasonably evaluate the value of online tourism companies.In this paper,the main research content is to try to construct a reasonable and effective value evaluation model for online tourism enterprises,and to verify the feasibility of the model with examples.First,based on reading domestic and foreign research literature,the concept of online tourism enterprises is explored and defined,and the status quo of the industry's development and the macro and micro factors affecting its corporate value are analyzed.It shows that there are many potential profit opportunities for online travel companies in the future.Secondly,starting from the characteristics of the three evaluation methods,the limitations of its application in online tourism enterprise value evaluation are analyzed.It also introduces a value evaluation model in real options,and analyzes its applicability to online travel companies.Next,according to the above analysis of the characteristics of online tourism companies,the overall value of the company is divided intotwo parts,and the "FCFF model + B-S model" value evaluation method is established.Then,a representative domestic online travel company,Ctrip.com,was selected as an example for verification,and compared with the stock price of the company on the day of the evaluation base date,the feasibility of the evaluation model was proved.Finally,the evaluation results of the constructed value evaluation model are summarized,and the deficiencies in the research are pointed out.The exploration of the value evaluation model of online travel enterprises in this paper can provide more effective value evaluation methods for the rising generation in this industry.Meanwhile,it is hoped that it can provide reference for the value evaluation of "Internet +" enterprises and enrich and improve their value evaluation system.