A Study On The Application Of Income Method In The Evaluation Of Online Tourism Enterprises' Value

With the concept of the "Internet plus" is getting more and more popular in China,traditional industries and the Internet are going to create a new business format through deep integration. As an earlier application for the concept, online travel enterprises are currently in a stage of deep integration, mergers and acquisitions. Under this background,assessing the value of online travel enterprises has become a hot and difficult question.This paper took the current situation of online travel enterprises as the starting point,through full analysis of its unique business model and profit model, we summed up the financial and non-financial factors which would put strong influence on the evaluation of online travel enterprises. Secondly, we analyzed the applicability of traditional evaluation methods by analyzing the characteristics of online travel business evaluation, we focused on the application of the income method to evaluate the online travel enterprises. Then, this paper described how to forecast the income in different business which can be divided into three businesses: Accommodation reservation, transportation ticketing and travel&vacation,and decided to adopt the enterprise performance evaluation method to determine the specific risk adjustment factor because of the high risk and high growth characeristic of the industry, in order to give an accurate discount rate. This paper built an online travel enterprise performance evaluation index system on the basis of financial and non-financial factors we discussed above, and determined the weights and scores of the financial and non-financial factors by using AHP method, dimensionless method and Delphi method.Successfully, we put non-financial factors into the evaluation process. Finally, we selected Ctrip as the case study and put the income method in the the evaluation of Ctrip to verify the method is reasonable. Through this research, we hope to enrich and deepen the range of income method in emerging industry operation and also hope to provide a new perspective for the evaluation of Internet plus new industry in China.