Study On The Influencing Factors Of Online Travel Enterprise Valuation

With the rapid development of network technologies and Internet platforms,the industry of online travel comes into sight.Internet companies seize the opportunity to create a travel network platform to create value.Facing the tourism industry structure and combine their own advantages,seize the opportunity of the development of the Internet era,and carry out economic transformation.Some tourism enterprises accelerate the pace of mergers and acquisitions with Internet companies,develop the online travel market to maximize the value.Some Internet enterprises conduct M&A with offline travel.Judging from the current situation of online tourism M&A,the value assessment of online travel enterprises appears to be important.From the evaluation practice,when online travel companies under the “Internet+” era conduct corporate valuations,the use of indicators for assessing value influencing factors is not regulated,companies cannot be reasonably valued.From this point of view,it is necessary to choice the influencing factors of online travel enterprise's value.This article first summarizes the concept of online travel enterprise.It analyzes the industry chain and profit model of online travel enterprise,and finds that online travel enterprise mainly include OTA,resource,media platforms,and travel UGC four types.The statistics and analysis of acquisitions and reorganizations of online travel enterprise and online travel enterprise evaluation in 2014-2017,then list the current evaluation methods for the main selection of corporate value evaluation.It analyzes the influencing factors of the value evaluation from the macro,the industry and the enterprise level.Taking the domestic tourism companies listed on the concept stocks as the research object.Through the construction of the influencing factor model,the sample data of 19 domestic listed online travel companies are used for stepwise regression verification.This article studies the influencing factors of online tourism enterprise value evaluation and finds that the return on invested capital,total assets,equity ratio,proportion of shares held by the top ten shareholders,market transaction size,total asset turnover rate,intangible assets ratio and Independent visitor quantity indicator have a significant impact on enterprise value.