Research On Value Assessment Of Online Tourism Enterprises

With the rapid development of Internet economy,traditional industries take full advantages of the Internet technology for innovation,online tourism industry emerges and is developing rapidly.After ten years of development,the online tourism industry into the bottleneck period for innovation,business model to cure,industry intensified competition.The emergence of a large number of merger and acquisition cases puts forward more updated requirements for the existing value assessment.In view of the direct application of traditional valuation methods cannot meet the current needs of the industry value assessment,the online tourism enterprise value assessment problem is studied and the valuation model is constructed to reasonably evaluate the enterprise value.Based on the analysis of the characteristics of online tourism enterprises and the selection of evaluation methods,this paper modified the traditional DEVA model from the perspectives of the enterprise’s user value,the relationship between user contribution and enterprise value,and the market share,so as to establish a new valuation model of online tourism enterprises.For the correction of user value,indicators such as monthly active user MAU,monthly average revenue per active user ARPU,monthly retention rate,year-on-year change trend in the industry,and marketing expense ratio are introduced.The square relationship between original users and enterprise value is modified into logarithmic relationship.At the same time the market share will be quantified into it.Finally,the modified model is used to evaluate the enterprise value of "ctrip",and the results are compared with the traditional discounted cash flow method,in order to further test the rationality of the modified model.According to the study,the modified DEVA model added MAU,ARPU and other factors affecting the value of online tourism enterprises,paid more attention to the contribution of user value and industry status to enterprises,and more comprehensive considerations can improve the rationality of its value evaluation.