Research On Performance Of Online Travel Enterprises Merger And Acquisition

In recent years,with the continuous improvement of the income level of residents,people's pursuit of material life is increasing,and travelling awareness is constantly increasing.At the same time,the basic tourism facilities have been continuously improved and the tourism industry has achieved vigorous development.On the other hand,technology continues to advance,the Internet continues to innovate,and smartphones and mobile devices are becoming more popular.Online travel has begun to play an increasingly important role in people's eyes.As a result,a number of online travel agencies have appeared on the Internet.In 2017,the national online travel booking market transaction volume reached 738.41 billion yuan,an increase of 24.3%compared with 2016.The annual compound growth rate of the national online travel booking market in 2010-2017 reached 34.06%,much higher than 20.21% of domestic tourism revenue.Online travel agency giant Ctrip acquired the Qunar in 2015.Before the merger,this two companies belonged to the top two companies in the OTA(Online Travel Agency)industry.Therefore,the merger has received extensive attention from both inside and outside the industry.This paper selects the M&A case,and uses the relevant financial indicators to establish an evaluation system based on the balanced score card perspective to measure the M&A performance of the enterprise.From the four perspectives of finance,customer,internal process and innovation learning,this paper analysis the case of Ctrip merges Qunar.Through conducting multi-angle and in-depth analysis of various indicators to evaluate the M&A performance,and give the conclusions after analysis.Such a system can effectively and more rationally evaluate the synergy and performance of M&A.It can also be applied to the performance research of other M&A cases in the same industry.Through analysis,it is found that Ctrip's comprehensive financial ability has been reduced in the short-term after the merger,such as net profit and solvency have a certain decline,but from the perspective of long-term development,with the effect of synergy and scale effect Ctrip's comprehensive financial capabilities began to improve and demonstrated a certain momentum of development.In terms of non-financial indicators,Ctrip's customer satisfaction,brand influence,and market share have consolidated its position as the dominant player in the industry.At the same time,Ctrip's learning and growth capabilities have also improved,and actively explored overseas markets after the merger and acquisition,showing the development of globalization.The fly in the ointment is that the increase in the size of the company after the merger has brought certain adverse effects on internal management.In terms of management efficiency,Ctrip has room for improvement.