Performance Evaluation Of Ctrip Merger And Qunar

On the one hand,the rapid development and application of Internet brings unprecedented opportunities to enterprises,but at the same time,it also intensifies the industry competition.In this context,many Internet financial enterprises integrate industry resources and increase industry share through M&A,so as to further enhance the core competitiveness of Internet enterprises.With the improvement of the income level of Chinese residents and the continuous development of information technology,traditional tourism and mobile Internet industry have been integrated in an all-round way,and the competition of tourism industry has expanded from the traditional offline to online,and the aggravation of competition has led to the rise of enterprises as a new subject of online tourism industry.In order to further improve its market share and enhance its market competitiveness,the merger and acquisition of tourism enterprises has become an important way to reduce external competitive pressure,expand the industry share and reduce costs.Among a large number of M&A schemes with strategic characteristics in the online tourism industry,the case of Ctrip's M&A of qunar tourism network has significant reference value,so it has been comprehensively concerned by the industry and the public.This paper selects Ctrip and qunar as the main research objects,uses literature research and comparative analysis to make a comprehensive analysis of M&A performance,combs the process of M&A,uses event analysis to evaluate short-term performance,and uses balanced scorecard to evaluate M&A performance from finance,customers,internal processes,learning and growth,and further analyzes The factors that affect Ctrip's performance.From the perspective of short-term performance,Ctrip's stock price has increased significantly,the market value of the company has increased,and the synergy effect is obvious.From the perspective of medium and long-term performance,Ctrip's financial performance in the year of M&A was impacted by the loss performance of qunar and the expenditure of equity remuneration.However,with the passage of time,due to the support of qunarian's resources and technology,the synergy effect of M&A began to appear.All aspects of Ctrip's business reflect the characteristics of synergy and scale effect.Whether it's hotel or air ticket booking,the operating income level has risen in different scales.Especially one year after the implementation of M&A business,Ctrip's business income scale has changed significantly.From the perspective of long-term development,the synergy effect and scale effect of M&A have played a positive role;at the same time,the potential customer group and the industry share have been greatly increased,and Ctrip's brand influence after M& A has won the first place in the industry,and shows a gradual upward trend.However,the increase of enterprise scale caused by the merger and acquisition has brought certain adverse effects on asset management.After the merger and acquisition,Ctrip's total asset turnover has not been significantly improved,and there is still some room for expansion in asset management.It is necessary for Ctrip to pay more attention to the comprehensive management of assets.On the basis of fully combining the management concepts of both sides,it is necessary to build a sound management policy,so that the asset management level of the company can be comprehensively improved.Generally speaking,Ctrip's M&A has reached the strategic goal of stabilizing its market value,improving its profitability and further improving its market share.By complementing its resources in technology,market channels,customer groups and other aspects,it has enhanced its enterprise's competitiveness.As a classic case of online tourism service industry,Ctrip M&A provides more reference and successful experience for the M&A of tourism service industry.There are mainly: first,select appropriate target enterprises to ensure that they meet the requirements of scientific development.Ctrip's M&A of qunar is a typical horizontal M&A activity.After the M&A task is completed,the scope of traditional business development will be expanded in an all-round way;secondly,it is necessary to pay attention to the management of M&A process;thirdly,it is necessary to pay attention to the financial situation of the enterprise,consider whether the financial situation of the company can resist the impact,assess the transaction risk before the transaction,and avoid causing financial losses;fourthly,it is necessary to maintain research and development Develop innovation and enhance competitiveness.