在线旅游企业并购绩效分析——以携程并购去哪儿为例

摘要

改革开放以来，中国的经济综合实力不断提高。进入21世纪以来，互联网技术渗入到目前国人生活的方方面面。在互联网技术高速发展的今天，旅游业的发展也借助互联网技术的发展，以一种新的方式展开旅游业相关工作。实际上这种旅游业新方式就是在线旅游业。在线旅游业，以互联网技术为基础进行工作的开展。所以在线旅游业在中国一经出现，发展速度就不可小觑，所以旅游业纷纷看到了这种新方式的前景，纷纷开展这项工作。实际上目前来看，这一行业的市场竞争是在不断的强化的，想要在市场中占有一席之地，就需要借助互联网的力量的同时，完善相关工作的管理机制，同时对工作中出现的问题做好反馈，除此之外，重视对绩效管理工作的绩效考核。本文对在线旅游业的发展展开的研究主要方向就是在线旅游业的绩效考核体系的建设和管理工作。并通过分析找出携程网和去哪儿并购之后，在绩效上和之前做对比，分析并购之后在线旅游业的发展情况，并通过分析找出目前在线旅游业相关工作开展中存在的问题，结合目前发展情况，借鉴海外优秀的经验对该行业的发展提出相应的整改意见。实际上本文的研究成果能在一定程度上推动在线旅游业未来工作的开展。通过研究可以发现，携程和去哪儿实现并购以后，在企业的发展过程中获得的成绩是值得肯定的，目前财务报表数据显示，企业提升了市值。通过分析，本文提出未来在线旅游业发展的目标和相关工作的开展建议。

关键词：在线旅游企业；并购绩效；非财务指标

Abstract

Since the reform and opening up, China's comprehensive economic strength has been continuously improved. Since the beginning of the 21st century, Internet technology has penetrated into every aspect of people's life. Today, with the rapid development of Internet technology, the development of tourism also relies on the development of Internet technology to carry out tourism related work in a new way. In fact, this new way of tourism is online tourism. Online tourism is based on Internet technology. Therefore, once online tourism appears in China, its development speed cannot be underestimated. Therefore, tourism industry has seen the prospect of this new way and carried out this work one after another. In fact, at present, the market competition in this industry is constantly strengthened. To occupy a place in the market, we need to improve the management mechanism of relevant work with the help of the power of the Internet, and give feedback to the problems in the work. In addition, we should pay attention to the performance appraisal of performance management. In this paper, the main research direction of the development of online tourism is the construction and management of the performance appraisal system of online tourism. And through the analysis to find out Ctrip and qunar M & A, make a comparison in performance and before, analyze the development of online tourism industry after M & A, and find out the problems existing in the current work of online tourism industry, combined with the current development, learn from the excellent experience of overseas to put forward the corresponding rectification opinions for the development of the industry. In fact, the research results of this paper can promote the future work of online tourism to a certain extent. Through the research, we can find that after Ctrip and qunar realized the M & A, their achievements in the development process of the enterprise are worthy of affirmation. At present, the financial statement data shows that the enterprise has improved the market value. Through the analysis, this paper puts forward the future development goal of online tourism and the suggestions of related work.

Keywords: online tourism enterprises; M & a performance; non-financial indicators

目录

一、绪论 1

（一）研究背景 1

（二）研究意义 1

1.理论意义 1

2.实践意义 1

二、携程并购去哪儿动因分析 2

（一）案例背景介绍 2

1.并购方——携程旅行网 2

2.目标方——去哪儿网 2

3.并购过程 2

（二）携程并购去哪儿的基本动因 2

1.谋求协同效应 2

2.提高控制力 3

3.实现规模经济 3

4.加速行业整合 3

三、携程旅行网并购去哪儿网的绩效评价 4

（一）并购绩效评价指标与流程 4

1.绩效评价指标 4

2.评价基本流程 6

（二）股价变动分析 7

（三）综合财务能力分析 8

1.偿债能力分析 8

2.营运能力分析 9

3.盈利能力分析 9

4.发展能力分析 10

5.现金流能力分析 11

6.基本结论 11

（四）非财务指标分析 12

1.网站流量指标 12

2.客户指标 13

3.营销价值指标 14

四、研究结论与启示 18

（一）研究结论 18

（二）管理启示 18

1.正确选择目标企业 18

2.选择合适的支付手段 18

3.注重后续有效整合 18

4.寻求新的利润增长点 18

五、结束语 19

参考文献 20