在線旅游企業并購績效分析——以攜程并購去哪兒為例

摘要

改革開放以來，中國的經濟綜合實力不斷提高。進入21世紀以來，互聯網技術滲入到目前國人生活的方方面面。在互聯網技術高速發展的今天，旅游業的發展也借助互聯網技術的發展，以一種新的方式展開旅游業相關工作。實際上這種旅游業新方式就是在線旅游業。在線旅游業，以互聯網技術為基礎進行工作的開展。所以在線旅游業在中國一經出現，發展速度就不可小覷，所以旅游業紛紛看到了這種新方式的前景，紛紛開展這項工作。實際上目前來看，這一行業的市場競爭是在不斷的強化的，想要在市場中占有一席之地，就需要借助互聯網的力量的同時，完善相關工作的管理機制，同時對工作中出現的問題做好反饋，除此之外，重視對績效管理工作的績效考核。本文對在線旅游業的發展展開的研究主要方向就是在線旅游業的績效考核體系的建設和管理工作。并通過分析找出攜程網和去哪兒并購之后，在績效上和之前做對比，分析并購之后在線旅游業的發展情況，并通過分析找出目前在線旅游業相關工作開展中存在的問題，結合目前發展情況，借鑒海外優秀的經驗對該行業的發展提出相應的整改意見。實際上本文的研究成果能在一定程度上推動在線旅游業未來工作的開展。通過研究可以發現，攜程和去哪兒實現并購以后，在企業的發展過程中獲得的成績是值得肯定的，目前財務報表數據顯示，企業提升了市值。通過分析，本文提出未來在線旅游業發展的目標和相關工作的開展建議。

關鍵詞：在線旅游企業；并購績效；非財務指標

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

目錄

一、緒論 1

（一）研究背景 1

（二）研究意義 1

1.理論意義 1

2.實踐意義 1

二、攜程并購去哪兒動因分析 2

（一）案例背景介紹 2

1.并購方——攜程旅行網 2

2.目標方——去哪兒網 2

3.并購過程 2

（二）攜程并購去哪兒的基本動因 2

1.謀求協同效應 2

2.提高控制力 3

3.實現規模經濟 3

4.加速行業整合 3

三、攜程旅行網并購去哪兒網的績效評價 4

（一）并購績效評價指標與流程 4

1.績效評價指標 4

2.評價基本流程 6

（二）股價變動分析 7

（三）綜合財務能力分析 8

1.償債能力分析 8

2.營運能力分析 9

3.盈利能力分析 9

4.發展能力分析 10

5.現金流能力分析 11

6.基本結論 11

（四）非財務指標分析 12

1.網站流量指標 12

2.客戶指標 13

3.營銷價值指標 14

四、研究結論與啟示 18

（一）研究結論 18

（二）管理啟示 18

1.正確選擇目標企業 18

2.選擇合適的支付手段 18

3.注重后續有效整合 18

4.尋求新的利潤增長點 18

五、結束語 19

參考文獻 20