互联网旅游企业并购策略——以携程为例

Research on M&A Strategy of Online Travel Agents: Taking Ctrip as a Case

在分析互联网旅游企业面临问题的基础上,通过对互联网旅游企业的并购环境进行PEST分析,发现安定的社会局势为互联网旅游企业营建了良好的竞争环境,经济扶持政策为企业整合与产品服务供给转型提供了发展机遇,互联网、移动端用户数量大幅上涨为其奠定了有力的用户支持,支付方式便捷化提高了交易效率、提升了用户旅游体验。又通过对携程并购的案例分析,发现其于2010年通过协议收购、股份式收购和定向增发进行一系列的并购之后,实现了净利润和销售净利润的上涨、营收能力增强、各项财务指标均呈增长态势的良好效应。借鉴携程的成功经验,最后提出了互联网旅游企业并购的策略建议。

Based on the analysis of the problem faced by online travel agencies,this paper conducts a PEST analysis of MA environment for online travel business and finds that social stabilityestablish a favorable competitive environment for online travel agencies; fiscal supportive policies provide development opportunity for enterprise conformity and the transition of product and service supply; the substantial increase in the number of users of internet and mobiles lay strong customer base to support it; convenience of paymentenhance both transaction efficiency and user experience. Furthermore,by the case analysis of Ctrip,this paper finds that in 2010 after a series of mergers and acquisitions through negotiating merger,share acquisition and private placement,the company realized improvement in net profit and sales,profitability and some financial indicators.