在线旅游行业并购动因及并购绩效研究

Research on the Motivation and Performance of M&A In Online Tourism Industry

近年来,在线旅游行业获得快速发展,以携程为代表的龙头企业通过并购保持了较高的市场占有率,经营绩效显著。通过2005-2019年在线旅游行业典型并购案例,进行分阶段分类型描述统计分析,并以携程为主要案例分析了在线旅游企业并购动因,指出协同效应、市场势力和多元化经营是并购的主要动因。在此基础上,并以国内外竞争对手及旅游业其他细分子行业数据为对比,用主成分因子分析法分析了携程为代表的在线旅游行业并购绩效,结果显示携程等在线旅游业并购绩效显著。

In recent years,the online tourism industry has achieved rapid development.The leading enterprises represented by Ctrip have maintained a high market share through M&A,with remarkable business performance.This paper summarizes the typical M&A cases of online tourism industry in 2005-2019,describes and analyzes the M&A types by stages,and analyzes the M&A motivation of online tourism enterprises with Ctrip as the main case,pointing out that synergy,market power and diversified operation are the core motivation of M&A.On this basis,on the basis of Ctrip,which continues to expand in M&A,and by comparing the data of domestic and foreign competitors and other tourism industries,this paper measures the M&A performance of online tourism industry represented by Ctrip by principal component factor analysis,and the results show that the M&A performance of Ctrip and online tourism industry is significant.