携程商业模式与公司估值

Ctrip Business Model and Company Valuation

目前我国已成为全球第一大互联网用户市场。互联网的迅速发展使得在线旅游势头猛烈,“互联网 + 旅游”已经成为人们旅游出行的首选。携程作为国内在线旅游行业巨头,其商业模式的成功值得深入研究。同时由于携程有着互联网企业的特征,使其估值成为一个至关重要的问题。估值过低会影响到利益相关者对携程发展的判断,估值过高又可能走上烧钱模式,得不偿失。本文首先通过对携程商业模式进行剖析,分析携程商业模式的转变对企业发展的影响;其次,借助B-S模型和国泰君安互联网企业估值模型对携程整体进行估值;最后,对携程如何提升自身企业价值提出解决办法。本文认为携程如果想要提升企业价值,需要进一步拓展下沉市场、满足市场新需求、重视用户数据并继续承担社会责任。

Nowadays, China has become the largest Internet user market in the world. With the rapid devel-opment of the Internet, online tourism is booming. “Internet + tourism” has become the first choice for people to choose for travelling. Ctrip, which is the giant of domestic online travel industry and has the success of its business model, is worthy of our learning. At the same time, the valuation of Ctrip has become a crucial issue due to its Internet enterprise characteristic. On the one hand, low valuation will affect the judgment of stakeholders on the development of Ctrip. On the other hand, over valuation could lead the company to keep losing money, which may makes the loss more than you gain. The article first analyzes the business model of Ctrip and the impact of the change of Ctrip’s business model on the development of Ctrip. Secondly, we use the B-S model and Guotai Junan Internet enterprise valuation model to evaluate Ctrip. Finally, we propose a solution to the improvement of Ctrip’s corporate value. The study concludes that Ctrip needs to expand further into the sinking market, meet the new market demands, pay attention to user data and continue to assume social responsibilities if Ctrip wants to enhance its enterprise value.