Analysis of the Airlines' Merger Integration Performance Based on the Value Chain — Analysis of the M&A Case of Hainan Airlines

The paper first introduces content of the value chain and analyses relationship of the value chain and mergers and acquisitions (M&A) integration. It establishes an evaluation indicator system based on the value chain by using the factor analysis method. Furthermore, an empirical research is made on the case of the merger of Hainan Airlines to testify to the effectiveness of the above study. Through the study, M&A integration can create value and bring long-term performance.