A Study On Performance Evaluation Of Listed Tourism Companies

Tourism is recognized as a sunrise industry with the feature of low investment, stable returns, strong resource monopoly, high lead coefficient and little pollution, etc. Now, tourism has become the world's largest industry. Recently, with the development of national economy and the improvement of people's living, tourism has entered a rapid development stage, which also brings a rare opportunity for the development of tourism enterprises. As one of the tourism enterprises, tourism listed companies have their own dominant position, and they are the leader and benchmark of the tourism industry, so, the theorists and practitioners give more attention on them. By evaluating the performance of the tourism listed companies, it can help to reflect the business situation and the development potential of the tourism industry in our country, which has great practical significance on optimizing investment decisions of investors and strengthening the internal management of enterprises.In this paper, 19 tourism listed companies are selected as the research object on the base of reviewing performance evaluation theory. Then, in order to build the indicator system of performance evaluation, 13 financial indicators are gathered, which is from 2005 to 2008.The 13 financial indicators can reflect the five capability of the tourism listed companies, they are profitability capability, operating capability, solvency capability, growth capability and cash support capability. At last, apply the empirical analysis by the method of dynamic factor analysis which combines moving weighted average method and factor analysis .The econometric results show that: firstly, from a single perspective of the tourism listed companies, the profitability capability is not prominent, the efficiency capability needs to be improved, the solvency capability is a little weak and the growth capability has a great different, in a word, all that show a more serious situation polarization; secondly, from an overall perspective of the tourism listed companies, the resource tourism listed company has the best performance, followed by comprehensive tourism listed company, food and beverage tourism listed company is the worst.Finally, combining the results of empirical analysis, the main problems of the tourism listed companies are pointed out, and the corresponding suggestion which can help to improve the performance of the tourism listed companies are put forward to...