Investment Behavior Research Of Chinese Listed Tourism Companies

With the continuous growth of Chinese tourist industry, the number of listed tourism companies has gradually increased. However, we can still find that, compare with other world-wide famous tourism companies, such as American Express, TUI, Japanese transport, they have big distance from scale, management skill, technology etc. Hence, discussing the investment behavior and its influencing factors based on the investment policy, one of three financial policies, is of great significance for the development of listed tourism companies in China.The thesis discusses the investment behavior and its influencing factors of listed tourism companies from an empirical perspective. Based on reviewing relevant literature research and the theories of investment behavior, as well as the present situation and characters of domestic listed tourism companies, it proposes five hypothetical propositions, namely, there are positive correlations between the investment behavior and investment opportunities, there are positive correlations between the investment behavior and the free cash flow, there are correlations between the investment behavior and assets-liability ratio, there are correlations between the investment behavior and the shareholding structure, and there are correlations between the investment behavior and governance structure. The thesis uses the listed tourism companies empirical data from 2007 to 2009 as a sample, quantizes the investment of listed tourism companies by using Spssl7.0, establishes expected influence factors model and analyzes the factors.The results show that:Non-efficient investment is serious among listed tourism companies, growth opportunity is the key factor to affect the investment behavior of listed tourism companies, there are positive correlations between the investment behavior and the cash flow of business operations, there are positive but not remarkable correlations between the investment behavior and the assets-liability ratio, there are none correlations between the investment behavior and the shareholding structure, and there are none correlations between the investment behavior and governance structure. Finally, relevant policy recommendations are proposed for managers to improve investment efficiency.