The Research Of Property Rights Reformation And Corporate Governance Of Tourism Listed Company

According to the Chinese tourism statistic 2006,China has been ranked at five as the tourism destination in the world. The total tourists from abroad has reached more than 0.1 billion person time each year. The expand speed is so quick that exceed about five years than the World Tourism Organization expected. The rapid development of tourism bases on its microcosmic basement-the structure of tourism enterprise and the ability of management. Therefore, one of the important innovations of the study in the tourism management is surpass the traditional research horizon such as travel agencies, hotels and tour traffic enterprises etc. Moreover, it should be more conscientious to study the transform of tourism enterprises to modern enterprises system. In other words, the research on tourism enterprise's organization and management is a weak point among the research of microcosmic tourism management. Speeding up the development of tourism is an absolutely principle, and a better, stronger, larger and fine tourism enterprise is the base of the development of tourism. Generally speaking, most large Chinese tourism enterprise are transformed from state-owned enterprise, Which are close connected with the old enterprises system whose reform is slow . They have heavy liabilities, and their assets structure is not reasonable. The management situation is not so well either, often in a deficit or obtain little profit. Among 1379 listed companies of Shanghai and Shenzhen, only 13 companies which are interrelated with tourism are on the must-be tourism list, and the companies with many achievements are even less. So, as a standard listed company, Guilin Tourism Corporation Limited is a typical case of research on its new system, management structure and management situation. The paper aims to study the organizing principle, governance structure and management development methods of tourism listed company basing on its typical meaning and through analysis of some examples, for the benefit the reform and the development of large tourism enterprises.Listed company is the top form of modern enterprise system. After China enter WTO, the competition in the tourism market become more and more hotly. When tourism enterprises from abroad enter China, our tourism meets new trials. Meanwhile, the core competence of tourism enterprises turns to international competence. As the top tourism enterprise in Guilin, Guilin Tourism whose main business covers transport of yacht on Li River, road traveling transport, taxi, travel agency and the scenic spots. Because of its history background and assets structure, the company monopolizes the tourism resources. Although the holding company has the state-owned enterprise background, unlike other listed companies, Guilin Tourism hasn't the relationship of guarantee, mortgage debts with the holding company as well as liabilities an unnormal trade. With a background of good portfolio, Guilin Tourism develops very well.With the fully analysis of its ownership structure and the history of governance since it has been on the stock market, the paper make a basic diagnosis on the asset organization structure and corporate governance of Guilin Tourism.Before the Separated Equities System Reformation, the feature, which the government owns the most stock of the company, influenced the corporation governance in some degree. Though the company conforms to the standard of modern enterprise system: keep the balance among shareholder's conference, director board, supervisory board and the managers, implement independent director system, and the high rank stuffs are also fully responsible for their job, it is still difficult to deal with the relationship between government and enterprises in a perfect way for the influence of the company's history. What's more, the advantage that the company owns good resources hasn't been mostly used on the transform to a stronger capital advantage. Even though the company earns interests which has reached to thousands of million RMB per year, according to all request of capital profit margin and the development enterprise, it develops slow in a stable environment, such as new stock haven't been added yet in a long time and the progress of Separated Equities System Reformation develops slow too.The paper summarizes the management situation since Guilin Tourism has been on the stock market, including investment models, investment fields, the company's achievements and manifestation of market value etc. It appreciates the company's achievements, meanwhile, it analyses the company's main problems existed in its development.In May 2006, Guilin Tourism implemented the Separated Equities System Reformation. That was a milestone of initiating all-circulation step by step, and created important conditions for blazing new trails of enterprise organization system and the management of company at the same time. According to the development trend of Chinese tourism, international tourism and Guilin tourism, the company promotes a strategic plan to integrate region tourism resources, strengthen meticulous management and carry forward strategic cooperation. In order to propel the innovation of management, it should depend on the optimum enterprise organization and corporate governance, implement integrative management. On the basis of further Separated Equities System Reformation and the adjustment on progress, and the point of view of tourism enterprises management, the paper put forward a proposal to further improve corporate governance. Strengthen the advantage of resources, raise capital driving power, increase the methods of financing in assets market, and create management model.The results of the research summed up from the paper causes great excitement. We believe that as a typical example in Chinese tourism listed companies, on the base of intensifying reform, putting forward system creation. Guilin Tourism will bring the advantages of resources and capital. Strengthen the management creation inside enterprise; fully tap the later power of resources, system and management; realize a historic leapfrog development on business; fully display the advantages of modern enterprise system at least.