An Empirical Research On Correlation Between Ownership Structure And Corporate Performance Of Chinese Tourism Listed Companies

November 25,2009 Premier Wen Jiabao chaired a State Council executive meeting, discussed and approved in principle " On the views of Speeding Up the Development of Tourism "It is the first time made from the national level that tourism industry is a strategic pillar industry of national economy with no doubt to enhance the status of the tourism industry. Tourism industry development will get more policy support in the future. So far, the total number of Shanghai and Shenzhen listed tourism companies is 31.Predictable, with tourism as a pillar industry of national economy, the status of the establishment of a strategic, there will be more and more tourism businesses to join the capital market.Ownership structure directly related to the different nature of the shareholders in the company's interests and values, interests and values of shareholders will directly affect the play of corporate governance mechanisms, leading to performance of different companies. Tourism share reform of listed companies basically completed, state-owned shares in circulation and the reduction of problems that have been the focus of attention, so ownership structure and firm performance related issues also attracted much attention. Tourism industry is a highly competitive industry, tourism, whether the ownership structure of listed companies with significant business performance correlation, and how the equity structure to help improve corporate performance, is the origin of the problem this paper.From the empirical point to study companies ownership structure and corporate performance correlation of China tourism listed companies.Review home and abroad in the ownership structure and corporate performance-related theory and empirical research based on the selected sample of 21 travel companies as, in its financial report based on data published after target selection, to ownership concentration, stock liquidity and equity balance degree as the main indicators to measure the company's ownership structure, the net return on equity and profit margin to reflect the main business performance of listed companies to establish and fitted regression model, the sample travel companies between ownership structure and operating performance The relevance of statistical analysis. The results show that:As the tourism industry itself is highly sensitive and highly competitive, has its particular industry characteristics, and therefore quite different from other industries, their ownership structure and corporate performance relationship is not significant. Attractions (scenic) Listed Companies in the scarcity of resources as tourism and non-renewable, resources and business monopoly monopoly, and therefore can be government incentives and policy support, so the higher performance of these companies;hotels listed companies is the first travel industry companies, corporate governance mechanisms are relatively mature, and thus company performance was relatively good. Comprehensive travel company, due to its wide range of business, main business less competitive, so the relatively poor performance.