Studies On Industrial Transition Of Tourism Listed Companies

Events of main business transformation or deviation frequently arise among tourism listed companies, which are not good for the sustainable and stable development of tourism stock plate. Therefore, by combining qualitative and quantitative analyses, this paper gives a comparatively all-round research on the industrial transition of tourism listed companies, and reveals the basic law of the industrial transition of tourism listed companies. It hopes to contribute to the tourism listed companies capital management in future.Firstly, this paper explains the selected material background, study implications, research methods and other points. It makes a detailed review on the domestic and foreign literatures about enterprise business transformation, industrial transition of listed companies and tourism listed companies. Afterwards, the paper simply introduces the tourism industrial scale, status and the development of its son-industries. And then; it objectively analyzes the characteristics and business operation of the A tourism stock plate in Shanghai and Shenzhen stock exchanges, including quantity variation, listing-time distribution, regional distribution, main business structure, property scale, share scale and structure, financial indicators, equity control relations, business diversification. By charts and sheets, the process"rapid developmentâ†'stagnation/recessionâ†'recovery"of tourism stock plate is clearly described. Thereby, the actual contradiction that the status of tourism stock plate in stock market isn't compatible with the status of tourism industry in national economy is reflected. It sets the stage for the next study of industrial transition of tourism listed companies.Secondly, the paper analyzes the current situation of industrial transition of tourism listed companies from transition categories, transition time, target industry choice, and the transitional conditions of different main business; and analyzes six motives of industrial transition from internal and external environments; and discusses five main transition models such as merger and acquisition, assets replacement, shares transfer; and points out five kinds of risks such as financial risk, system risk. Finally, the paper contrasts the operation performances between before and after transition.The research shows that the industrial transition of tourism listed companies is bound to happen in the development of tourism industry and tourism stock plate. There are kinds of patterns that the tourism listed companies can be applied to implement industrial transition, and assets reorganization is the most frequently used. After transition, these companies mostly get into the emerging industry or the control-lifting industry, so the transition span is large. However, there are a few to be succeeded; the operation performances of most companies appear to have a"reversion"trend since the third years after transition.