An Empirical Study On The Boom Of Chinese Tourism And The Stock Price Index

Chinese tourism industry is developing gradually. The performance of the listed company on tourism reflects the development of tourism industry to some extent. The purpose of this paper is to find the relationship of the tourism industry in the macro economy and performance of the listed company of on tourism.Based on the industry guidelines on the classification of listed companies,this paper makes up a stock price index of tourism. There are many indexes to measure tourism prosperity in the macro economy. We choose eight indexes which are m2, gross domestic product,inbound tourism income, number of people who come to China to travel, domestic tourism income, number of people who travel inland,savings of urban and rural residents and consumption expenditure of urban residents.This paper uses the stock price index of tourism to make regression with the eight indexes. Before the regression, we first removed the market influence by the Shanghai Composite Index. And then, we use the econometric method such as Hodrick-Prescott Filter method, seasonal adjustment, stability test and cointegration test to make deal with each index sequence. Finally,we make a white noise test on the residual sequence and then get a satisfactory regression equation.