Research On Investment Efficiency Of Chinese Tourism Listed Companies

With the continued development of reform and opening up, tourism has become the most powerful industry in the world. According to the information of National Tourism Bureau, China’s total tourism income is up to2.59trillion yuan in2012, an increase of15.2%over the previous year. As a pillar industry, tourism is increasingly becoming the focus of research. As the tourism industry "leader"-tourism listed companies has become a research priority.The increase of corporate value depends on corporate investment decisions and investment efficiency fundamentally. And the effectiveness of investment behavior is directly related to that whether the enterprise value can be maximized. In the critical period when tourism is from extensive development to intensive development, improving their investment efficiency has become very urgent to tourism listed companies. Therefore, the study of investment efficiency of Chinese tourism listed companies is of important practical significance.Firstly, the article reviews the research approaches of calculating methods of investment efficiency and investment theories about factors affecting the investment efficiency. Secondly, it calculates dynamic investment efficiency of15tourism listed companies in2008-2012. And on the basis of the analysis, the article builds regression models with investment efficiency factors. The results show that:the overall efficiency of Chinese tourism listed companies between2008to2012is relatively high, but exist differences in the internal. Growth ability is the key factor affecting the investment efficiency of tourism listed companies. And there are positive and remarkable correlations between the investment efficiency and the assets-liability ratio. There are negative and remarkable correlations between the investment efficiency and size. And there are negative but not remarkable correlations between the investment efficiency and the first largest shareholding ratio. And there are positive but not remarkable correlations between the investment efficiency and free cash. Lastly, based on the empirical results, the article presents optimizaiton strategies of tourism listed companies, thus contributing to sustainable and healthy development of Chinese tourism listed companies.