The Adaptability Research Of Chinese Tourism Enterprises Listing And Financing

Tourism industry has leapt forward after China followed the reform and opening policy,and it turns out to be the national strategic pillar industry and the main driving force ofIndustrial upgrading and consumption upgrade. It also provides great opportunity to tourismenterprises for their rapid growth. But some tourism enterprises grow slowly due to facing ashortage of funds. This paper analyzes the situation of listed tourism enterprises, and putforward some strategies on financing of tourism enterprises by setting up evaluation indexsystem for the adaptability of listed tourism enterprises. This paper encourages tourismenterprises to enhance the tourism enterprise quality according to the evaluation index systemand grow the enterprises by appropriate measures of financing.Based on theoretical public financing cost theory, theory of the business model andcorporate control, the author build the financing capability evaluation system of tourism withmethods of literature analysis, analytic hierarchy process and fuzzy comprehensive evaluation.Firstly analysis the situation of listed tourism companies, which including the time of going topublic, regional distribution, equity characteristics and business model. Put tourism enterprisesinto three categories, which includes hotel and catering, scenic spots and travel agencies. Thebarriers for tourism enterprises go to public including unstable profitability, defectivequalification and single way of listing. Finally, the author analysis internal and externalenvironmental conditions of tourism enterprises. And external environment including the policyenvironment and economic environment, the internal environment including the level ofproducts and technologies, evaluation of the business model, financial evaluation, theevaluation of corporate governance, the independence of the evaluation, the company’s futuredevelopment plan evaluation. Set Beijing UTS International Travel Service for example, basedon public financing capacity evaluation system and use fuzzy comprehensive evaluation toanalyze the ability of it. Put forwards several suggestions for enhancing the ability of financing,which includes including the implementation of standardized operation, integration of relatedindustries, resume diversified revenue model, flexibility to choose the place of listing,standardize enterprise management, improve senior staff quality; consider listing and financingcosts, reasonable adjustments to the capital structure.