Research For Chinese Hospitality Industry Listed Companies’ Performance Under A New Perspective

As one of the three pillars of the tourism industry, the operating conditions ofhospitality industry has an important impact on the development of tourism industry.With the development of tourism and securities markets, some hotels seek furtherdevelopment by listing since1993and become an important part of the hospitality industryenterprises. In April2012, CSRC issued the Guidelines on Industry Classification ofListed Companies which contains hospitality industry in the industry category for thefirst time, so the study for hospitality industry listed companies is also infancy.Prior research perspective for hospitality industry listed companies is relatively simple;few scholars have tried to use a different approach from a different angle, or to make acomprehensive evaluation of its discussion on certain evaluation methods. According to thelisted hospitality industry development status and characteristics of them, this paperattempt to build a more scientific and reasonable evaluation system of listed companies inthe hospitality industry. Based on the analysis of the extensive literature on the hospitalityindustry listed companies, this paper give a multi-angle description of them, such asannounced date, geographical distribution, scope of business areas, company size andprofitability. Based on this, we collected nearly three years’ financial data of the hospitalityindustry listed companies and evaluate them by PCA and DuPont analysis.This paper argues that the PCA and DuPont analysis with a certain degree ofcomplementarity in the method, based on qualitative analysis, combine PCA and DuPontanalysis to evaluate the8hospitality industry listed companies can be more objective andcomprehensive.