Study On The Operating Performance Of The Listed Companies Of The Lodging And Catering Industry Based On Financial Perspective

Over the past twenty years, China’s tourism industry has been experienced a rapid development and become one of the most rapidly developing industries in the national economy. As one of the three pillars of the tourism industry, the lodging and catering industry is growing in size and number, which plays a crucial role in the rapid development of tourism. Listed corporation is the leader in the accommodation and catering industry. With the development of the capital market in China, it has formed a unique concept of the lodging and catering sector in the capital market and concerned by many investors and scholars. This paper attempts to study the lodging and catering operating performance of the listed companies in China and discover the problems existing in the process of these companies in order to provide the basis for the lodging and catering companies to strengthening the internal management and external supervision, as well as to provide the meaningful information for the enterprise investors, related administrative and management departments, and other stakeholders.On the basis of previous studies and the specific industry features of the lodging and catering listed companies, this paper selected six financial indicators(assets return rate, operating profit margin, total asset growth rate, growth rate of the owner’s equity, net profit cash net content, and operating profit cash net content)from three aspects(profit ability, growth capacity, and cash guarantees capacity), then established the evaluation indicators system to reflect the operating performance of the lodging and catering listed companies from the angle of the company finance. By using the dynamic factor analysis method, this paper studied and analyzed 2011-2013 financial index data of 12 listed companies of the lodging and catering industry and extracted profit factor, growth factor and cash guarantees factor. This paper made use of the component score coefficient matrix obtained from SPSS software to establish the score function of three common factor and calculated the factor scores respectively in the 12 lodging and catering listed companies, and used single factor score to establish the comprehensive performance scoring model of the lodging and catering listed companies and calculated the comprehensive score of the listed companies. Finally, this paper concretely analyzed the operating conditions of each listed company.Based on the results of empirical research, the paper has concluded the main problems in the business process of the lodging and catering companies in China, including the vulnerability of business to external environment, increasing higher operation cost, insufficient profit capacity of the main business, lack core competitiveness of business, insufficient capacity of cash guarantee, single business and poor capacity to withstand financial risks. Aiming at these problems, this paper puts forward suggestions to improve the operating performance of the listed companies of the accommodation and catering industry.