China's Main Tourism Listed Company Operation Efficiency Evaluation

Listed tourism companies as the backbone of the tourism industry organization, its operating efficiency directly affects the effective supply capacity of the tourism market in our country, our country has a close relationship with the sustainable development of tourism economy. In nearly a decade, tourism consumption boom, public travel demand of normalized directly promote the development of the tourism industry in our country. Under the background of vigorous development of tourism industry, however, because of the small scale of tourism enterprises and the quality of listed tourism companies mark very scarce; The existing tourism listed companies because of a shortage of small asset scale, financing ability, operational factors such as poor management led to its operating efficiency is still big room to improve. Since 2009, the relevant government departments for tourism "macro news, micro worrying" situation to give enough attention, and introduced a series of distinct policy document, aims to optimize the tourism enterprise investment and financing system, increase financial support and improve the efficiency of enterprises, improve the competitiveness of tourism enterprises. In this background, by studying the operating efficiency of Chinese listed tourism companies and discuss the internal and external factors, associated with tourism enterprises under the new normal for China's economy and the sustainable development of tourism has important practical significance.This article selects 19 listed tourism companies in China as the research subject, first the super efficiency DEA model is adopted to measure the company from 2007 to 2014, operating efficiency, then USES MI to analyze their dynamic change trend, finally using Tobit regression model to study the effect of tourism listed companies operating efficiency factors. Empirical study found: one from the static perspective, subject listed tourism companies are operating effectively in our country, but the gap between each company. Points operation forms, scenic spots and the integrated operation is always valid, hotel class efficiency improved year by year; Central points region, tourism listed companies operating inefficient for a long time, and the east, west central tourism enterprises operating efficiency higher than an average of tourism enterprises. From the dynamic perspective, 19 listed tourism companies showed a trend of decline the more total factor productivity, technological progress seriously restricts the listed companies in the scenic area to promote the efficiency of operations; Annual operating efficiency for eastern tourism listed companies to maintain growth, middle and western companies show the similar degree of decline, technological progress and pure technical efficiency constitute the bottleneck of restricting the Midwest tourism listed companies operating efficiency factors. Three from the factors affecting the operating efficiency of China's tourism listed companies, provincial passenger density, corporate capital structure and asset utilization quality on the operating performance of listed tourism companies is significantly positive influence, ownership concentration is significantly negative influence, and the operating efficiency of listed tourism companies for the provincial economy development degree and is not sensitive to the influence of human capital of enterprise. At the end of the article, respectively from the aspects of tourism enterprises, regional government for the listed tourism companies operating efficiency improvement countermeasures and suggestions.