Self-interest Attribution Tendency Research About Annual Reports Of Tourism Listed Companies

Chinese tourism has developing fast and becoming one of industries with great investment value due to the constant and high-speed development of Chinese economy and people's continually improving freely disposable income.The disclosure of annual reports of listed companies is the main source for investors and the public to know the changes of company achievement.The information is an important investment reference.However,considering the personal interests,the company management tends to manipulate the content of annual report in order to influence the investment decision.This is called "self-interest attribution tendency".This behavior generates negative effects to reasonable allocation of resource of investment market.It goes against the stable and healthy market development.Taking examples of 33 tourism companies listed in Shanghai and Shenzhen,using content analysis,statistical analysis and group comparison proves that the annual reports of listed tourism companies also exist self-interest attribution tendency regarding the company achievement.This thesis also takes grouping study on listed tourism companies with good and poor performance,and proves that the two groups of companies have otherness in self-interest attribution tendency,readability and displays of feelings.The word frequency analysis proves the self-interest attribution tendency,and fnds the particularity of annual reports of listed tourism companies compared with companies of other industries,namely "project development","service"and "investment".These are also the characteristics of tourism listed companies.Through the case study of Lijiang Yulong Tourism Co.,Ltd and Wuhan Sante Cableways Group Co.,Ltd,this thesis analyses and studies the annual reports and further enriches the research contents and conclusion.In the end,this thesis presents policy advice in supervision departments,listed companies and investors:it suggests the supervision departments to further strengthen the constraint and management to the listed companies,and according to the particularity of tourism listed companies to formulate specific rules and regulations;it suggests the listed companies to actively enhance the objectivity and authenticity of the annual reports,adopt graphical method to improve the readability,and actively disclose the progress of "project development","service" and "investment";it suggests the investors to collect and analyses business circumstance of listed companies through various channels,pay attention to the particularity of tourism listed companies and actively improve their own level of expertise.