The EVA-based Evaluation On Performance And Efficiency Of Domestic Tourism Listed Companies

Tourism enterprises are the cornerstone of tourism development, a number of outstanding tourism businesses can promote domestic tourism rapid and healthy development. Tourism companies advanced on behalf of tourism businesses, leading the development of tourism enterprises. Results of operations and operating efficiency are the company's two basic aspects of the situation, the development of tourism companies from the results of operations and performance development and change both the development and changes to expand the evaluation. Performance evaluation includes two aspects, one is the performance results of the evaluation, the other is to promote the development of the power factor performance analysis. Tourism performance results of listed companies with the economic value added to represent and promote the development of tourism performance of listed companies the power factor through the financial index of listed companies factor analysis system. Tourism companies were used to assess the efficiency of data envelopment analysis, by comparing the listed company at the forefront of the surface production of listed companies to determine the overall efficiency of tourism levels; to Malmquist efficiency index based on multi-year tourism companies to analyze the efficiency of development and changes. Finally, evaluation of performance and efficiency based on the use of cluster analysis of listed companies on the tourism development of a comprehensive evaluation. This study first analyzed for the tourism economic value of listed companies, showed that from 1998 to 2008, tourism companies are in more than half of the state of economic profit is negative, that is less than the required rate of return to shareholders all of the cost of capital.EVA will be affected by the economic impact of firm size, so the tourism performance of listed companies were compared, the rate of return on capital (return on capital= economic value added/ investment capital) to analyze the situation of tourism economic profits of listed companies. The results show that:From 2003 to 2008, returns on capital Lijiang Tourism ranked first for 6 years, average returns on capital OCT second. Oriental Hotel, Century Plaza Hotel and the East China Sea ST returns on capital have been at a low level, occupied in the mean rankings after three, and the smaller variance ranking. Listed companies in the tourism development of dynamic factor analysis and evaluation found that:Lijiang Tourism in this study because of all the latest market listed companies, only 5 years the mean age calculation, and the factor analysis and comprehensive ranking downward trend year by year, so the company whether the listed company to be the mainstay of tourism remains to be seen. Stable performance of listed companies in tourism, there are two top-ranking companies, one is CYTS, the other one is HuangShan tourism. Factor for the evaluation of the company by post:East China Sea, Century Plaza Hotel and Beijing tourism. Which not only ranked last on the Century Plaza Hotel, and the variance is very small, second, that the development of Century Plaza Hotel, lower power than other companies, and increase slowly. The fourth part is the development of the tourism evaluate the efficiency of listed companies. Static efficiency evaluation showed that:at the front surface of the production company has five, respectively, Lijiang tour, Tibet travel, Century Plaza Hotel, East China Sea and DalianYaShen. In addition to the surface of the five companies in the production frontier, the other companies are in a state of diminishing returns to scale, indicating the development of tourism companies experiencing a bottleneck, simply relying on an extensive scale development of this method has been unable to obtain high returns. Overseas Chinese Town, Huangshan tour, CYTS, Jin Jiang Hotel, Xi'an restaurants, Hua Tian Hotel and Shoulvgufen technical efficiency are very low, no more than 0.3, which the technical efficiency of OCT lowest,0.037. Operating efficiency of listed companies in the tourism dynamics, respectively, from technical efficiency, allocative efficiency, pure technical efficiency, scale efficiency and total factor productivity evaluation of five aspects. In the performance evaluation and efficiency evaluation of Domestic Tourism Listed Companies, the study get the performance evaluation and efficieny evalution together, through cluster analysis of their travel to listed companies classified as different categories, and with three quarters of 2010, the actual financial position compared to determine whether this study found the actual situation. Clustering results showed that tourism there is a single company listed together as a class phenomenon, clustered into two categories in the process, OCT clustered into one company alone. Clustered into three categories in the process, the OCT and the East China Sea all clustered together. Clustered into four categories in the process, Lijiang tour, OCT East China Sea and the three companies together as a class. Clustering results can be attributed to the formation of performance and efficiency from the process of analysis to find out: OCT size of the company's largest listed companies in tourism, and its after-tax operating profit and investment costs are far higher than other travel companies; return on capital of Lijiang Tourism the mean rate of the first rank, and ranking the smallest variance, while Lijiang Tourism from 2003 to 2008 are in the production frontier surface, results of operations and efficiency are top industry first, so from the clustered together; operating results the East China Sea last first, appeared in 2005 the phenomenon of negative equity, continued viability of the enterprise, once threatened, through debt restructuring, change the company's capital structure, reducing the company's debt burden so that the company's Economic Value Added in 2007 a substantial increase, making the company's operating efficiency changes appeared very irregular, in all listed companies in the travel business the highest risk, so a single clustered together. Remove Lijiang tourism, Overseas Chinese Town and the East China Sea companies again cluster analysis, if divided into three categories together, the Huangshan tourism and Shoulvgufen the third category, Dalian Sage, Emei Mountain, Guilin tourism, Hua Tian Hotel, Jinjiang shares, Xi'an tourism, Tibet travel, Xi'an restaurants, Century Plaza Hotel and CYTS clustered into the second category, the Beijing tourism, Oriental Hotel, CUTC and Zhangjiajie travel together for the first class. Comparison of clustering results with the actual financial situation in 2010:In addition to Century Plaza Hotel and Lijiang tour, the listing of the Company's actual operating conditions and the conclusions of this study is basically the same.