The Research On The Performance Evaluation Of Capital Operation In China

ABSTRACT:With expanding tourism economy, more and more tourism companies choose to be listed. Until June 2009, there are 24 tourism companies to be listed (without B-share) in stock markets of Shanghai and Shenzhen (source:securities star website). With consistently developing of this tendency, the study of listed tourism company is more necessary.The application if capital operation theory in other industries brings about striking effect, however, skimming over the studies of domestic listed tourism company, the research of capital operation is still immature, and the research on the performance Evaluation of capital operation is also in the initial phase. Therefore, the thesis will focus on this issue.On the basis of former researches, the thesis confirms the index system of five types and twelve indexes including profitability, asset operation ability, growth ability, debt paying ability and share capital expansion ability. Meanwhile, based on the analysis of the Methods of Performance Appraisal, the thesis takes the Method of Perfect Spot evaluation as the primary study model, and the matlab, spss, and excels as the supplementary software. Through analyzing the index statistics, the rank of performance evaluation of capital operation is arranged among domestic listed tourism company within five years from 2005 to 2009. With further study, the conclusion is drawn that the domestic listed tourism company exists the problem of unbalanced development and bad management state, and the management state of some companies also fluctuates. In respect to this analysis, correspondent proposals are put forward, such as development in various aspects, optimization of capital structure, integration and transnational operation, normalization of regulations and procedures, the establishment of modern enterprise system, talents training and so on.