| A number of strong tourism enterprise groups access to capital markets to build a core competitiveness of tourism companies actively since the Reform and Opening up. with the rapid development of the tourism industry. So far. the research which is about constructing a business performance evaluation index system on the characteristics of tourism industry and evaluating it scientificly and objectively has been in the ascendant, because the majority of the listed tourism companies has't been existed a long time. This research makes the Shanghai and Shenzhen A shares listed tourism companies as typical study objects, using the literature research methods, cluster analysis, temporal dynamics of comprehensive evaluation, comparative analysis and other qualitative and quantitative analysis, based on the academic theory about management. economics. marketing and statistics. Finally, the paper evaluates the business performance of the listed tourism companies comprehensively in our country from a scientific and objective point of view.The purpose of the research:①To construct a performance evaluation index system of the listed tourism companies based on previous research, through organizing and reviewing the literature about performance evaluation on domestic and foreign enterprises and the listed tourism companies in our country;②Calculate and rank the the business performance of the Shanghai and Shenzhen A shares listed tourism companies(ST excluded), on the basis of the evaluation index system about the listed tourism companies which has been identified, and then evaluat and analyze the performance of the listed tourism companies scientifically and detailedly from different angles;③Find the problems and gaps according to the ranking of tourism companies' performance score and the timing fluctuations, then give some related suggestions and countermeasures for policy makers.The process of the research:①Proposing the question:Situation about business performance of the listed tourism companies become the focus of the public attention. To establish an effective performance evaluation index system of the listed tourism companies is imperative for scientific evaluation, because of the vagaries of the stock market, the complex financial reporting is difficult for all stakeholders understanding the business performance of the listed tourism companies clearly;②Analyzing the question:Explore the related concepts of the listed tourism companies' business performance evaluation. the development of performance evaluation at home and abroad. the domestic research. and the basic theory from the theoretical analvsis: attempt to select business performance evaluation index of the listed tourism companies firstly, based on previous research and combined with the characteristics of the tourism industry from the empirical analysis. Then select relevant indicators data from 2004 to 2009, to cluster the indicators according to the index data of their own characteristics, and finally. build performance evaluation index system of the listed tourism companies. Secondly, the research calculate and rank the listed tourism companies'performance score using Temporal Dynamic Evaluation Model with Excel, SPSS, Matlab and other statistical analysis software. All in all, analyze and evaluate the business performance score ranking and timing fluctuations of the listed tourism companies comprehensively from category dimension, time dimension, space dimension and specific financial indicators perspective, based on the empirical research;③Solving the problem:Put forward some recommendations and countermeasures to improve business performance from the government perspective and the listed tourism companies' point of their own. according to the business performance score ranking and timing fluctuations of the listed tourism companies.Main conclusions of the research:①Overall evaluation:Chinese Town A shares continues strong performance in the 15 typical listed tourism companies, it is the industry's first military; Beijing Capital Tourism, Jinjiang Hotels. China Youth Travel Service and Huangshan Tourism followed, belonging to the second echelon; Emei Shan A, Guilin tourism and Huatian Hotel stability in the medium level, belonging to the third echelon; but the Century Plaza Hotel, Dalian Sun Asia and China United Travel are significantly behind, their performance remain weak, and there is a great gap between the first;②Evaluation from category dimension:In scenic spot category of the listed tourism companies, the best business performance is Overseas Chinese Town A shares, and the worst is Dalian Sun Asia; In hotel category, the best business performance is Jinjiang Hotels, and the worst is the Century Plaza Hotel; in comprehensive category, the best operating performance is Beijing Capital Tourism, the worst is the China United Travel. Overall, the best is scenic spot category, comprehensive category follows and the worst is hotel category;③Evaluation from the time dimension:comprehensive category of the listed tourism companies' performance of the last three years were better than the previous three years; scenic spot category's performance of last thress years were not as good as before. hotel category's performance in recent years are similar to before. Veiwing form dynamic change. hotel category allows perform stable. scenic spot and comprehensive category show less stable or waved performance:④Evaluation from the space dimension:The best business performance is Shanghai in eastern region. Huangshan in the central and Mount Emei in western. The business performance of the listed tourism companies between 2004 and 2009 shows different spatial distribution and dynamic changing;⑤Evaluation from specific financial indicators perspective:The listed tourism companies' profitability, growth capacity and capital expansion capability are consistent with the business performance, that is the scenic spot category is the best, the comprehensive category followed by,and the worst is hotel category. But it is different in asset management ability and refund ability. In asset management ability aspect, the comprehensive category performs best while hotel category worst, but in refund ability aspect, the hotel category performs best while comprehensive category worst.The innovations of the research:①Break the previous ideas of selecting single index or several indicators to evaluat performance, and use clustering method to choice typical of primary indicators once again, in order to build a performance evaluation system of the listed tourism companies scientificly and comprehensively.②This paper may attempt to use Temporal Dynamic Evaluation Model of "improved vertical and horizontal scatter method" firstly to evaluate business performance of listed tourism companies. This combination of subjective and objective weighting method make the evaluation results more objective and comparability than static results;③According to the results of the listed tourism companie's business performance, evaluate not only from the overall analysis, but also from the class dimension, time dimension, space dimension and the specific financial indicators perspective, so this paper is more comprehensive and detailed than previous studies. |
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