Hotel Listed Companies In China Based On The Perspective Of Investors, The Investment Value Of Research

Hotels Group is the fundament way, which is publicly recognized by industry and academia, for China's hotel to stand and develop in the market. The international hotel group with the practice has shown that the group hotel can achieve much more than domestic monomer. With the domestic hotel group speeding up the process, its demand for financing is growing and no doubt the hotel industry and capital market development is closely related. And a healthy, well developed capital market needs investors to make rational analysis Judge and make decision.Moreover, with the conception of value investment gains extensive recognition in investors, hotel industrial analysis and investment value study becomes the importment basis of making investment decision for investors. As a new industry, the development of hotel industry will certainly attract much attention of many investors. Whether hotel industry possesses investment value and how to estimate investment value has became a importment issue which many investors concern.Consequently, taking the hotel listed companies as study object, the paper tries to uses the up-to-down analytical method of basic aspect to evaluate the investment value of hotel listed companies of China, so that it can provides reference for investors to make proper investment decision and the hotels which prepare to get listed to adjust strategy. This article consists of the following five parts:The core part discusses the basic aspect analysis of investment value of the hotel listed Company. Macro-economy, industry and company analyses are included in this chapter. Macro-economy analysis emphasizes on macro-economy environment and economy growth, which is the background and base of industry analysis. The paper described the profile of macroeconomics in china, and predicted the future trend through analyzing the effect of the inflation, the fiscal policy and the monetary policy, which is good for hotel industry to development further. The industry analysis, based on macro-economy analysis, conducts the analysis of industry growth, periodical and competitive characteristics.Secondly, in the industrial analysis aspect, the paper analyzes the position of tourism including hotel industry in the gross economy, the life cycle of hotel industry, the sensitivity to economy cycle, and by applying Poters Five Competitive Strength Model, analyzes the hotle industry's competitive condition and structure from the entering barrier and competitive condition, products substitutiona spects. At the end of this part, it summarizes the influencing factors of hotel industry investment, from growth capacity, profit capacity and enterable possibility, and then generalizes the possibility and prospect of hotel industry investement. The company analysis is carried out on the final stage.The practical analysis makes demonstration research and case study systematically on the investment value of hotel industry in China. In the corporation analysisa spect, based on the financial datas of the listed companies of the hotel industry from 2005 to 2008, by means of factor analysis method, I construct a comprehensive evaluation hierarchy to evaluate the financial condition and performance of listed companies of the hotel industry. By applying the comprehensive evaluation hierarchy, the paper gets the comprehensive scores of every listed companies of the hotel industry. The top corporations have better management performances, hence more investment value.The analysis shows that small and medium-sized shareholders should establish the value of the investment concept to protect their own interests by value investments; the management of listed companies should pay attention to the rights and interests of small shareholders that the creation of shareholder value for the ultimate goal of business; the supervisors should improve to protect the interests of shareholders...