Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Management & Engineering 10 (2013) 1838-5745 Contents lists available at SEI Management & Engineering journal homepage: www.seiofbluemountain.com Study on Non-financial Value of Tourism Listed Companies Yabing LI, Huaqin GUO School of Economics and Management, Lanzhou University of Technology, 730050, Gansu, P.R.China KEYWORDS ABSTRACT Tourism listed companies, Non-financial value, Measurement With the rapid development of tourism and low carbon economy, tourism investment value has been paid more attention in China. From non-financial investment value perspective, the enterprises’ internal abilty, regional and environmental features are viewed as invested effective factors in consider of the characteristics of Tourism Listed Companies (TLC). With the AHP method the above factors were used to build non-financial investment value evaluation model of TLC, then major tourism listed companies are selected to test systemly investment value. The result shows that the scores of companies are relatively with brand value and resources value. It highlights that tourism listed companies should develop multi-field strategy. © ST. PLUM-BLOSSOM PRESS PTY LTD 1 Introduction With the development of society, tourism has become one of the largest industries in the economic development of the world. Tourism has recently received increasing attention in China, while tourism has improved the national economic, enhanced national welfare, changed the regional image, provided more jobs, protected the culture and environment. Investment value of listed company refers to the intrinsic value of listed companies, reflects the size of the company's future profitability, and is listed company's future cash flows of present value. In the tourism research literatures, most authors used the various public data released by the listed companies in stock market, and selected financial indicators to analyze the company's operating performance and capital structure. The achievements involved in the listed tourism companies concerning strategic management, brand culture, resources and other issues of regional value, is relatively little. Jin Xuejun, with economic geography theory, analyzed the effects of different levels of the market in the domain of economic development, population resources of 7 attractions in the performance of listed companies. Xu Cheng set Huangshan tourism as an example to build a small number of non-financial indicators with the area listed company performance evaluation system. In short, a comprehensive evaluation in investment value of tourism listed companies would play an important role in the management of these companies to enhance tourism, improve the tourism industry's core competitiveness and enhance the tourism capital of listed companies on the financing capacity of the social aspects of learning. In this paper we attempts to analyze the non-financial capabilities of tourism listed companies to build tourist class of non-financial evaluation index system, and do evaluative research class A shares of 22 tourism related companies. Corresponding author. English edition copyright © ST. PLUM-BLOSSOM PRESS PTY LTD DOI:10.5503/J.ME.2013.10.004 17 2 Tourist Class Investment Value Characteristics of the Listed Companies Compared with the traditional manufacturing industries, tourism industry has some unique charcaters with depending on public resources, the diversity of tourism products, tourism market variability and the tourism industry chain interaction, tourism external economy. Therefore, travel companies not only have general characteristics of investment value in listed companies, but also inextricably linked with the tourism industry. 2.1 Tourism value of monopoly Tourism resources are the foundation for the development of listed companies. Natural resources directly determines the quality of tourism products. And the tourism industry's dependence on resources is very difficult for technology to replace, particular scenic spot listed companies. Resource value in the investment value of the ratio of the composition is more prominent. For hotels, travel agencies and other service company, relying on its local area resources, to get a steady stream of customers. Therefore, the resource value is an important part of a tourist class investment value of listed companies. The value of the monopoly of resources constitutes a tourism monopoly characteristics investment value of listed companies. 2.2 Brand value of cultural tourism Culture is the soul of tourism, tourism is the carrier of culture. Cultural is the key factors to create the brand and enhance the competitiveness of the tourism listed companies. Consumption activities in the tourism, the demand of tourist for spiritual and cultural aspects occupy a large proportion, and effect the overall situation. It is an advanced and complex needs. Brand value is the sustainable development cultural resources of tourism companies listed companies and the dominance advantage. 2.3 Difference between service value and customer value For different individual needs of tourists, tourism listed companies need to provide more careful and considerate of differentiation, detail-oriented, user-friendly travel service product. Therefore, different service values created by travel companies are different, that is a trend opposite sex. Similarly, travel companies need to respond to the diversification of customer needs. To view each customer's needs as independent individuals, transfer the management focus from the customer's overall value to the different levels and needs of the customer's individual value. Breaking the general non-discriminatory, good value for money business philosophy, customer value based on customer needs reflect the difference. 2.4 The scale of sedimentation value In general, tourism listed companies will put a lot of money into the early infrastructure construction, and this part of the early large-scale investment funds constitute its sunk costs, the corresponding value of its listed companies constitute a tourism investment value of the precipitation value. Therefore, tourism investment value of listed companies with the size characteristics. 2.5 Outside of the tourism economy Travel listed companies, especially scenic resource investment behavior of companies showing significant externalities, which includes the external diseconomies and the external economy. Travel outside of listed companies mainly for the tourist economy of consumption can not only bring benefits to local tourism, and local residents and businesses also benefit from it. In addition, the promotion of tourism improves the overall image of the local visibility, thereby contributing to the development of local tourism and the enterprise in business destination get benefits from the promotion of the image.Travels outside of listed companies are not mainly for the economic development of resources in ecological and environmental problems. First, the development of tourism, led to the local consumption of water, energy and other limited resources, but also created a lot of garbage, but also seriously polluted the local environment, directly or indirectly, pollute the tourism landscape. Secondly, the influx of tourists led to conflict and impact between the local culture and foreign culture. 3 The Ability of Non-financial Investment Value Analysis 3.1 Management capacity within the company Tourism listed company's core tourism competitiveness not only to create more customer value, while the industry has its own unique content and features. Tourism listed company has a special tourism product, its core competence does not mean that the core technology, in addition to tourism company owned by the geographical resources, the more the company culture, marketing and service aspects of the unique advantages. The operating value of tourism related companies is in the following three aspects. First, the resource value is an important part of the investment value of listed companies, which do resources management and development of tourism companies, as the resource value promoting, it will have a stronger competitive ability in the development process, thus better development space and a higher level of profits, better performance for our shareholders returns. The stronger 18 ability to master the assets of the company, the stronger its monopoly position, will receive a lucrative and stable. Secondly, tourism is the pursuit of mental health and entertainment, high-quality part of life. Tourists not only need to the functional utility of tourism products, such as transportation, accommodation, but also need the emotional effects provided by tourism products, such as high-quality experience for tourists, and provides utility by a well-known brands. Therefore, the brand-building is much more important for tourism products. Third, tourism information technology building has become an important development tool of tourism listed companies, also with international standards, participate in international competition. Among them, the hotel offers internet access services, hotel online sales has gradually become an important sales channel; and medium-sized travel agencies can use information management systems and business management systems, and information and services through the Internet; scenic area is the use of real-time monitoring system and other information technology area of online marketing can also be promotional activities. Thus, the level of information is one positive indicator of the evaluation of tourism investment value of listed companies. 3.2 Regional value Travel companies where the regional environment, including regional economic development level, geographical location and local government support policies, they have a great impact on its growth. First, regional economic development which restricts the development of local tourism related companies, including sophistication of supporting infrastructure, social economy, the level of consumption and disposable income and other factors. Regional economic development not only determines the level of the local tourism supply, economic development itself can exert a strong attraction for tourists. The higher the level of regional economic development, the greater the attraction of tourists. Second, the importance of location, travel company's geographical location, the size of the economic value of tourism is not necessarily proportional with the value of tourism resources, but depends largely on consumer market within tourism location. If the tourism resources of the blocking traffic, and out of inconvenience, the psychological concerns of both the increase in tourists, but also the distance between the time-consuming and cost too much. Third, local government support policies to a certain extent, promoted the tourism development of the company. 3.3 Environmental value Environment value of tourist companies can be assessed from the environmental capacity, environmental monitoring and protection of investment, environmental restoration and so on. Environmental capacity is the maximum load of pollutants in a given environment, there the natural ecological structure and normal function is not compromised, in premise that the quality of human environment does not decline. When the tourist activities exceed the maximum capacity of the environment, the region's ecological balance and normal function of the environment will be destroyed. Environmental monitoring in environmental protection is also more critical. Carrying out area environmental monitoring, could control environmental problems timely in the tourist areas, protect the natural environment against damaged. Environmental monitoring and protection of investment, not only get the rational development and protection of tourism resources and the environment, but also promote the sustainable development of tourism related companies. To achieve a virtuous circle and the company's sustainable development, tourism companies will have a certain class of environmental recovery, reconstructing damaged or degraded ecosystems, ecosystem restoration, and functionality of a virtuous cycle of the process. 3.4 Evaluation system construction According to the above analysis, AHP is used to determine the travel of listed non-financial investment value of evaluation index weights, to establish tourism investment value evaluation system of non-financial listed companies (table 1). Table 1 Non-financial listed companies in tourism investment value evaluation system Target layer Rule layer Weight W Sub-criteria layer Weight Program level weight of A W Ornamental value of recreational D1 0.2967 The value of history, Travel companies the value of non-financial Resource value Business value B1 C1 culture and science and 0.7306 0.7306 art D2 Entertainment value D3 Resource investment capacity D4 A Brand value C2 19 0.1884 0.1382 Carrying 0.0728 0.0261 Popularity D5 0.0877 Reputation D6 0.0356 Market Impact D7 Promotion value 0.0810 C3 0.0144 The level of information D8 GNP D9 0.0672 Infrastructure Region economic development C4 Consumption level D11 Pe-capita Regional Value B2 Location C5 0.2583 Local government support policy C6 Environmental capacity 0.1047 0.6370 C7 Environment values investment 0.2583 C8 0.0115 0.0115 Market distance D13 0.0310 Traffic position D14 0.0126 Accessibility D15 0.0051 Support from local government D16 Environmental capacity D17 the monitor/protection 0.0810 isposable income D12 0.1884 Environmental 0.0299 sophistication D10 0.6370 0.0592 investment Environmental 0.0197 0.0516 of 0.0209 monitoring D18 B3 Environmental restoration C9 0.1047 Environmental restoration D19 0.0085 3.5 Empirical research As most tourism listed companies do diversify management, some of the company's main business has changed greatly, so this passage choose A-share listed company as the object of study, with the tourism revenue accounted for more than 40% of main business income. In addition, in ST Shares abnormal changes occurred in the financial data, which is not comparable and representative, and there is a big investment risk, therefore, this has removed the ST Shares. Based on the above criteria, we selected 22 travel related companies. The sample data comes mainly from Tsinghua University and the company's annual financial research database. According to the company's main different tourism business, classified the 22 selected listed companies as tourist class hotels and restaurants, scenic resources and tourism services to evaluate the three major categories (table 2). Overall, non-financial investment value of the scenic resource companies has high scores, travel services companies owns an obvious polarization, the score of hotels and restaurants like the company's is generally low, in addition to Jinjiang Shares. Table 2 Travel value of non-financial listed companies evaluation form Hotels / Restaurants Score Scenic resources Score Travel services Score Xiang'eqing 70.80 OCT 95.67 China International Travel 94.88 Jin Jiang 90.19 Lijiang tourism 85.04 CYTS 90.90 Jinling Hotel 70.26 Tibet Tour 85.65 China united travel 71.68 Quanjude 80.64 Mount Emei 92.64 Shoulv 89.07 Huatian Hotel 50.03 Huangshan tourism 95.05 Beijing Tourism 70.98 Xi'an Food 60.69 Guilin Tourism 86.80 Xi'an Tourism 60.51 Century Plaza Hotel 41.21 Dalian Sun Asia 60.99 Three Teso Road 55.68 Dongfang Hotel 43.51 20 From the perspective of specific companies, the score of higher brand companies is relatively high, such as: OCT, Huangshan tour, Emeishan, China Travel, CYTS, Jinjiang Shares, from results analysis, high score of non-financial resources in the scenic resource companies mainly in the value of monopoly advantage, in the monopoly value of the resource, watch and recreational value of weight of up to 0.2967, in this category, the area company's score is relatively high. Huangshan Tourism score of 95.5 points, the highest score. This is because the location of each area is different, their own natural resources can not be copied, so the higher the value of its monopoly. Brand value, reputation and image of the planning area have done better, so the score is relatively high. Promotion in the network, both scenic class company itself, or travel agency, and even a hotel's web site can not be separated on from the location of publicity and promotion of scenic resources, scenic resources, so the influence of these companies are relatively large. Secondly, non-financial investment values in the travel services companies are quite different. Mainly for geographical differences, this is dependent on the resources of its value of the different regions. Finally, non-financial value of the hotel and catering company's mainly relevant with resources and scenic values, distance, and the level of economic development. 4 Conclusion With the rapid development of tourism and low carbon economy, tourism investment value has been paid more attention in China. With the AHP method the above factors were used to build non-financial investment value evaluation model of TLC, then major tourism listed companies are selected to test systemly investment value. The result shows that the scores of companies are relatively with brand value and resources value. It highlights that tourism listed companies should develop multi-field strategy to enhance the financing capacity in social capital of tourism enterprises, to enhance the core competitiveness of the tourism industry, and to provide a decision-making for investors and managers of listed companies. References [1]. XUE Junjin, XUE Yongzhang. Typical Performance of Chinese Listed Companies and Regional Tourism Economic Relations [J]. Geographical Journal. 2005, 60 (6):911-918. (in Chinese) [2]. XU Cheng. Area Listed Companies Performance Evaluation System [D]. Jiangxi University of Finance, Master's Degree Thesis, 2008. (in Chinese) [3]. XU Chunxiao, YE Li. China's Tourism Companies More Competitive Dynamic Empirical Analysis [J]. Tourism Tribune, 2008, (5): 28-32. (in Chinese) [4]. CHOU Bo, HAO Meimei. TOPSIS Method Based on Entropy Weight of Tourism Performance Evaluation of Listed Companies [J]. Beijing Second Foreign Language Institute, 2009. (in Chinese) [5]. LI Yabing, GUO Huaqin. Domestic Tourism Investment Value of Listed Companies, Financial Analysis [J]. Accounting Communications, 2011, 5: 61-63. (in Chinese) 21