| 我国旅游业投资价值评价：基于资本市场角度的研究 |
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| 引用本文： | 李红权,黄先开.我国旅游业投资价值评价：基于资本市场角度的研究[J].旅游学刊,2011,26(8):12-16. |
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| 作者姓名： | 李红权 黄先开 |
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| 作者单位： | 1. 湖南师范大学商学院金融系,湖南长沙,410081
2. 北京联合大学旅游学院,北京,100101 |
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| 基金项目： | 国家自然科学基金项目(71001036); 教育部人文社会科学研究青年项目(09YJC790084); 湖南师范大学社会科学青年学术骨干培养计划(09XGG27)资助~~ |
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| 摘 要： | 文章借助于金融学的风险一收益理论及其经典的市场绩效评价指标，利用10年期的大样本数据，首次比较系统地分析了我国旅游业上市公司的投资价值，得出比较稳健的研究结论。研究结果表明，旅游业整体上获得了相对于市场平均水平的超额收益，旅游业的投资价值得到了投资者的肯定；从行业细分来看，市场表现最好的是景点类公司，其次是酒店类，综合类公司的市场表现一般；旅游企业的投资价值与公司质地、特别是盈利能力密切相关。
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| 关 键 词： | 旅游业 上市公司 投资价值 市场绩效 |
Evaluation on the Investment Value of China's Tourism Industry:Based on the Perspective of Capital Market |
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| LI Hong-quan,HUANG Xian-kai.Evaluation on the Investment Value of China's Tourism Industry:Based on the Perspective of Capital Market[J].Tourism Tribune,2011,26(8):12-16. |
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| Authors: | LI Hong-quan HUANG Xian-kai |
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| Institution: | LI Hong-quan1,HUANG Xian-kai2(1.School of Business,Hunan Normal University,Changsha 410081,China,2.Institute of Tourism,Beijing Union University,Beijing 100101,China) |
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| Abstract: | With the help of risk-return theory in finance science and its classical evaluation index of market performance,the paper for the first time more systematically analyzes the investment value of listed tourism companies based on large sample date as long as ten years and obtains more sound study conclusions.The study results show that as a whole,tourism industry gains an excessive return as compared with average market return and investment value of China's tourism industry wins confirmation from the investo... |
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| Keywords: | tourism industry listed company investment value market performance |
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