旅游上市公司收益质量评价及其有效性研究

文章利用面板数据建立了旅游上市公司收益质量的评价模型，对国内旅游行业18家上市公司2006—2009年的数据进行因子分析，得出了我国旅游上市公司收益质量整体尚佳，但各旅游上市公司的综合得分相差较大、旅游上市公司收益质量各项能力发展不平衡、旅游上市公司的收益质量整体呈上升趋势的结论，并通过聚类分析将18家样本公司的收益质量分为优秀、较好、一般和较差4种类型。然后，对不同类型旅游上市公司收益质量进行对比分析，发现旅游行业的不同子行业之间以及相同子行业内部的不同企业之间的收益质量出现了严重的分化，其中景点类收益质量最好，酒店类次之，综合类旅游上市公司相对最差，但3种类型的旅游上市公司排名均值在评价期内没有显著性变化。在得出样本数据收益质量综合得分的基础上，利用回归模型，对收益质量能够增强收益信息对股价信息解释力度的假设进行了检验，证明了收益质量确实能够增强收益信息对股价信息解释力度，说明了本研究结果的有效性和对投资者的投资决策的有用性。

Study on the Evaluation and Effectiveness about Earnings Quality of Tourism Listed Companies

By establishing profit-making quality evaluation model with the help of panel data, the paper makes factor analysis of China＇ s 18 tourism listed companies from 2006 to 2009 and gets to know that their overall earnings are fairly good, with greater differences in terms of their comprehensive scores. Their abilities for development are unbalanced, but overall profit- making quality is on the rise. Through cluster analysis, earnings quality of 18 sample companies is divided into four types- excellent, good, four, and poor. However, after comparative analysis of earnings quality of different types of tourism listed companies, we find that there exists serious diversity about earnings quality among different sub-industries and different enterprises within the same sub-industries. Profit-making quality of scenic spot type is the best, followed by hotel type, while comprehersive type is relatively the worst, but the average ratio of rankings of these 3 types of tourism listed companies do not show any significant changes during the period of evaluation. Based ou the comprehensive scores of sample data protit-making quality and by using regression model, we test the hypothesis that profit-making quality can enhance explanations of earnings information to share-price information, which proves that earnings quality can truly enhance explanations. This illustrates that the study results are effective and valid for investors＇ decision-makings.