The reform of state-owned enterprises will become an important focus of the capital market in 2015. Chinese enterprises account for more than 60% of the tourism industry. As a competitive industry, it will face reforms. The goal of this report is to select the targets that will benefit most from the reform of state-owned enterprises in the tourism industry. The traditional research method is to study a single company, but the bottom-up problem is that horizontal comparison is more difficult. The report will first discuss the three possible directions for the reform of state-owned enterprises in the tourism industry, split and quantify the indicators in different directions to establish a horizontal comparison system, and then combine the progress of provincial and municipal state-owned enterprise reforms to quantify the selection of state-owned enterprise reform targets.
Direction 1: The controlling shareholder or actual controller increases the asset securitization rate. [Basic assumptions: ① The controlling shareholders or actual controllers of state-owned enterprises will be committed to increasing the securitization rate of their assets; ② For listed companies, the controlling shareholders mainly integrate similar assets or businesses. 】 The report sorted out the tourism and related assets of the controlling shareholders or actual controllers of each company, according to the following two levels: ① From the perspective of assets, the first target is tourism assets, and the second target is other related assets; ② Source of assets, the first The target is the group, and the second target is the group's brother companies. According to the relative possibility and impact of the increase in the asset securitization rate of the controlling shareholder, the ranking of the targets is: Oriental Hotel, Yunnan Tourism, Guilin Tourism, Emeishan A, Huangshan Tourism, and Xi'an Tourism. ① The asset securitization rate of controlling shareholders of central enterprises is already high, and there is little room for further improvement; ② The securitization rate of controlling shareholders of some local state-owned enterprises has great room for improvement.
direction two: introduce strategic investment and carry out mixed ownership reform. Currently, tourism listed companies that have introduced strategic investment have four characteristics: ① The reform of state-owned assets and state-owned enterprises in the region is progressing rapidly; ② The proportion of shares held by the original major shareholders is relatively high; ③ The overall prosperity of the industry is low; ④ The industry needs to expand externally, and needs The help of strategic investment enhances market competitiveness. Establish a scoring system based on ②③④, introduce strategic investment, and prioritize the targets for mixed ownership reform: Beijing Tourism Hotel, Jinling Hotel, Huatian Hotel, Dongfang Hotel, Xi'an Catering and Yunnan Tourism.
direction three: improve the incentive mechanism and stimulate the vitality of executives and employees. The positive correlation between the compensation and performance of executives of listed state-owned enterprises in the tourism industry is very weak, and many companies show a strong negative correlation, indicating that the overall incentive system of listed state-owned enterprises in the tourism industry is relatively unreasonable. Consider two questions: ① Whether the company currently needs a more active incentive policy; ② What is the effect of adopting appropriate equity incentives? We used the compound growth rate of average executive compensation and the correlation between compensation growth rate and net profit growth rate as reference indicators. The ranking of incentive improvement targets is: Guilin Tourism, Jinjiang Tourism, Xi'an Tourism, China International Travel Service, and China Youth Travel Service.
combines the three directions and combines the progress of state-owned assets and state-owned enterprise reform in the region (summing the scores and multiplying the progress weight), the order of benefits from the state-owned enterprise reform is: Dongfang Hotel/Jinling Hotel/Huatian Hotel/Huangshan Tourism/Boutique Hotel /Mount Emei A/Yunnan Tourism/Zhangjiajie/Guilin Tourism/Lijiang Tourism/Jinjiang Shares/Xi'an Tourism/Xi'an Catering/Haobai Holdings/China International Travel Service/China Youth Travel Service. Based on industry development trends and annual investment strategy judgments, we recommend the tourism state-owned enterprise reform portfolio to be: Yunnan Tourism, Guilin Tourism, Emeishan A, Huangshan Tourism, Jinling Hotel, China International Travel Service; Dongfang Hotel is the beneficiary target.
