重大事件对中国旅游企业市场绩效的影响:以2008年为例

On the Impact of Important Events on the Performance of China’s Market of Tourism Listed Companies:Taking the Year 2008 as An Example

本文以2008年为例,采用事件研究法,通过实证分析2008年雨雪冰冻灾害、汶川地震、北京奥运会以及全球金融危机等重大事件发生前后中国旅游企业市场绩效的变化,从而来探讨重大事件对我国旅游企业价值的影响。本文的实证结果表明,局部、短期的危机事件给旅游企业价值所带来的影响相对较弱,但其作用在旅游业内景区、酒店和旅行社各部门却存在着较大差异;全局事件给旅游企业价值形成的影响则是广泛而持续的,而且危机事件的影响会更加深入。本文所得的实证结果以及经验结论,可为促进我国旅游企业在面临重大事件时,更好地把握机会,面临挑战,实现企业的持续发展提供理论支持和经验参考。

The paper, by adopting ESM, makes an analysis of how snow and frozen disaster, Wenchuan earthquake, Beijing Olympic Games and global financial crisis have affected the performance of China＇s tourism listed companies in 2008 to discuss the impact of important events on the values of these companies. The empirical results show that partial and short-term crisis events brought weak influences on their values with pretty big differences among different sectors of scenic areas, hotels and travel services. However, events of overall situation brought extensive, sustained and deeper influence on their values. This finding will enable us to grasp opportunity and face challenges while meeting with important events, providing theoretical support and reference for the sustainable development of our enterprises.