见习记者 张宁

Trainee reporter zhang ning

　　步峨眉山之后，普陀山、九华山、五台山这三大佛教名山正在积极筹备上市。而庐山旅游发展股份有限公司（以下简称“庐山旅游”）的首发上市也进入了实质性阶段。

Step after mount emei，Mount putuo、Jiuhua mountain、Wutai mountain these three famous buddhist mountain is preparing listed。And lushan mountain tourism development co., LTD（Hereinafter referred to as“Lushan tourism”）Starting listed into the substantive stage。

　　“从经济效益的角度看，景区上市获益良多。但必须摆脱门票依赖，提升非门票资产的规模和盈利能力。”国泰君安证券分析师许娟娟提出。

“From the perspective of economic benefit，The public benefit。But must get rid of tickets rely on，Ascension is not the size of the tickets assets and profitability。”Guotai junan securities analysts XuJuanJuan put forward。

　　CPI、开发成本、舆论压力这三大制约的逐一释放，将导致未来景区门票的进一步提价。

CPI、Development cost、Pressure of public opinion on these three constraints of the release of one，Will lead to future scenic spot ticket price further。

　

　九华山旅游IPO“三叩关” Jiuhua mountain tourist IPO“Three KouGuan”

　　庐山旅游今年无望 Lushan tourism this year hopelessness

　　据证监会最新公布的主板和创业板IPO申报企业基本信息，安徽九华山旅游发展股份有限公司（以下简称“九华山旅游”）出现在新增初审企业名单中。

According to the CSRC the latest main board and gem IPO declaration enterprise basic information，Anhui jiuhua mountain tourism development co., LTD（Hereinafter referred to as“Jiuhua mountain tourist”）Appear in the new trial enterprise list。

　　这是九华山旅游第三次冲击IPO，此前分别于2004年和2009年遭遇“滑铁卢”。

This is the third time IPO jiuhua mountain tourism impact，After respectively in 2004 and 2009 encounter“Waterloo”。

　　其2009年公布的招股说明书显示，九华山旅游的客运业务中，景区内游客运输车票与景区门票捆绑销售，并由九华山管委会以门票内包含的方式收取，再由管委会与公司进行结算。

The published in 2009 in the prospectus of display，Jiuhua mountain tourist passenger business，Scenic tourist transport tickets and the bundling selling tickets，And the jiuhua mountain the ac with ticket contains charge way，Again by the ac and company for settlement。

　　安信证券助理行业分析师董云翔对本报分析，这个收费项目存在两方面问题，一是公司与管委会之间存在关联交易；二是涉嫌把景区门票收入作为上市公司收入，这不符合上市规定。当时发审委认为该申请人的部分收入存在搭售嫌疑，报告期内该部分的收入合法性存疑。

Anxi securities assistant industry analysts DongYunXiang to our analysis，The charging items there are two aspects，A is there is a correlation between the company and the ac trading；The second is alleged to have the ticket income as a public company income，It's not meet the provisions。At that time that the applicant FaShenWei part of the existing income tie-in sale suspicion，The report period that part of the income dubious legality。

　　2012年2月16日，人民银行、发改委、旅游局、银监会等七部委联合发布《关于金融支持旅游业加快发展的若干意见》，明确表示将鼓励并支持有实力的旅游企业通过资本运作方式融资或上市。

On feb. 16, 2012，People's bank of、Development and reform commission (NDRC)、Tourism administration、Seven ministries jointly issued by banking regulatory commission (CBRC), etc《About the financial support of the development of the tourism industry to speed up some opinions》，Made it clear that will encourage and support strong tourism enterprise through the capital operation mode financing or listed。

　　“政策利好，当地政府支持，九华山旅游此番冲击IPO成功可能性较大。”董云翔认为。

“Good policy，The local government support，The jiuhua mountain tourism impact and IPO more likely to succeed。”DongYunXiang think。

　　而庐山旅游的上市却显得遥遥无期。去年四月，庐山旅游总经理崔峰曾向媒体表示，庐山旅游已经正式启动上市程序，计划发行3000万股，募集资金5亿元，最快有望在年底取得上市资格。今年四月，庐山旅游再度宣言，“做好各项筹备工作，确保今年成功上市。”

And lushan tourism listed was nowhere in sight。In April last year，Lushan tourism CuiFengCeng general manager to the media said，Lushan tourism has officially launched the listing process，Plans to issue 30 million shares，Raising capital of 500 million yuan，The fastest at the end of the year is expected to get listed qualification。April，Lushan tourism declaration of again，“Do the preparatory work，To ensure the successful listing this year。”

　　然而，经本报记者多方查找，至今未见其发布的招股说明书。

however，By our reporter polytropic search，Has not seen on the prospectus。

　　“庐山旅游的招股书尚未递交证监会。证监会收到招股书后，至少还需要三到六个月的审核期。”董云翔预计，庐山旅游上市今年无望。

“Lushan tourism prospectus has not been submitted to securities regulatory commission。Securities regulatory commission received after offering，At least need three to six months of audit period。”DongYunXiang is expected to，Lushan listed tourism this year hopelessness。

　　“景区上市要经过环保部、住建部等多个政府部门的协调审批。庐山旅游招股书迟迟未递交，应该是在这个复杂的审批过程中出现了问题。”

“Scenic area to get listed after she、Live JianBu, and other government departments' coordination for examination and approval。Lushan tourism prospectus didn't submit，Should be in this complex problems appeared in the process of examination and approval。”

　　

不断抬高的上市门槛 Constantly raise the threshold of the listed

　　自然景区纷纷争相上市，旅游经济管理专家、前国家旅游局规划发展司司长魏小安认为，这是推动景区及地方经济发展的良策。

Natural scenic spot to have listed，Tourism economy management experts、Former head of the country's tourism development planning, and of the chief priests, WeiXiaoAn think，This is to promote local economic development area and the good。

　　他告诉本报记者，对于景区资源丰富、国家级风景名胜区分布密集的省市而言，旅游业的支柱产业地位日益凸显。为推动旅游业进一步发展，部分地区采用了上市公司经营的模式，并取得了良好的效果。目前景区类上市公司包括峨眉山、黄山、张家界(000430,股吧)、桂林、丽江等。

He told our reporter，For scenic area rich in resources、National scenic area distribution intensive in provinces and cities，Tourism pillar industry increasingly prominent position。In order to promote the further development of tourism industry，The parts of the listed company's business model，And achieved good effect。At present the kind of listed companies including mount emei、huangshan、zhangjiajie(000430,guba)、guilin、Lijiang, etc。

　　“景区上市不仅可以利用资本市场解决景区发展资金匮乏的问题，而且上市公司本身就是一块金字招牌，无形之中为景区做了广告。”许娟娟指出。

“The public can not only use of capital market to solve the problem of the development of the lack of money，And the listed company itself is a piece of golden signboard，Aeriform in for scenic spot do the advertisement。”XuJuanJuan pointed out that。

　　但她同时通过本报提醒，景区欲成功上市，必须摆脱门票依赖，提升非门票资产的规模和盈利能力。

But she and at the same time through our remind，Scenic spot to successfully listed，Must get rid of tickets rely on，Ascension is not the size of the tickets assets and profitability。

　　2007 年出台的《国家级风景名胜区综合整治验收考核标准》规定，门票收入，这一各大景区的最大收入来源将不计入上市企业收入。景区上市的门槛提高了。

In 2007 on the introduction of the《National scenic resort and the comprehensive improvement of the acceptance criteria of assessment》provisions，Tickets income，The major scenic area biggest source of revenue will not be included in the listed enterprise income。The listing of the threshold increased。

　　“公司对景区只有40年左右的经营权，门票收入来自国家对景区经营的授权，国家一次授权后，若门票业务上市，则相当于景区经营权被分割并交易，因此门票资源目前无法上市，景区类公司若剔除门票业务，可上市部分的资产规模较小。”许娟娟分析，九华山旅游二次上市折戟，也是这一原因导致。

“Company for scenic area only 40 years management，Tickets from the national income to the business license，A country after the authorization，If the ticket business listing，It is equivalent to the scenic area management is divided and trading，So tickets resources currently not listed，The kind of company if eliminate tickets business，Can appear on the market part of the assets on a smaller scale。”XuJuanJuan analysis，Jiuhua mountain tourist secondary listing fold halberd，Is this cause。

　　“资本市场敏感，社会舆论压力更大。每逢新股发行，都有圈钱的嫌疑，而作为佛教名山，又涉及到人们对宗教纯洁性被资本市场玷辱的担忧，来自社会公众、宗教、行业专家的反对声音十分强烈。”

“Capital market sensitive，Public opinion pressure more big。Every new shares issued，There are suspected of encircling money，As a famous buddhist mountain，And people involved to the religious purity is capital market force concerns，From the social public、religious、Industry experts opposition voice is very strong。”

　　据本报记者了解，峨眉山上市之时，由于其主动与佛教撇清关系，受到的阻力较小，从而于1997年在深圳主板成功挂牌上市。时至今日，另外三大佛教名山所受阻力却大得多。

According to our newspaper reporter understanding，Mount emei of listed，Because of its active and Buddhism left clear relationship，The resistance is small，Thus in 1997 in shenzhen, shenzhen main board listed success。today，Three other big famous buddhist mountain by resistance is much larger。

　

　CPI回落 CPI fell

　　自然景区门票仍将提价 Natural scenic spot ticket will still price increase

　　国泰君安证券宏观组为本报提供的数据显示，预计2012 年5月至12月，我国CPI位于2.6—3.2之间，并逐月回落。

Guotai junan securities macro group for our to provide the data display，Expected in May 2012 to December，China is located in the CPI between 2.6 to 3.2，And month by month back。

　　“CPI回落，将不再制约景区提价。”许娟娟告诉本报，“我们认为舆论压力难抵提价对景区带来的经济效益，预计未来3至5年，我国自然景区门票仍将上涨。”

“CPI fell，Will no longer restricted scenic spot prices。”XuJuanJuan told this newspaper，“We think that public opinion pressure difficult to raise the economic benefits of scenic，The expected future 3 to 5 years，Our natural scenic spot ticket will still rise。”

　　据本报了解，2007年，国家发改委发文治理门票涨价，对已列入政府定价、政府指导价的游览参观点限频限幅。景区经营成本、群众消费水平及CPI为提价审批的主要考虑因素。

According to our understanding，In 2007,，The national development and reform commission dispatch management ticket prices，To have been included in the government pricing、Guided by the government's visit CanGuanDian limit frequency limiter。Scenic area management cost、Mass consumption level and CPI for the price of the main factors for examination and approval。

　　该规定出台后，很多景区于2008年前后作出第一次调价。2011年底已进入上次调价后的解禁期，但由于CPI压力，这些景区尚未提价。

The provisions after introduced，A lot of scenic spots in 2008 made before and after the first price adjustment。By the end of 2011 has already entered the last price adjustment after the lift the ban period，But with CPI inflation pressure，These scenic spot has not yet price increase。

　　“事实上，门票提价，景区客流并未受到影响。”魏小安指出，当前景区门票价格制定的考虑因素主要包括景区投入成本、景区级别、新增旅游项目、控制游客数量保护景区环境等。相同级别的景区门票价格相对集中，且存在景区提价后的羊群效应，提价引起的分流效应小。

“In fact，Ticket prices，The passenger flow unaffected。”WeiXiaoAn pointed out that，The current scenic spot price tickets for consideration factors mainly include the input cost、Scenic area level、New tourism projects、Control the number of visitors to protect the environment, etc。The same level of scenic spot ticket price relative concentration，And there is a scenic spot price flocks effect，Caused by the price, the shunting effects of the small。

　　本报记者从地方旅游局获得的一组统计数据也说明了这一点，2005年4月16日，张家界武陵园风景区票价从158元上调至245元，当日共有3584人购买门票，高于去年水平；2005年6月，黄山风景名胜区票价由原来的130元上调至200元，涨价后客流量比去年同期增加了18.9%。

Our reporter from the local tourism administration have a set of statistical data also showed this point，April 16, 2005，Zhangjiajie wu cemetery scenic spot ticket price from 158 yuan to 245 yuan raised，On that day 3584 people to buy tickets，Higher than last year's level；In June 2005，Huangshan scenic spot fare by the original 130 yuan raised to 200 yuan，After prices passenger volume than the same period last year increased by 18.9%。

　　“国家发改委有必要依据门票经营主体的盈利现状、民众消费能力（门票绝对价格）细化景区提价的频度和幅度，使公共自然资源得到更好地分配使用。”魏小安建议，可通过中央政府加大景区投入和改变自然景区经营模式的方式来解决门票无限制提价趋势。

“The national development and reform commission is necessary according to the subject of tickets business profit present situation、People's consumption capacity（Tickets absolute price）Refining scenic spot price increase of frequency and amplitude，Make public natural resources get better distribution use。”WeiXiaoAn Suggestions，Through the central government increased the investment and change the natural scenic spot management pattern way to solve tickets unrestricted price increase trend。

　　“社会资本参与旅游业发展应得到鼓励，积极引导民间资本、 产业基金等多元化资金支持旅游业发展，包括有实力的旅游企业通过资本运作方式融资或上市等。”

“Social capital to participate in tourism development should be encouraged，Actively guide the folk capital、 Industrial funds diversified funds to support the development of tourism industry，Including the strength of tourism enterprise through the capital operation mode financing or listing, etc。”