经济发展过程决定景区管理体制，立法不完善损害资源。我国景区发展与地方经济、旅游业发展同步，1994年建设部《中国风景名胜区建设与展望》出台，景区发展加快、面临着资金缺口，更多强调经济性。此外，我国景区管理立法不完善，监管不到位对资源损害较大。

The economic development process management system to scenic spot，Legislation not perfect damage resources。Our country scenic spot and local economy development、Tourism development synchronization，In 1994 the ministry of construction《China's scenic spot construction and prospect》issued，Scenic spot to speed up the development、Facing funding gap，More emphasis on economy。In addition，Our country scenic spot management legislation not perfect，Regulation is not in place for resource damage is bigger。

　　长期看：我国景区的经济性仍是重心，但社会属性逐渐受重视。经济性仍是重心体现在：从经济效益的角度看，景区上市获益良多，且助力地方经济发展。社会性受重视：（1）民间资本介入可解决政府保护资金不足的困难，民营企业的“逐利而行”与风景区资源保护可以实现“双赢”。（2）国民休闲纲要预计下半年在全国范推广，在门票价格引导，控价和降价；四川省旅游条例12年7月1日施行，涉及门票价格管理，旅游者权利义务，以及各相关方的法律责任和处罚法案。

Long-term see：The economy of the scenic spot in China is still the center of gravity，But social attribute gradually valued。Economy still is embodied in the center of gravity：From the point of view of economic benefit，Scenic spot listed the benefit，And boost local economic development。Social valued：（1）Folk capital intervention can solve the government protect a lack of funds，Private enterprise of“Profit and do”And scenic resources protection can be realized“win-win”。（2）The national program for the second half of the leisure is expected to promote in the van，The price of the guide，KongJia and reduction；Sichuan provincial tourism regulations 12 July 1, implementation，Involve the price management，The rights and obligations of tourists，And the relevant party legal responsibility and punishment bill。

　　中国景区普适模式需探索门票模式短期仍可行。西湖模式不具备普适性，中国模式仍需探索。现阶段，我国自然景区门票提价有其必然性；预计未来3-5年，对自然景区门票提价出台新规，更细更严。

China's scenic spot to explore the universal model tickets for short-term still feasible mode。The west lake model do not have universality，The China model still needs to explore。At present，Our natural scenic spot ticket prices have its inevitability；The expected future 3-5 years，Ticket prices for natural scenic spot on the new rules，More fine more strict。

　　门票提价三大制约逐一释放：CPI第一开发成本第二舆论第三。2012年CPI回落不再制约景区提价，自然资源的独特性、稀缺性使得风景名胜区旅游产品具有垄断性特点，可替代性不强，需求弹性小；从统计数据来看，门票提价，客流并未受影响。

Ticket prices three restrict one by one to release：CPI first development costs the second opinion. 3。2012 no longer restricted scenic spot prices dropped CPI，The uniqueness of the natural resources、Scarcity makes scenic spot tourism products with characteristics of monopoly，Alternative is not strong，Demand elasticity of small；From the statistical data and see，Ticket prices，Passenger flow has not affected。

　　传统景区仍是稳定的投资选择。传统景区未来的盈利模式主要依靠客流增长，产业链延伸；盈利边际利润递增。在宏观经济下行阶段，尽管景区收入、利润难有爆发式增长，但增长确定性强，成长时间可以看得更长，合适自由现金流折现定价。

Traditional scenic area is still stable investment options。Traditional scenic spot future earnings mode relies mainly on the passenger flow growth，Industry chain extension；Profit increasing profit margins。In the macro economic downside stage，Although scenic spot income、It is hard to BaoFaShi profit growth，But growth strong uncertainty，Growth time can see longer，Proper free cash flow of the discount pricing。

　　提价受益程度由高到低：丽江旅游、其他、张家界、黄山旅游。

Prices benefit from high to low level：Lijiang tourism、other、zhangjiajie、Huangshan mountain tourism。

　　丽江：概率大，若提价13年净利润额外增长27%，增厚EPS 0.22元。张家界：概率小，若提价13净利润额外增长17%，增厚EPS 0.07元。黄山：概率小，若提价13年净利润额外增长12%，增厚EPS0.07元。

lijiang：Probability big，If prices 13 years net profit growth of 27% extra，Thickening EPS 0.22 yuan。zhangjiajie：Probability small，If prices and net profit growth of 17% extra，Thickening EPS 0.07 yuan。huangshan：Probability small，If prices 13 years net profit growth of 12% extra，Thickening EPS0.07 yuan。