Recently, the research "Any reputation is a good reputation: Influence of investor-perceived reputation in restructuring on hospitality firm performance", which was jointly completed by the PhD candidate Liu Yafei, Prof. Li Hui and Associate Prof. Liang Sai, was accepted and published by the top journal of tourism management discipline "Annals of Tourism Research". The journal is the top journal in tourism management, with an impact factor of 9.011. It is one of the 4-star journals of ABS and one of the three A-category journals in tourism management of FMS, which is influential in the field of tourism management. 

This paper focuses on the asset restructuring performance of hospitality firms and uses event study approach and network text data mining method comprehensively to identify tourist investor-perceived reputation, which is a new element that affects the performance of hospitality firm restructuring. Online commenting behavior of tourism investors reflects their attitudes to hospitality restructuring events and their expectations for the future development of restructuring hospitality firms. A large number of investors' online commenting behaviors during the restructuring contain the strategic reputation of the hospitality firm asset restructuring event perceived by the tourism investor group. This article uses tourism investors' online comment information to represent tourism investor-perceived reputation for hospitality firm restructuring events and uses text mining technology to distinguish tourism investor-perceived reputation into positive reputation, neutral reputation and negative reputation. The research finds: 1) tourism investor- perceived reputation has a positive effect on the asset restructuring performance of hospitality firms. No matter whether the reputation is positive, negative or neutral, its impact on the performance of firms is positive; 2) positive perceived reputation has the strongest positive impact on hospitality firms undergoing expansion (asset acquisition), negative perceived reputation has the strongest positive impact on hospitality firms undergoing shrinkage (asset divestiture), and neutral perceived reputation has the strongest positive impact on hospitality firms seeking stabilization (equity stake transfer) has the strongest positive impact; 3) the positive impact of positive perceived reputation on the performance of hospitality firm asset restructuring is immediate, while the impact of neutral and negative perceived reputation has a time lag. This study found new factors influencing the performance of hospitality firms' asset restructuring, innovatively changed the object of hospitality firm reputation management from hospitality product consumers to hospitality business investors and provided a theoretical basis for hospitality firms to effectively carry out stakeholder management.

This is the second time that the scientific research works on the asset restructuring performance of tourism firms completed by Liu Yafei have been published in the top international journals of tourism management. Previously, the research "Tourism firm restructuring: Does the attention of individual investor matter?" jointly completed by Professor Li Hui, Ph.D. candidate Liu Yafei, Associate Professor Liang Sai, etc. and their collaborators were accepted by "Tourism Management", a top journal of the first-level discipline of tourism management. The journal has an impact factor of 10.967, ranking among the top 5% of all management journals, and is one of the top three international journals in tourism management and one of the three A-category journals in tourism management of FMS. Among tourism management journals, it is authoritative and has a high academic influence and academic reputation. This article also focuses on the performance of tourism firms' asset restructuring and uses the event research approach to explore the influence mechanism of individual investors' attention on tourism restructured performance in the process of tourism firm asset restructuring. In the research, the Baidu search index related to tourism restructuring business is used to represent tourism investor attention. The study found that: 1) tourism investor attention positively affects tourism firms' restructuring performance; 2) tourism investor attention via mobile devices positively influences tourism firms' restructured performance more than attention via computers; 3)media coverage has a moderating effect on the relationship between tourism investor attention and tourism firms' restructuring performance.

This is the first time that the research completed by the PhD candidate in our school have been continuously published in "Tourism Management" and "Annals of Tourism Research", two top journals of the first-level discipline of tourism management, indicating that the scientific research works of the PhD candidates in our school have reached the international advanced level, which has been recognized by international mainstream scholars and publications in tourism management. It means that the college's scientific research management innovation and postgraduate training reform have achieved remarkable results, and both the research ability of doctoral students and the quality of doctoral training have been significantly improved.

（Translate：Zhang Beile；Proofreading：Li chunxiao）