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In the past few decades, many researchers have made in-depth discussions on the relationship between diversification and firm value. However, no unanimous conclusion has been reached among existing researchers. Meanwhile, few researchers have taken tourism firms as their study object. Therefore, the paper chooses tourism firms with "natural" diversified operative motives as study object. We try to discuss their endogenous operation and its impact on firm value by scientifically measuring their diversified operation from endogenous perspective in order to provide guidance for diversified development of China's tourism firms. The paper, through strict data screening and choosing panel data materials from 15 listed tourism companies of Chinese mainland from 2006 ~ 2009, makes an empirical analysis by adopting STATA software and using panel regression and the two-stage least-square method based on the income to measure diversified operation and ROA to measure firm value. The results indicate that asset scale of enterprises, growth of companies, firm value and concentration of stock ownership have significant positive impact on diversified operation of tourism listed companies, which proves the endogenous aspect of diversified operation. Under exogenous perspective, diversified operation of tourism listed companies has significant positive correlation with firm value, existing around 3% diversified premium effect. Under endogenous perspective, their diversified operation further upgrades firm value, with around 6% premium effect. [ABSTRACT FROM AUTHOR]