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https://ir.cnu.edu.tw/handle/310902800/27942
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| 標題: | The impact of state ownership on hotel firms' characteristics and financial performance in China |
| 作者: | Chen, Ming-Hsiang
Wu, Kun Lun
Chen, Brendan T. |
| 貢獻者: | 餐旅管理系 |
| 關鍵字: | Hotel Industry
Firm Characteristics
Financial Performance
China |
| 日期: | 2013-10 |
| 上傳時間: | 2014-05-26 10:49:58 (UTC+8) |
| 出版者: | I P Publishing Ltd |
| 摘要: | While previous studies have documented that state ownership (SO) plays a significant role in China's hotel industry, no research has formally tested its influence on the hotel industry in China. This study examines the impact of SO on hotel firms' characteristics and financial performance based on panel data methodology. The characteristics of hotel firms are size, leverage, liquidity, operating efficiency and growth opportunity. Three financial performance measures are: return on assets (ROA), return on equity (ROE) and stock return. The test results reveal that hotels with high SO in China are small and have high debt leverage and low liquidity. However, SO does not have a strong influence on ROA, ROE and stock return. Finally, policy implications are offered to guide the Chinese government and hotel business owners and managers. |
| 關聯: | Tourism Economics, v.19 n.5 pp.1207-1214 |
| 顯示於類別: | [餐旅管理系] 期刊論文
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