The impact of state ownership on hotel firms' characteristics and financial performance in China

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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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