摘要
旅游产业在激活国内消费、带动产业结构调整以及促进国内经济持续稳定增长方面发挥着越来越重要的作用.我们亟需研究我国旅游上市公司效率与发达国家之间的差异,并分析其影响因素.本文以上市公司为研究对象,首次尝试利用DEA模型将2007年之后上市的全部41家中美旅游公司经营效率的差异进行量化,利用Malmquist指数模型分析其变化趋势,并使用面板回归模型探索效率影响因素.研究表明:1)2007至2015年,中美旅游上市公司总体效率处于上下波动,美国公司的综合表现优于中国;2)OTA和旅行社行业综合效率领先酒店和景区行业的上市公司;3)大股东控制和营业收入多样性对经营效率具有正相关影响,股权制衡、资产负债率、经营地域多样性和成立时长则具有负相关影响.本文丰富了中美旅游产业差异的量化研究,并为旅游行业公司日常管理中和重大决策提供借鉴.
The tourism industry is playing a more and more important role in reviving domestic consumption, adjusting industrial structure and promoting economic stability. Therefore, we need to study the effiency differences between tourism listed companies in China and those in developed countries, and analyze its influencing factors. Based on the DEA model （Data Envelopment Analysis ）, this paper attempts to quantify the differences in the operating efficiency of 41 Sino-American tourism companies which were listed after 2007, uses the Malmquist index model to analyze the variation tendency, and explores the influencing factors with the panel data regression model. It arrives at results as follows： first, the overall efficiency of Sino-American tourism listed companies fluctuated during 2007 to 2015, and the performance of American companies is better than the Chinese ones; second, in terms of sub-sectors, OTAs and conventional travel agencies keep ahead of hotels and scenic spot companies; third, in the aspect of influencing factors, the control of the largest shareholder and the diversification of operating income have a positive influence on the operating efficiency, while the equity restraints from the top 2-10 large shareholders, the asset- liability ratio, the geographical diversification and the established time have negative effects. This paper not only enriches the related quantitative research about the efficiency of Sino-American tourism industry, but also helps the relevant companies in the day- to- day management and decision- making, and eventually to promote the overall efficiency of the domestic tourism industry.
出处
《山东师范大学学报（自然科学版）》
CAS
2017年第2期105-114,共10页
Journal of Shandong Normal University(Natural Science)
