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http://hdl.handle.net/10397/93127
Title: | Ownership structure and performance of China’s A-share-listed benchmark hotels | Other Title: | 中国A股标竿酒店的股权结构与绩效 | Authors: | Peng, KL Qiu, H Lin, PMC Au, WC |
Issue Date: | 2022 | Source: | Journal of China tourism research (中國旅游硏究), 2022, v. 18, no. 3, p. 651-669 | Abstract: | The ownership structure has been identified to affect the operating performance of China’s A-share-listed benchmark hotels. Seven A-share-listed benchmark hotels were analyzed by regression analysis to test the relationship between ownership structure and performance. The research reveals the following. (1) The proportions of state-owned, institutional investors, tradable ownership, and the equity balance index have negative effects on return on assets (ROA). While the portion of managerial ownership has a positive influence on ROA. (2) The proportions of state-owned, tradable ownership and the equity balance index have positive effects on performance. The portions of managerial ownership and the top ten shareholders have negative effects on Tobin’s Q. (3) The proportions of state-owned, institutional investor shares, tradable ownership, and the equity balance index have adverse effects on the sustainable growth rate. Results show that ownership structures influence the performance of the benchmark hotels. The research limitation is that there are only seven A-share-listed hotel groups in China. We conclude that the Chinese hotel industry’s ownership structures move toward global operations and still keep their local market characteristics. The managerial implication also guides investors in assessing the value of the listed hotels in China. 本研究以7家A股上市指标酒店透过回归分析检定股权结构与绩效的关系, 确认股权结构影响中国A股上市酒店的营运绩效。研究结果显示 (1) 国有持股, 机构投资者持股, 可交易所有权, 和股权平衡指数对资产回报率 (ROA) 具有负向影响。而管理层所有权比例则对ROA有正向影响。 (2) 国有持股, 可交易所有权, 和股权平衡指数对绩效具有正向影响。管理层持股和前十大股东持投对托宾Q则产生负向影响。 (3) 国有持股, 机构投资者持股, 可交易所有权, 和股权平衡指数对可持续增长率具有负向影响。综上结果显示了所有权结构会影响标竿酒店的绩效。研究的局限性在于, 中国仅有7家A股上市酒店集团。结论是中国酒店业的所有权结构正朝着全球趋势发展, 却仍保有持其本地市场的特性。实际意义指导着投资者对中国上市酒店的估值。 |
Keywords: | China hotel Equity balance Equity concentration Hotel operation performance Ownership structure |
Publisher: | Routledge, Taylor & Francis Group | Journal: | Journal of China tourism research (中國旅游硏究) | ISSN: | 1938-8160 | EISSN: | 1938-8179 | DOI: | 10.1080/19388160.2021.1925612 | Rights: | © 2021 Informa UK Limited, trading as Taylor & Francis Group This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of China Tourism Research on 24 May 2021 (published online), |
Appears in Collections: | Journal/Magazine Article |
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