The effects of institutional holdings and state ownership on hotel firm performance in China

Abstract

This article examines the effects of institutional holdings and state ownership on hotel firm performance in China by employing panel regression analysis. The results show that institutional holdings as a whole and domestic institutional holdings have different effects on the performance of Chinese hotel firms. There is an inverted U-shaped relationship between institutional holdings/domestic institutional holdings and hotel performance measured by Tobin’s Q, and an upright U-shaped relationship between domestic institutional holdings and return on assets/return on equity. However, the level of foreign institutional holdings was found to have no significant impact on hotel firm performance in China. Finally, state ownership has a negative impact on Tobin’s Q. Implications for the Chinese hotel industry are discussed. 本文通过面板回归分析研究机构持股和国有股权对中国酒店绩效的影响。研究结果表明，整体机构持股和国内机构持股分别对中国酒店企业绩效有不同的影响。整体机构持股／国内机构持股与以Tobin’s Q衡量的酒店绩效之间存在倒U型关系，而国内机构持股与资产回报率／股本回报率之间存在正U型关系。然而，本研究发现外国机构持股的水平对中国酒店企业的表现没有显着影响。最后，国有股权对Tobin’s Q具负面影响。本文亦有探讨对中国酒店企业的含义。