A Research of Ownership Concentration’s Effect on Operating Performance of Chinese Tourism Listed Companies

Abstract

Abstract: The ownership concentration is a major issue of corporate governance, a reasonable allocation of equity is one of the important factors that affect operating performance of listed companies. Based on the public data of listed Chinese tourism companies from 2004-2012, using dummy variables and Herfindahl index, this paper builds a linear function to analyze ownership concentration’s effect on operating performance of listed Chinese tourism companies. The results show:（1）the ownership concentration of Chinese Tourism Listed Companies and the operating performance showed a significant positive correlation.（2）The ownership concentration’s effect on operating performance among the three types of listed Chinese tourism companies has a significant differentiation.（3）The effect of the ownership concentration on hotel performance is higher than the general companies and scenic spot companies . Therefore, Chinese tourism listed companies should take a different equity allocation system toachieve optimal business performance .

Keywords: Chinese Tourism Listed Companies; scenic spot companies; hotel companies; comprehensive companies; operating
performance; effect

摘要： 股权集中度是公司治理的主要问题，是否合理地分配股权是影响上市公司经营绩效的重要因素之一。文章通过对沪深两市A股16家旅游上市公司9年（2004~2012年）的数据收集，加入赫芬达尔指数和虚拟变量建立回归模型，分析了股权集中度对旅游上市公司的经营绩效影响。实证结果表明：（1）我国旅游上市公司股权集中度与经营绩效呈显著的正相关；（2）我国3类旅游上市公司的股权集中度对企业经营绩效的影响具有显著的差异；（3）股权集中度对酒店类旅游上市公司经营绩效的影响高于综合类和景区类。因此，对旅游上市公司的股权管理要视类型而变，采取不同的股权分配制度，才能充分发挥股权的作用，使企业的经营绩效达到最优。

关键词: 旅游上市公司, 景区类上市公司, 酒店类上市公司, 综合类上市公司, 经营绩效, 影响

Li Ping, Chen Jifang. A Research of Ownership Concentration’s Effect on Operating Performance of Chinese Tourism Listed Companies[J]. Journal of Beijing International Studies Universit, 2014, 36(7): 63-.

李平,陈计芳. 我国旅游上市公司股权集中度对经营绩效的影响比较研究[J]. 北京第二外国语学院学报, 2014, 36(7): 63-.

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