| Author: | 余文罡 Yu, Wengang |
| Title: | A股上市酒店股权结构与经营绩效关系研究 A gu shang shi jiu dian gu quan jie gou yu jing ying ji xiao guan xi yan jiu |
| Advisors: | 张邱汉琴(SHTM) |
| Degree: | DHTM |
| Year: | 2018 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Hotels -- China -- Finance Corporate governance -- China |
| Department: | School of Hotel and Tourism Management |
| Pages: | xii, 111 pages : charts |
| Language: | Chinese |
| Abstract: | 股权结构是公司治理的基础，对公司经营绩效有着重要的影响作用。国内外对酒店行业股权结构与经营绩效之间关系的研究较少，酒店行业股权结构对经营绩效的作用机制尚未得到充分研究。本文以国内A股上市酒店为研究对象，对股权结构(股权性质、股权集中度和股权制衡度)与经营绩效之间的关系进行定量检验，并通过性研究对其内在关系的作用机制进行深度解释。基于6家上市公司在过往几年的面板数据分析，得出的主要结论包括：（1）国有股持股比例、法人股持股比例、流通股持股比例、股权制衡Z指数均对ROA有显著负向影响，而高管股持比例对ROA有显著正向影响。（2）国有股持股比例、流通股持股比例和股权制衡Z指数均对托宾Q值有显著正向影响，而高管股持比例和前十大股东持比例有显著负向影响(3）国有股持股比例、法人股持股比例、流通股持股比例、股权制衡Z指数均对可持续增长率有显著负向影响。通过两家A股上市酒店的案例研究，本研究对股权结构影响作用解释主要包括：（1）在股权性质方面，国有股比例可以提供政策性的支持，但过高容易制约公司发展。法人股可以使公司经营决策权更灵活，但其作用在不同的公司有不同的强度和特征。流通股比例应该控制在一定比例内，取决于是否对公司生产经营产生决策性影响。（2）在股权集中度和股权制衡度方面，股权过度集中会导致大股东侵害小股东权益，而股权过度分散会导致更多代理成本和 "搭便车"现象。因此受访者普遍支持股权制衡。（3）在经营绩效方面，受访者认为最能反映企业经营绩效的衡量指标还可从经济指标、运营角度和宏观层面等方面来衡量。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 991022178255803411.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.14 MB | Adobe PDF | View/Open |
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