我国旅游上市公司经营绩效的关键影响因素研究

Critical Impact Factors on Operating Performance of Chinese Tourism Listed Companies

旅游上市公司是旅游业高速发展的中坚力量。因此,发掘影响旅游上市公司经营绩效的关键因素,对促进旅游业健康发展至关重要。公司绩效的直接指标之一是其价值大小,由价值决定的股票价格可以作为其代理度量变量。文章以股票价值作为度量旅游公司绩效的因变量,以旅游企业财务报表中的15个指标作为构建自变量的来源指标,采用主成分分析法提炼出6个主成分作为自变量;之后,通过线性回归来分析6个主成分变量对旅游企业股票价格的影响机理。研究发现,资产报酬率、净资产收益率、流动资产周转率、总资产周转率、速动比率和流动比率与旅游上市公司经营绩效显著正相关,而净利润现金含量、现金与利润总额比率与旅游上市公司经营绩效显著负相关。在此基础上,文章对旅游类上市公司如何改进绩效提出了建议。

Tourism listed companies are the backbone of tourism industry.Therefore,it is crucial to explore the key factors affecting the performance of tourism listed companies.One of the direct indicators of firm performance is the firm value.Thus,stock price that is determined by firm value can be used as a proxy variable of firm performance.This study defines company’s performance by the proxy variable of stock price and constructs the assessing index system with 15 financial indicators from financial statement,based on which,six principal components can be extracted through principal component analysis.Linear regression analysis is conducted on the six principal components and stock prices.The findings show that return on assets,return on net assets,current assets turnover,total asset turnover,quick ratio and current ratio all have positive impacts on the operating performance of tourism listed companies,while both the cash to net profit ratio and cash to total profit ratio have negative impacts.Finally,the paper puts forward several suggestions on how to improve performance of tourism listed companies.