我国旅游上市公司股权结构对利润质量的影响研究

Study on Affection of Ownership Structure to Profit Quality Based on Chinese Tourism Listed Companies

基于21家旅游上市公司2007—2011年财务数据建立利润质量评价体系,并通过因子分析得出了结论:中国旅游上市公司利润质量整体较差,各因子得分不平衡,其中景区类旅游上市公司利润质量最高,其次为综合类,餐饮类最小。在样本综合利润质量得分的基础上,建立回归模型,探讨了股权结构对中国旅游上市公司利润质量的影响。研究结论表明:第一大股东持股比例与利润质量正相关,第一大股东与第二大股东持股比例的Z指数与利润质量呈倒U型关系,前五大股东持股比例平方和的H指数与利润质量正相关,股权制衡度与利润质量呈U型关系。

By establishing profit quality of China＇s 21 tourism listed companies from 2007 to 2011, it is known that their overall profits are poor, and each factor score is unbalanced. Among them, profit quality of scenic spot type is the best, followed by comprehensive type, while dining type is relatively the worst. On the basis of the comprehensive scores, regression model is established to explore the impact of ownership structure to profit quality of the 21 tourism listed companies. The results show that the proportion of the largest shareholder is positively related to profit quality. The Z-index of the first and second shareholder is inverted U shaped to profit quality. And the H-index of the top five shareholders is positively related to profit quality, the ownership restriction ratio is U shaped to profit quality.