中外大规模国际化上市酒店集团全要素生产率比较及影响因素实证研究

An Empirical Study of the Comparison and Affecting Factors of TFP of Listed Hotel Groups: Based on Chinese and Foreign Large-scale Internationalized Listed Hotels

本文以10家中外大规模国际化上市酒店集团2008~2014年的面板数据为样本,运用非参数DEA-Malmquist生产率指数法,分析中外上市酒店集团全要素生产率(TFP)现状。在此基础上,构建影响中外上市酒店集团TFP的微观模型。结果显示:(1)中外上市酒店集团TFP年均增长4.1%,技术效率年均增长5.1%,技术进步年均增长-1%;(2)中外上市酒店集团全要素生产率的提升和下降存在交替性,且各时期作用于全要素生产率的宏观因素不同;(3)中国上市酒店集团在全要素生产率的改进方面优势明显,TFP年均增长15%,而国外上市酒店集团TFP年均增长0.5%;(4)净资产收益率、总资产周转率、总资产增长率与TFP呈显著正相关,资产负债率与TFP呈显著负相关,总资产收益率对TFP影响不显著。

This paper sampled 10 Chinese and foreign large-scale Internationalized listed hotel groups in 2008—2014, made an empirical analysis of their total factor productivity by using Malmquist productivity index and panel data model,and set up microscopic model for the factors affecting the TFP of Chinese and Foreign listed hotel groups. The results show：（ 1） The annual TFP growth of Chinese and Foreign listed hotel groups is 4. 1%,while annual technical efficiency growth 5. 1%,and annual technology growth-1%;（ 2） the TFP of Chinese and Foreign listed hotel groups demonstrate alternate increases and decreases,and the macroscopic factors effecting on the TFP vary in different periods;（ 3）Chinese listed hotel groups have obvious advantages in TFP improvements,with Chinese ones seeing an annual growth of TFP of 15%,and the foreign 0. 5%;（ 4） Return on equity,total asset turnover and total assets growth rate shows a positive correlation with TFP,and asset-liability ratio a significant negative correlation with TFP. It is found that return on total assets has remarkable impact on TFP.