中国旅游上市公司成长性与投资效率研究

The Relationship Between Growth and Investment Efficiency of Chinese Tourism Listed Companies

基于中国15家旅游上市公司2001—2014年财务数据,通过建立多元回归模型,研究旅游上市公司投资效率与成长性的相关性,并引入虚拟变量对比景点类、综合类和酒店类旅游上市公司投资效率对企业成长性的影响.研究显示,景点类、综合类和酒店类旅游上市公司投资效率与成长性综合指数存在差异;旅游上市公司的投资效率与企业成长存在显著的正相关关系;景点类、综合类和酒店类旅游上市公司的投资效率对企业成长性的影响具有明显差异,综合类高于景点类和酒店类旅游上市公司,并结合旅游行业特点分析原因.

Based on the financial data of 15 Chinese tourism listed companies from 2001 to 2014,this paper studies thecorrelation between investment efficiency and growth of tourism listed companies by introducing multiple regressionmodel,and introduces the dummy variables to compare the attractions,comprehensive and hotel tourism listed companiesand their effect of investment efficiency on enterprise growth. The study shows that there are significant differences ininvestment efficiency and growth index between tourist attractions and tourism companies,and there is a significantpositive correlation between the investment efficiency of tourism listed companies and the growth of enterprises. Theinvestment efficiency of the company has obvious differences in the impact of the growth of the enterprise,and thecomprehensive category is higher than the scenic type and the hotel tourism listed company,and the reasons areanalyzed according to the characteristics of the tourism industry. Through the research on the relationship between thegrowth and investment efficiency of China's tourism listed companies,it helps managers to make effective investmentdecisions,so as to promote the sustainable growth of enterprises.