多层次资本市场下酒店类上市公司经营绩效研究

Research on the Factors Affecting the Operating Performance of Hotel Listed Companies in Multi-level Capital Markets

基于2016-2018年间31家酒店类上市/挂牌公司为研究样本,通过3年财务数据,构建了一个集持续性能力、盈利性能力和稳定性能力于一体的多层次资本市场酒店类上市/挂牌公司经营绩效测量体系,运用主成分分析法,对不同层次资本市场酒店类上市/挂牌公司经营绩效问题研究。研究表明,中国多层次资本市场中酒店类上市/挂牌公司经营绩效整体表现较好,但不同层次资本市场酒店类上市/挂牌公司经营绩效存在较大差异。经营绩效在不同维度能力因子具体表现为:A股酒店类上市公司在稳定性和持续经营方面能力较强;新三板酒店类挂牌公司在盈利性方面较强;H股酒店类上市公司主要在持续性经营方面表现较好。在此基础上采用回归性分析建立数据模型,尝试研究对比中国多层次资本市场中酒店类上市/挂牌公司的股权结构对经营绩效的差异与影响。研究表明,中国多层次资本市场酒店类上市/挂牌公司股权结构与经营绩效之间不存在显著的相关性关系。

Based on the sample of 31 hotel listing/listing companies in 2016-2018,through three years of financial data,a multi-level capital market hotel listing/listing with continuous capability,profitability and stability is built.The company's business performance measurement system uses principal component analysis to study the performance of hotel listing/listing companies in different levels of capital markets.The research shows that the overall performance of hotel listing/listing companies in China's multi-level capital market is better,but the operating performance of listed/listed companies in different levels of capital markets is quite different.The performance factors of different performance dimensions in different dimensions are as follows:A-share hotel listed companies have strong ability in stability and sustainable operation;New three-board hotel listed companies are more profitable;H-share hotel listed companies mainly continue Sexual business performed well.Based on this,a regression analysis is used to establish a data model,and an attempt is made to compare the differences and impacts of the ownership structure of hotel listing/listing companies in China's multi-level capital market.The research shows that there is no significant correlation between the ownership structure of listed/listed companies in China's multi-level capital market and business performance.