汇率对旅游企业财务绩效的影响

The Impact of Exchange Rate on the Financial Performance of Tourism Enterprises

旅游是一种高价格需求弹性的商品,价格水平的变化会对旅游产品的需求产生较大的影响。人民币升值使得中国旅游产品的价格在国际上显得更贵,导致入境旅游需求、国内旅游需求下降,出境旅游需求上升,可能会对微观层面的企业财务绩效产生显著影响。文章以2004—2017年25家中国旅游业A股上市公司的数据为样本,对汇率与旅游企业财务绩效之间的关系进行实证研究。研究发现:人民币升值对旅游企业的财务绩效具有显著的负面影响,这种影响主要发生在国有企业和中西部地区企业;融资约束程度、国际化程度、旅游企业类型、董事长持股比例对汇率与旅游企业财务绩效之间的关系也起到显著的调节作用;汇率通过影响旅游企业的销售净利率进而影响了旅游企业的净资产收益率。最后,文章对旅游企业的汇率风险管理提出3点建议:首先,旅游企业可以采取外汇远期交易、外汇货币市场交易、外汇期货期权交易等方式进行金融对冲,还可以采取多币种经营、外币资产和外币负债相匹配等方法进行经营对冲,规避汇率风险。其次,我国旅游企业可采取与境外旅游企业互联互通、优势互补的方式获得更大发展;还可采取相关多元化经营、降低融资约束、实施高管股权激励等方式降低汇率风险。最后,汇率对旅游企业财务绩效的负面影响主要是通过降低销售利润率的方式实现,反映出国外旅游产品竞争下我国旅游企业利润变薄的现实。旅游企业和行业管理部门应该积极行动起来,设立国家旅游创新基金,开展提升国家旅游创新力的探索,利用技术创新提升利润空间。

Tourism is a commodity of high price elasticity of demand.A change of the price would exert a strong influence on the demand for tourism products.As of July 21,2005,China reformed the exchange rate regime so that the exchange rate of the Renminbi is no longer pegged to the United States dollar and instead fluctuates in a managed way according to market supply and demand and is adjusted with reference to a basket of currencies.From July 2005 to August 2020,based on the real effective exchange rates provided by the Bank for International Settlements,the accumulated appreciation of the Renminbi exceeded 20%.This appreciation of the Renminbi makes Chinese tourism products more expensive in the global market.As a result,the demands for inbound tourism and domestic tourism have decreased,while the demand for outbound tourism has increased.These factors may have a significant impact on the performance of tourism enterprises.This study uses the data of 25 Chinese A-share listed tourism companies,from 2004 to 2017,as a sample for empirically investigating the relationship between the exchange rate and the financial performance of tourism enterprises.The study results show that the appreciation of the Renminbi has a significant negative impact on this performance.This effect mainly occurs in state-owned enterprises and enterprises in the central and western regions of China.The appreciation of the Renminbi has a greater negative impact on the financial performance of tourism enterprises that have a high degree of financing constraints,a low degree of internationalization,a low shareholding ratio of the president of the board,or belong to non-comprehensive enterprises.This currency appreciation reduces the rate of return on sales of tourism enterprises,which leads to a declining rate of return on common stockholders’equity of these enterprises.Ultimately,this study provides three suggestions for Chinese tourism enterprises with regard to exchange rate risk management.First,Chinese tourism enterprises could use foreign exchange forward transactions,foreign exchange money market transactions,foreign exchange futures transactions and options transactions to perform financial hedging.To avoid exchange rate risk,they could also use methods such as multi-currency operating,matching of foreign currency assets and foreign currency liabilities to perform business hedging.Second,Chinese tourism enterprises could achieve greater development by cooperating with foreign tourism enterprises,which could achieve mutual complementarity and expand markets.Chinese tourism enterprises could also reduce exchange rate risk by adopting related diversification,reducing financing constraints,and implementing executive equity incentives.Third,the fact that the negative effect of the exchange rate on the rate of return on common stockholders’equity of tourism enterprises is mainly due to a declining rate of return on sales reflects the reality that the profits of Chinese tourism enterprises are weakening amid competition from foreign tourism products.Chinese tourism enterprises and tourism industry management departments should work proactively to establish a national tourism innovation fund.This would be aimed at exploring ways to enhance national tourism innovation ability and ways to use technological innovation to enhance the profit space.