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研究生:沈家昌
研究生(外文):Chia-chang Shen
論文名稱:以實證研究中國官營飯店的評價方法
論文名稱(外文):Evaluating Current Techniques in China Stated-Owned Hotel Valuation: A case study
指導教授:陳明祥陳明祥引用關係
指導教授(外文):Ming-hsiang Chen
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
畢業學年度:95
語文別:英文
論文頁數:50
中文關鍵詞:中國估價評價飯店
外文關鍵詞:AppraisalHospitalityValuationHotelChina
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本文以Rushmore(1992)所提出的七種評價方法來實際評估中國官營飯店的價值及其方法的優劣處。其中第一至第四種方法歸類為收入資本化法,第五種方法視為銷售比較法,第六種方法為一綜合型的方法,其中溶合了收入資本化法及銷售比較法的一種混合型方法,第七種為一大眾所熟知的簡單倍數法則。
在本文中,我們探討這七種評價方法在估計中國官營飯店價值的優缺點,實證上研究的結果希望能給予飯店投資者及併購者另一可能的資訊。
This case study examines the value of state-owned hotels in China by using seven hotel-valuation techniques provided by Rushmore (1992). The seven techniques include technique 1 (one stabilized year), technique 2 (three year buildup), technique 3 (ten year discounted cash flow), technique 4 (ten year DCF with overall discount rate), technique 5 (the sales comparison approach), technique 6 (the market-derived capitalization rate) and technique 7 (room-rate multiplier). Techniques 1-4 are classified as the income capitalization approach. Technique 5 is a sales comparison approach. Technique 6 is a hybrid approach, a combination of both the income capitalization and sales comparison approaches. Technique 7 is a well-known rule of thumb in the lodging industry. In this study, we investigated the strengths and weaknesses of seven current valuation techniques for hotel appraisals in China. Empirical results of this study can be used as valuable information for investors and appraiser to estimate the hotel value in China.
Abstract
1. Introduction……………………..………………………….……….……………1
2. Hotel industry in China………………………..………….……….……………6
3. Hotels selected and Data ……………………………………………………...8
3.1 Huatien Hotel…………………………………………………………………9
3.2 Jinjiang Hotel………………………………………………………………...10
4. Application of seven valuation techniques and sensitivity analysis………….12
4.1 Application of seven valuation techniques and results……………………..12
4.2 The Sensitivity Analysis of the results-Huatien Hotel………………………19
4.3 The Sensitivity Analysis of the results-Jinjiang Hotel………………………21
5. Discussions. …………………………………………………………………….22
5.1 Comparing techniques and results of Huatien Hotel…………………………22
5.2 Comparing techniques and results of Jinjiang Hotel…………………………26
6. Conclusion and future research directions……………………………………27

Reference………………………………………………..……..……………………30
References
Chang, Y.C., 2007. ‘The principle of real estate valuation and the style of collateral’. Taiwan Academy of Banking and Finance, p1-19

Chen, M.H., W.G. Kim, H.J. Kim, 2005. ‘The Impact of Macroeconomic and Non-Macroeconomic Forces on Hotel Stock Returns’. International Journal of Hospitality Management, Vol. 24, p243-258.

Chen, M.H., 2007a. ‘Intractions between business conditions and financial performance of tourism firms: evidence from China and Taiwan. Tourism Management’, Vol.28(1), p188-203.

Chen, M.H., 2007c.’ Macro and non-macro explanatory factors of Chinese hotel stock returns, International Journal of Hospitality Management’, 24(2), p243-258.

China National Tourism Administration, 2006, ‘The Year of China Tourism Statistics’, China Travel and Tourism Press.

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Corgel, J. B., J. A. deRoos, 1992, ‘Pure Price Changes of Lodging Properties’, Cornell Hotel and Restaurant Administration Quarterly, April, p70-77.

Hsu, W., 1998, ‘Hong Kong’s Hotel Industry: The Post-Hand-Over Blues’, Cornell Hotel and Restaurant Administration Quarterly, October, p86-96.

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O’Neill, J. W., S. Rushmore, 2000, ‘Refining Estimates of Hotel-financing Costs’, Cornell Hotel and Restaurant Administration Quarterly, December, p12-17.

O’Neill, J. W., A. R. Lloyd-Jones, 2002, ‘One Year After 9/11: Hotel Values and Strategic Implications’, Cornell Hotel and Restaurant Administration Quarterly, October, p53-64.

O’Neill, J.W., 2003. ‘ADR Rule of Thumb: validity and Suggestions for its application’. Cornell Hotel and Restaurant Administration Quarterly, August, p7-16.

Pine, R., 2002. ‘China’s Hotel Industry: Serving a Massive Market’. Cornell Hotel and Restaurant Administration Quarterly, June, p61-70.

Pine, R., H. Q. Zhang, P. Qi, 2000, ‘The Challenges and Opportunities of Franchising in China’s Hotel Industry’, International Journal of Contemporary Hospitality Management, 12(5), p300-307.

Qian, Q., 1999, ‘Speech at the National Conference of Tourism on 3 January 1999’, China Tourism News

Qi, P.S., 2001, ‘Growth of China’s Hotel Chains and Their Future Expansion’, The Hong Kong Polytechnic University master’s thesis, Hong Kong SAR.

Rushmore, S., 1997, ‘The broker vs. the appraiser: how to value a hotel’, The Real Estate Finance Journal, spring, p15-23.

Rushmore, S., 1992a. ‘Seven current hotel-valuation techniques’, Corenell and Restaurant Administration Quarterly, August, p49-56.

Rushmore, S., 1992b. The valuation of distressed hotels. Corenell and Restaurant Administration Quarterly, October, p61-71.

Suzanne R. Mellen, 1983, Simultaneous Valuation: A new capitalization technique for hotel and other income properties, The Appraisal Journal, April, p165-185.

The HVS International Journal, Asia Pacific Region, 2004 first Quarter.

The Huatien Hotel web sites, 2006, http://www.huatian-hotel.com/index.jsp

The Jin Jiang Hotel web sites, 2006, http://www.jinjianghotels.com/portal/cn/index.asp

Tisdell, C., 1990, ‘Separation of Ownership and Management, Markets, Their Failure and Efficiency: Possible Implications for China’s Economic Reforms’ Asian Economies, June, p41-55

World Tourism Organization (WTO), 2000-2002, ‘Yearbook of Tourism Statistics’

Yu, L., Huimin G., 2005, ‘Hotel Reform in China: A SWOT Analysis’. Cornell Hotel and Restaurant Administration Quarterly, May, p153-169.

Yu, L., 1992, ‘Seeing Stars: China’s Hotel-Rating System’. Cornell Hotel and Restaurant Administration Quarterly, October, p24-25.

Zhang, H.Q., Pine, R., Lam, T., 2005, ‘Tourism and Hotel Development in China’, The Haworth Hospitality Press.
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