臺灣博碩士論文加值系統

本文主要探討景氣循環和旅遊發展是否顯著影響飯店經營績效。飯店經營績效指標包含以下四個：資產報酬率(ROA)、股東權益報酬率(ROE)、股票報酬、經營績效綜合分數。ROA和ROE主要衡量飯店的獲利面，而股票報酬衡量飯店的股票表現。利用六個會計比率：負債權益比(DE)、總資產週轉率(TAT)、流動比率(CR)、速動比率(QR)、資產報酬率(ROA)、股東權益報酬率(ROE)；且利用因素分析計算出可以衡量飯店整體經營績效的綜合分數。樣本屬於縱橫資料型態，利用一般最小平方法(OLS)以及一般動差估計(GMM)來檢視實質GDP成長率以及外人來台旅遊人數成長率對於飯店經營績效的影響。實證結果發現外人來台旅遊人數成長率對於ROA和ROE有顯著且正面影響；實質GDP成長率以及外人來台旅遊人數成長率對於股票報酬皆沒有顯著影響；實質GDP成長率以及外人來台旅遊人數成長率對於經營績效的綜合分數皆有正面且顯著影響。實證結果討論可提供管理階層以及政策制定者價值資訊。

This study aims to investigate whether business cycle and tourism development can significantly impact corporate performance of hotel companies. The indicators of corporate performance of hotels under consideration include return on assets (ROA), return on equity (ROE), stock return and a comprehensive score. ROA and ROE primarily measure profitability of hotel companies, whereas stock return can evaluate hotel companies’ stock performance. Six accounting ratios, namely debt-equity ratio (DE), total asset turnover (TAT), current ratio (CR), quick ratio (QR), return on assets (ROA), and return on equity (ROE), are used to compute a comprehensive score that can measure the hotel firms’ overall performance rather than just profitability and stock performance, based on factor analysis approach. The impact of real GDP growth rate and total foreign tourist arrivals growth rate on hotel companies’ various performances are examined via panel data regression estimation of the pooled Ordinary Least Square (OLS) and the Generalized Method of Moment (GMM). Test results show that total foreign tourist arrivals growth rate has a significantly positive effect on hotels’ ROA and ROE, but neither real GDP growth rate and total foreign tourist arrivals growth rate can strongly impact hotel stock performance. Further, both real GDP growth rate and total foreign tourist arrivals growth rate can significantly improve the overall corporate performance of hotel companies. Empirical findings can be used as valuable information for tourism policymakers and business managers.

1. Introduction 1
2. Literature review 3
3. Data and variables 8
3.1. Variables 9
3.1.1. Dependent variables 9
3.1.2. Factor analysis 13
3.2. Independent and control variables 15
4. Methodology and results 18
4.1. Panel regression tests 18
4.2. Empirical results 25
5. Discussions and managerial implications 26
6. Conclusions and future research 29
References 32
Appendix 38
A.1. The method of factor analysis 38
A.2. The GMM estimation 42
A.3. Considered the lag-effect of independent variables 56
A.4. Added the seventh financial ratio of fixed asset turnover and computed the comprehensive scores 60
A.5. Used Tobin’s Q to be another dependent variable 61

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