摘要
利润始终是企业最为关注的问题之一。采用2001-2005年23家旅游上市公司的面板数据对中国旅游企业盈利能力的内部影响因素进行了实证研究。结论如下:资源类旅游上市公司的利润水平要显著优于非资源类上市公司;旅游上市公司公众性越好利润水平越低;营业费用率和管理费用率对旅游上市公司的利润水平有显著的负的影响;财务费用率对旅游上市公司的利润水平有显著的正的影响,但资产负债率却对利润率产生负的影响。与其他行业企业一致,旅游上市公司的营运能力和成长性均对公司的利润水平产生正面影响。以锦江国际(集团)有限公司为案例对旅游类上市公司的盈利模式及其影响因素进行了剖析。
Profit is always a key issue of business. A lot of literatures focus on internal determinants of profit level in different angels. But some of them did not consider the characteristics of travel industry, and some others did not select the appropriate samples. So it is important to study on determinants of public companies＇ profit ratio by travel industry in China with panel data of several years and all companies. This study gives hypothesis based on literature review, and puts forward variables of research. This empirical research examines the determinants of public companies＇ profit ratio made by travel industry in China using panel data of 23 companies from 2001 to 2005. The model is as follows. EPSit = C＋β1RESCit ＋β2LTGBit ＋β3YYFYit ＋ iβ4GLFYit＋β5CWFYit＋β6ZCFZit ＋β7ZCZZit＋β8SRZZit＋βt ＋εiti =1, 2……23; t=1, 2 5; βt is the intercept; εit is the residual error. Panel data method is utilized to fit a curve by the data of 23 list Travel companies from 2001 to 2005. Multi -- eollinearity was not found among these variables by tolerance and VIF index with SPSS. By empirical study and case study of Jinjiang Travel Group, main conclusions are as follows ： resource of travel firms, ratio of financial expenses, total assets turnover and revenue growth rate demonstrate positive influence on the earning per share of travel public companies, while pro- portion of circulating common stocks to shareholding equity, ratio of operating expenses, ratio of administrative expenses and assets--liability ratio show negative influence on the earning per share of the public companies of travel.
出处
《旅游论坛》
CSSCI
2008年第5期236-241,共6页
Tourism Forum
基金
国家社科基金(08BJY037)
广东省社科基金项目(07YE04)
中山大学文科青年教师科研基金项目"广东酒店产业集团化发展趋势与策略研究"
关键词
旅游业
利润
影响因素
travel industry
profit
determinants
