摘要
旅游业已成为我国新的经济增长点,旅游上市公司是我国证券投资市场的重要板块。以2006-2008年旅游上市公司为样本,将旅游上市公司分成酒店类、景点类和综合类,研究机构投资者持股比例与公司特征之间的关系。实证研究表明,景点类旅游上市公司在股东获利能力、发展能力、抗风险能力等方面均优于酒店类和综合类旅游上市公司。而且,更深入的研究发现,总资产报酬率、净资产收益率与景点类旅游上市公司机构持股比例呈现出显著的正相关关系。
Tourism has become a new economic growth point in China.Tourism listed companies are the important segment of Chinese investment market.Tourism listed companies have been classified into three types such as hotel,scenic spot and comprehensive type.The paper,with listed tourism companies from 2006 to 2008 as samples,studies the relationship between institutional share-holding proportion and companies＇ features.The results of study indicate that scenic spot listed companies are superior to hotel and comprehensive listed companies in terms of their shareholder profitability,development capacity and anti-risk ability.Also the further study indicates that ROA and ROE have significant positive correlation with scenic spot listed companies＇ institutional share-holding proportion while BVPS and β have negative correlation with it.
出处
《旅游论坛》
CSSCI
2011年第3期55-58,共4页
Tourism Forum
基金
广东省软科学项目(4202008)
广东省自然科学基金(4203006)
关键词
旅游上市公司
机构投资者
机构持股比例
tourism listed companies
institutional investor
institutional share-holding proportion
