中国旅游类上市公司经营绩效影响因素研究——基于公司治理视角和非均衡面板数据的分析

本文以中国旅游类上市公司为研究样本,利用其2004～2009年的非均衡面板数据建立计量经济学模型,采用混合最小二乘法对影响我国旅游类上市公司经营绩效的关键性公司治理因素进行实证检验。研究表明,旅游类上市公司的公司治理对其经营绩效具有显著影响。股权结构中管理层持股比例、第一大股东持股比例、第一大股东性质和前五位股东持股比例的平方和,以及第一大股东持股比例与第一大股东性质的交互项与公司经营绩效显著正相关,董事会特征中董事会规模与公司绩效显著正相关。     

我国旅游上市公司股权结构与经营绩效的实证分析

股权结构是公司治理结构的基础,公司治理结构又决定公司经营绩效。只有股权结构合理,才能形成完善的公司治理结构,进而才能保证公司取得良好的经营业绩。本文以目前已在深圳和上海证券交易所挂牌的旅游上市公司作为研究样本,通过对样本数据的描述性统计和回归分析,发现旅游上市公司股权结构和企业经营绩效并不显著相关,从而为国有旅游企业改制提供参考。     

政府控制、权力制衡与旅游上市公司经营绩效的关系研究

政府控制是我国旅游上市公司中常见的现象。在2011）年沪深两市共26家旅游上市公司中,仅有新都酒店、ST东海、大连圣亚、世纪游轮四家公司的实际控制人为自然人或民营企业法人,政府直接或间接控制的上市公司数量占比高达85％。根据终极产权理论和相关的经验研究结果,不同的终极控制人的性质对企业经营绩效的影响存在很大差别。本文利用沪深两市2003～2010年间旅游上市公司的非平衡面板数据,对政府控制、权力制衡与旅游上市公司经营绩效之间的关系进行了实证研究。,研究结果表明,在当前的市场环境下,地方政府控制的旅游上市公司经营绩效高于非政府和中央政府控制的旅游上市公司,同时,适当减少地方政府控制权比例,建立科学的制衡机制将有助于提高;茂国旅游上市公司的经营绩效。     

上市公司大股东的非理性行为剖析

随着所有权从分散走向集中,大股东的治理活动已经越来越活跃,股东与董事会信任托管关系下所引发出来的大股东侵占小股东利益问题已经成为当前公司治理问题中的突出问题。在公司治理结构中操纵公司、掌握着公司控制权的大股东都普遍存在着侵占小股东利益的非理性行为,对大股东这种非理性行为进行研究对于提高公司治理绩效来说具有很重要的现实意义。本文主要从影响大股东非理性行为程度的内外两个关键因素:法律环境因素和股权结构因素入手,对大股东的非理性行为进行了剖析。     

环境绩效与财务绩效关系区域比较研究——来自重污染行业上市公司的实证数据

由于经济环境、技术创新及环境政策等因素,我国区域间环境治理表现出一定的差异性,不同区域企业环境绩效与财务绩效关系存在不同之处,因此有必要对两者关系的区域差异进行研究。本文以2011-2014年重污染行业上市公司为样本,实证检验了环境绩效和财务绩效关系以及不同区域间两者关系的表现。研究得出环境绩效有助于提高财务绩效;同时环境绩效与财务绩效的关系存在显著的区域差异,中东部地区环境绩效与财务绩效的正向关系大于西部地区,资源大省企业环境绩效与财务绩效的正向关系显著。研究结论为不同区域条件下政府与企业采取针对性的环境治理措施提供了理论依据。     

旅游企业多元化类型与融资约束——基于2005～2013年A股旅游业上市公司数据的实证研究

我国上市公司普遍面临着一定程度的融资约束.通过多元化经营构建内部资本市场被认为是缓解融资约束的一种重要方式,并得到了广大学者的认可.而与一般制造业上市公司相比,旅游业上市公司在多元化的行业选择及业务类型方面有着其独有特征,不同的多元化类型、不同类型旅游企业的多元化经营方式之间存在着一定程度的差异.那么,旅游企业的多元化类型是否会对缓解融资约束的作用产生影响？这是具有非常强现实意义的问题,值得深入思考.本文以2005 ～ 2013年国内的23家A股旅游业上市公司作为研究对象,系统地检验了不同类型的多元化经营战略、不同类型旅游企业的多元化经营对融资约束产生的影响,研究显示:我国旅游业上市公司的多元化经营可以显著地降低融资约束,其中相关多元化水平的提升可以显著地降低融资约束,非相关多元化水平的提升无法显著地降低融资约束;景区类、酒店类上市公司多元化水平的提升可以显著地降低融资约束,但综合类上市公司多元化水平的提升不能显著地降低融资约束.基于上述研究结论,本文最后从缓解融资约束的角度对旅游业上市公司的多元化经营提出相关建议.     

旅游上市公司自愿性信息披露与业绩相关性研究

基于代理理论与信号理论,业绩优良的上市公司有动力通过自愿性信息披露来降低代理成本或传递其竞争优势。本文选取在沪深两市上市的20家旅游上市公司作为研究样本,采用实证分析方法对旅游上市公司自愿性信息披露行为进行研究,检验自愿性信息披露与公司业绩的相关性,以期促进旅游上市公司完善其信息披露制度。研究结果表明：我国旅游上市公司自愿性信息披露水平整体较低;景点类公司自愿性信息披露水平显著高于饭店类和综合类旅游上市公司。旅游上市公司自愿性信息披露与净资产收益率、总资产周转率、营业收入增长率呈现正相关关系,与资产负债率和詹森指数呈现负相关关系。     

网络关系嵌入、创新扩散与旅游企业创新绩效

作为服务业创新的重要分支,旅游业创新研究还处于起步阶段,旅游企业创新绩效及其影响机制研究还很缺乏。本文以嵌入性理论为切入点,构建了旅游企业网络关系嵌入与创新绩效之间关系的理论模型,并以四川剑门蜀道核心景区（剑门关）周边旅游企业为样本,运用回归模型实证研究了关系嵌入性如何通过创新扩散来影响旅游企业创新绩效。研究结果显示：旅游企业网络的强关系有利于提升企业的创新绩效,企业间互惠程度和关系的持久性与创新绩效正相关,创新扩散在旅游企业关系嵌入和创新绩效关系中起部分中介作用。     

基于低碳旅游理念下的景区质量管理

本文从循环经济理论的角度入手,把低碳旅游的理念引入旅游景区质量管理中,探讨循环经济与旅游发展之间的关系,然后从旅游者行为、开发低碳型旅游产品、景区的绿色经营以及旅游环境保护等方面,阐述发展低碳旅游对景区质量管理的重要性。     

旅游人类学理论在中国旅游发展中的应用

本文讨论了中国旅游发展中一些长期未能得到有效解决的问题,例如旅游业服务质量问题、旅游资源和项目开发规划中的问题、中外合资与合作经营中的问题、旅游法制建设问题、中国公民出境旅游问题等,从社会文化角度分析了这些问题存在的根源.在此基础上提出,应当重视和加强旅游人类学理论对中国旅游发展的指导,妥善解决旅游发展中大量存在的社会文化问题.本文系统阐述了旅游人类学理论在中国旅游发展宏观调控、微观管理以及发展对外旅游关系中的应用.     

The Waikato River: Changing Properties of a Living Māori Ancestor

In Māori cosmology, rivers and other waterways are conceptualised as living ancestors, who have their own life force and spiritual strength. The special status of rivers in Māori society also explains why they are sometimes separated from other Māori claims to natural resources of which they were dispossessed in the 19th century. Until recently, Māori were often eager to contend that ownership of rivers is not their prime interest, but instead, they argued that they feel obliged and responsible to keep rivers fresh, clean, and flowing. This perspective, however, changed under the impact of a new government policy of selling shares in energy corporations that use freshwater and geothermal resources for energy production. In this paper, I provide an ethnohistorical account of the Waikato River and show how conceptions of this ‘ancestral river’ changed in the course of colonial and postcolonial history, more specifically in response to a recent shift in government policy. In 2008, a joint management agreement was signed between the government and Waikato Māori for a ‘clean and healthy river’, leaving the issue of ‘ownership’ undecided. Only two years later, however, Māori felt forced to claim ownership when the government moved to sell shares of power‐generating energy companies located along the river, which effectively transformed their ‘ancestor’ into a property object.     

Noril'sk Nickel: A Global Company?

Two specialists on Russia's minerals industries examine the evidence supporting the argument that the Russian mining conglomerate Noril'sk Nickel can be viewed as a global company. Included among the criteria they assess are the geographic dispersion of the company's markets and operations, the diversified and multinational character of its ownership, whether it has matched the performance standards set by its major international competitors, and the effect of the company's ownership presence on the management style of its foreign operations. A particular focus is on how an ongoing conflict between two major Russian oligarch shareholders (Vladimir Potanin and Oleg Deripaska) has shaped Noril'sk Nickel's ownership and management structure, which is characterized by the continued (background) presence of the state, the lack of any organized policy for training a multinational management cohort, and the absence of a major block of foreign shareholders. In the end, they conclude that Noril'sk Nickel is not a genuinely global but rather a Tier-1 Russian company, albeit one with a global scale of operations.     

How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

Welcome to Country … Not.

ABSTRACT It seems that every public function I attend includes a ‘welcome to country’ speech presented by a representative of a local Aboriginal group claiming traditional ownership of the land where the gathering is conducted. Indeed, while it was already becoming customary for white officials to acknowledge traditional Aboriginal ownership prior to introducing any kind of its own business in recent years, it seems to have become de rigueur since the 42nd Federal Parliament was opened with a ‘Welcome to Country’ speech from a Ngunnawal representative in February, 2008. As this paper demonstrates, welcome to country might be understood by whites as a ‘safe’ kind of inclusive gesture of recognition all the time knowing that such claims are not legally enforceable. But, as the two ethnographic examples I present in this article demonstrate, Indigenous agency, once acknowledged in performance, cannot be fully directed by the nation state to serve its own ends.     

Media portrayal of the cultural relationship between Australia and Japan

This article traces Japanese and Australian media portrayals of the cultural aspects to the bilateral relationship. The article examines popular discourse about Japan and Australia in the media of each country, demonstrating how this has reflected the evolution of the cultural relationship. In Australia, the press has swung from portraying Japan as a problematic source of income from the resources trade, through to the home of ‘cool’ technology and fashion. In Japan, discourse about Australia has ranged from images of a country populated with cute animals, to a regional partner sharing the same democratic ideals. The article draws from the personal experiences of the author who was a correspondent and journalist for Australian and Japanese news corporations during the 1980s and 1990s. The author covered the ‘koala wars’ and the frill-necked lizard boom prompted by the Mitsubishi Mirage television commercial, as well as monitoring the growth in Japanese tourism to Australia. The author also draws on data from tracking surveys conducted by the Embassy of Japanese in Australia.     

高层管理团队组成特征与饭店绩效关系的实证研究——以湖南、广东省中高档星级饭店为例

高层管理者作为企业的重要资源之一,备受研究者们的关注。国内关于饭店企业高层管理者方面的研究非常少见。本文在高层梯队理论的指导下,提出高层管理团队组成特征与饭店绩效关系的一系列理论假设,并以我国广东和湖南的114家星级饭店作为样本进行验证。研究结果表明,我国星级饭店企业高层管理团队的组成特征均值对企业绩效有影响,高层管理团队的平均受教育程度越高、平均团队任期越长,饭店企业的绩效越好;高层管理团队组成特征异质性对饭店绩效没有显著影响。