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。

Relationships between Government Control, Power Balance and Listed Tourism Companies' Performance

Government control is a common phenomenon in listed tourism companies’ operations in our country.It has been demonstrated in many empirical studies that the nature of ultimate controllers will impact the firm’s performance significantly.Using non-balance panel data of listed tourism companies in eight years from 2003 to 2010,this paper analyzed the relationship among government control,power balance and listed tourism companies’ performance,and found that under current market backgrounds,performance of the listed tourism companies controlled by local governments was higher than those controlled by non-government and central government.Meanwhile,decreasing the ratio of local government’s ownership appropriately and paying attention to power balance would be beneficial for the development of listed tourism companies’ performance.