区域正式制度和外国直接投资对旅游企业绩效的作用

Yaoan Wu, Dayu Wang, Jiatong Bao, Jing Qu
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摘要

旅游业作为中国经济发展的重要支柱产业之一,也取得了快速发展。与此同时,旅游企业的数量和规模也在不断增长。本研究收集了中国各省的市场化指数、各省利用外资的实际水平、旅游上市公司的总资产收益率和股本收益率。此外,对企业社会绩效的评价采用500份问卷收集。模型结果表明,区域正式制度对旅游公司财务绩效有显著影响。市场化总指数、要素市场的发展、市场中介机构的发展和法律框架对旅游上市公司的总资产回报率有显著的正向影响。外商直接投资对旅游类上市公司绩效影响不显著;然而,在区域正式制度的中介作用下,这对他们的绩效有影响。总市场指数、政府与市场的关系、非国有企业部门的发展、要素市场的发展、市场中介制度和法律框架的发展对FDI对总资产回报率的影响具有调节作用。区域正式制度对消费者对旅游企业社会绩效的感知有显著影响。
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The Role of Regional Formal Institution and Foreign Direct Investment in the Performance of Tourism Firms
Tourism, as one of the important pillar industries of China's economic development, has also made rapid development. At the same time, the number and the scale of tourism enterprises are also growing. This study collects the marketization index of each province in China, the actual level of foreign capital utilization in each province, and the return on total assets and return on equity of listed tourism companies. In addition, the evaluation of corporate social performance is collected by questionnaire with 500 responses. The results of the model show that the regional formal institution has a significant impact on the financial performance of tourism companies. The total index of marketization, the development of factor markets, the development of market-intermediate institutions and legal framework have significant positive effects on the ROA of tourism listed companies. Foreign direct investment has no significant impact on the performance of tourism listed companies; however, it has impact on their performance under the mediation of regional formal institutions. The total market index, the relationship between government and markets, the development of non-state enterprise sector, the development of factor markets the development of market-intermediate institutions and legal framework have moderating effects on the impact of FDI on ROA. Regional formal institution has a significant impact on consumer perception of social performance of tourism enterprises.
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