| Summary: | 碩士 === 國立中正大學 === 財務金融研究所 === 103 === This paper examines the impact of ownership structure on the Chinese hotel performance. The ownership structure under consideration includes state ownership (SO), domestic institutional ownership (DIO) and foreign institutional ownership (FIO). The measures of corporate performance of listed hotel firms in China are Tobin’s Q, return on assets (ROA), return on equity (ROE) and stock return (SR). The effects of three different ownership structures on the corporate performance of the Chinese hotel firms are then examined via panel regression tests. Test results show that all three main ownerships (DIO, FIO, SO) are significant explanatory factors of Tobin’s Q. DIO is positively related to ROA. Furthermore, a U-shaped relationship between DIO and hotel performance (measured by Tobin's Q and ROA) is found. However, there is no significant quadratic relationship between FIO and firm performance, and between SO and firm performance. A U-shaped relationship between DIO and Tobin’s Q (ROA) represents that firm value (ROA) drops to a low level as DIO increases. However, when DIO continues to increase and exceed an optimal point, it has a significantly positive impact on Tobin’s Q (ROA). Empirical findings offer valuable information for government tourism policymakers and tourist hotel owners and managers.
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