| Summary: | 博士 === 元智大學 === 管理學院博士班 === 105 === Past research on tourism policy adjustment to guide tourism development mostly did not concern about time characteristics (temporal trend and seasons) of tourism development and the impact of significant events. There could be errors in research inference. In addition, as to effect of tourism policy adjustment on corporate performance of tourism industry, it lacks the literature to analyze the actual figures disclosed by the companies, instead of questionnaires. Therefore, this study probes into temporal trend and seasonal factors by Fourier model and examines the effect of tourism policy adjustment on tourism development in Taiwan. It also explores the impact of tourism policy adjustment on corporate performance of tourism industry. The purpose of this study is to probe into effect of travel liberation adjustment policy of the Chinese tourists’ direct travel in Taiwan liberated in July 2008 on tourism development of Taiwan and corporate performance of tourism industry. This study conducts analysis from macro and micro perspectives.
First, regarding the effect of tourism policy adjustment on tourism development, besides ANOVA test, this study mainly explores temporal trend and seasonal cycle of tourism development by temporal trend item and Fourier model. According to analytical result from macro perspective, effect of tourism policy adjustment only existed in the major areas which were affected by the policy adjustment, such as China, Hong Kong and Macao. However, there was no significant policy adjustment effect in the whole tourism market. Thus, this study argues that long-term effect of tourism policy adjustment on tourism development is limited or it is ineffective.
Secondly, from micro perspective, this study analyzes effect of tourism policy implementation and adjustment on corporate performance of tourism industry in Taiwan. With the concerns of impact of R&D expenditure, innovation opportunity, operational pattern, development direction, corporate characteristics and total economic factor of the companies of Tourism Sector on corporate performance, this study demonstrates that by corporate performance indexes such as ROA, ROE or RPE, the test result all revealed that adjustment effect of tourism policy was insignificant. In other words, tourism policy implementation and adjustment in Taiwan did not influence corporate performance of tourism industry in Taiwan. In addition, this study sets growth rate of Asian tourists person-time in Taiwan as control variable of threshold regression model and proves that in certain condition, growth rate of number of Asian tourists in Taiwan significantly influences corporate performance of tourism industry in Taiwan. The finding not only illustrates the importance of tourism development in tourism industry, but also indirectly argues the significance to develop Asian tourism market.
Finally, this study realizes that the companies of listed Tourism Sector in Taiwan can not be internationalized, in terms of products or labor service operated, corporate shareholding structure and even structure of directors. It should be continuously concerned by different circles in the future. In addition, the figures of R&D expenditure and innovation opportunities illustrate that in tourism industry of Taiwan, research development and innovation engagement have not be valued by the companies for long term. According to the result of validation, this study argues that in the future, tourism development of Taiwan should be based on regional development model of Asia as the priority in order to avoid the uncertainty risk of one country (region), including political risk.
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