The Impact of the Visitor Arrivals to Taiwan on Corporate Performance: Evidence from Tourist Hotel Industry in Taiwan

• Main Authors: JENG, A-FEEN, 鄭阿粉
• Other Authors: Chang, Chun-Po
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/vg7jw5

碩士 === 大葉大學 === 管理學院碩士在職專班 === 107 === This research adopts the numbers of visitor arrivals and tourist arrivals issued by the Directorate General of Budget, Accounting and Statistics of Executive Yuan, Taiwan, and the stock prices and rates of return of Holiday Garden Hotel, AMBASSADOR Hotel, LEOFOO HOTEL, First Hotel, and Regent Hotel from PCHOME website from January 2008 to December 2018. With vector autoregression model, we find that the optimal lag length is three periods. The numbers of visitor arrivals and tourist arrivals positively lead the rate of return on LEOFOO HOTEL’s stock by 2-3 months whereas LEOFOO HOTEL’s rate of return has no significant effect on visitor arrivals and tourist arrivals in Taiwan. Thus, the growing numbers of visitors and tourists would be beneficial to LEOFOO HOTEL’s rate of return in the next 2-3 months.