Ownership Structure and Performance of China’s A-Share-Listed Benchmark Hotels

ABSTRACT

The ownership structure has been identified to affect the operating performance of China’s A-share-listed benchmark hotels. Seven A-share-listed benchmark hotels were analyzed by regression analysis to test the relationship between ownership structure and performance. The research reveals the following. (1) The proportions of state-owned, institutional investors, tradable ownership, and the equity balance index have negative effects on return on assets (ROA). While the portion of managerial ownership has a positive influence on ROA. (2) The proportions of state-owned, tradable ownership and the equity balance index have positive effects on performance. The portions of managerial ownership and the top ten shareholders have negative effects on Tobin’s Q. (3) The proportions of state-owned, institutional investor shares, tradable ownership, and the equity balance index have adverse effects on the sustainable growth rate. Results show that ownership structures influence the performance of the benchmark hotels. The research limitation is that there are only seven A-share-listed hotel groups in China. We conclude that the Chinese hotel industry’s ownership structures move toward global operations and still keep their local market characteristics. The managerial implication also guides investors in assessing the value of the listed hotels in China.

摘要

本研究以7家A股上市指标酒店透过回归分析检定股权结构与绩效的关系, 确认股权结构影响中国A股上市酒店的营运绩效。研究结果显示 (1)国有持股, 机构投资者持股, 可交易所有权, 和股权平衡指数对资产回报率 (ROA) 具有负向影响。而管理层所有权比例则对ROA有正向影响。 (2) 国有持股, 可交易所有权, 和股权平衡指数对绩效具有正向影响。管理层持股和前十大股东持投对托宾Q则产生负向影响。 (3) 国有持股, 机构投资者持股, 可交易所有权, 和股权平衡指数对可持续增长率具有负向影响。综上结果显示了所有权结构会影响标竿酒店的绩效。研究的局限性在于, 中国仅有7家A股上市酒店集团。结论是中国酒店业的所有权结构正朝着全球趋势发展, 却仍保有持其本地市场的特性。实际意义指导着投资者对中国上市酒店的估值。

KEYWORDS:

• Ownership structure
• hotel operation performance
• equity concentration
• equity balance
• china hotel

关键词:

• 所有权结构
• 酒店营运绩效
• 股权集中
• 股权平衡
• 中国酒店

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Kang-Lin Peng

Kang-Lin Peng is Associate Professor in the Faculty of International Tourism and Management at City University of Macau, Macau SAR, China. His research interest includes hospitality financial management and tourism research (E-mail: [email protected]).

Hanqin Qiu is Dean of College of Tourism and Service Management at Nankai University, Tianjin, China. Her research interest includes hospitality MOOCs, tourism research and service management (E-mail: [email protected]).

Pearl M.C. Lin is Associate Professor in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, Hong Kong SAR, China. Her research interest includes sharing economy, culinary research and food tourism (E-mail: [email protected]).

Wai Ching AU is Ph.D. student in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, Hong Kong SAR, China. His research interest includes smart tourism, sharing economy, and hospitality management (E-mail: [email protected]).