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題名 | 開放大陸人士來臺觀光政策對觀光業股價及財務績效之影響=The Impact of the Relaxation of Visits by Mainland China Tourists to Taiwan on Stock Returns and Financial Performance: The Case of Listed Tourism Industry Firms |
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作者 | 高惠娟; 戴有德; Kao, Erin H.; Dai, You-de; |
期刊 | 經濟與管理論叢 |
出版日期 | 20110700 |
卷期 | 7:2 2011.07[民100.07] |
頁次 | 頁257-283 |
分類號 | 992.1 |
語文 | chi |
關鍵詞 | 大陸人士; 觀光政策; 事件研究法; 異常報酬; 財務績效; Mainland China tourists; Tourism policy; Event study method; Abnormal returns; Financial performance; |
英文摘要 | The purpose of this study is to examine the impact on listed tourism industry firms of the relaxation of the policy to allow Mainland China tourists to visit Taiwan directly for sightseeing from a financial viewpoint. First, before the implementation of the policy, this study applied the "event study method" to investigate the effects on the stock prices of the announcement of the open policy. The results indicate that, except for the Aviation industry, the announcement has given rise to significantly abnormal returns to tourism industry stocks, but there has only been a short-term effect lasting one or two days. Moreover, following the implementation of the policy, the study uses the T-test and Wilcoxon test to examine the differences in financial performance on the listed tourism industry firms. The results show that it is only for the category of Hotel and Amusement firms, one of the operating efficiency indicators, that the "Sales per employee" variable has significantly increased. Other indicators of financial performance have almost all significantly decreased. This implies that the open policy does not substantially improve the financial performance of listed tourism industry firms as we expected. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。