旅游上市公司的非效率投资行为研究——基于Richardson投资期望模型  

Research on Non-efficiency Investment Behavior in Listed Tourism Companies——Based on Investment Expectation Model of Richardson

作　　者：杜雪楠 张红[1] 陈培[1] 

机构地区：[1]陕西师范大学旅游与环境学院,陕西西安710100

出　　处：《资源开发与市场》2015年第5期630-633,共4页Resource Development & Market

基　　金：教育部人文社科规划基金项目"我国旅游上市公司成长性评价方法及应用研究"(编号:10YJA790243);陕西师范大学研究生培养创新基金"入境旅游流驱动下目的地城市的供给响应--东西部典型旅游城市的对比分析"(编号:2012CXB006)

摘　　要：为研究旅游上市公司的非效率投资行为,基于Richardson投资期望模型,探讨了我国沪深A股上市的旅游公司2007—2013年投资效率的变化,分析影响公司投资支出的因素,研究发现旅游上市公司总体出现投资不足的非效率投资行为。该研究将筛选得到的20家旅游上市公司分成酒店类、景区类和综合类三种类型,分别分析了三者投资行为在研究区间2007—2013年间的变化。结果发现,景区类上市公司的投资效率变化较平稳,综合类上市公司次之,酒店类上市公司最不稳定,并为旅游上市公司在进行投资决策时提供参考与借鉴。Based on Richardson investment expectation model, this paper explored the change of investment efficiency of tourism companies which listed in Chinese Shanghai and Shenzhen A - share from 2007 to 2013, and analyzed the influencing factors of company investment spending. The results found that the listed tourism companies exhibited generally inefficient investment behavior. Tourism listed companies were divided into the hotel, the scenic spot and the integrated in this research, respectively analyzing the change of investment behavior of three types within the research range. The results showed that the investment efficiency of scenic listed companies was steadiest, the integrated tourism listed companies took the sec- ond place, and the totel listed companies was the most unstable on the change of investment behavior. Finally, this paper provided some advice on the investment decision- making for listed tourism companies,

关 键 词：Richardson投资期望模型 旅游上市公司 非效率投资行为 

分 类 号：F590.654[经济管理—旅游管理]