A Study on Investment Efficiency and Influencing Factors of Chinese A-Share Tourism Listed Companies
Based on Richardson Investment Model
- DOI
- 10.2991/978-94-6463-098-5_111How to use a DOI?
- Keywords
- Tourism listed companies; Richardson investment model; Investment efficiency
- Abstract
There are inefficient investment behaviors in tourism industry, and the efficiency of investment activities is crucial to the long-term stable development of listed tourism companies. Based on Richardson investment efficiency model, this paper uses DIFF-GMM dynamic panel regression to study the changes of investment efficiency of 18 state-controlled and non-state-controlled tourism listed companies in A-share in China. The results find that the stability of investment efficiency level is weaker for non-state-owned tourism listed companies and stronger for state-controlled tourism listed companies; the investment level and cash flow situation in the previous period have a positive effect on the investment level in the current period; a moderate gearing ratio can effectively stifle inefficient investment. This paper provides some reference and suggestions for tourism enterprises when making investment decisions.
- Copyright
- © 2023 The Author(s)
- Open Access
- Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.
Cite this article
TY - CONF AU - Yinfan Wang AU - Ling Li AU - Zhiran Chen PY - 2022 DA - 2022/12/27 TI - A Study on Investment Efficiency and Influencing Factors of Chinese A-Share Tourism Listed Companies BT - Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022) PB - Atlantis Press SP - 973 EP - 982 SN - 2352-5428 UR - https://doi.org/10.2991/978-94-6463-098-5_111 DO - 10.2991/978-94-6463-098-5_111 ID - Wang2022 ER -