Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)

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A Study on Investment Efficiency and Influencing Factors of Chinese A-Share Tourism Listed Companies

Based on Richardson Investment Model

Authors
Yinfan Wang1, *, Ling Li1, Zhiran Chen1
1College of Tourism, Sichuan University, Chengdu, Sichuan, 610064, P.R. China
*Corresponding author. Email: wangyinfan@stu.scu.edu.cn
Corresponding Author
Yinfan Wang
Available Online 27 December 2022.
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.

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Volume Title
Proceedings of the 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
10.2991/978-94-6463-098-5_111
ISSN
2352-5428
DOI
10.2991/978-94-6463-098-5_111How to use a DOI?
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

risenwbib
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  -