| The investment decision is one of the most important management decision in modern companies. As the most critical part of business events of enterprises, the investment activity is not only the main growth motivation, but also is an important foundation for the future growth of cash flow. Investment efficiency which is directly related to business performance decides the capacities of firms growth and sustainable development. For the increasingly developing tourism industry is concerned, efficient investments of tourism listed companies is a prerequisite for the companies to achieve excellent business performance and obtain the sustainable development capacity. Therefore, the evaluation for tourism investment efficiency of tourism listed companies can provide evidences for the company’s investors to make investment decision. And the research that how to improve the efficiency of investment by optimizing ownership structure is instructive for tourism list companies. Accordingly, based on the results of existing researches, the study that makes tourism listed companies as typical study object analyzes the impact of ownership structure of companies to investment efficiency, selecting20sample companies’statistics and using the literature research methods, qualitative and quantitative analysis, multivariate statistical methods.The purpose of the study:(1) To measure investment efficiency of tourism listed companies by using scientific methods, and to clarify the investment efficient conditions;(2) To research the distribution and characteristics of ownership structure of tourism listed companies;(3) Empirically test the relations between ownership structure of tourism firms and investment efficiency.The contents of the study:(1) In order to providing theoretical and methodological support for following empirical research, we reviewed and analyzed relevant literatures from these aspects including business investment efficiency, the relation between ownership structure and business investment efficiency, ownership structure of tourism listed companies and investment efficiency;(2) To construct the measurement model for investment efficiency of tourism listed companies drawing Richardson (2006) research methods. Then obtain the investment efficiency statistics of tourism listed companies through regression of the model;(3) Based on the theoretical analysis, make hypotheses of the relation between ownership structure and tourism companies’ investment efficiency, design variables, construct fixed effects model based on panel data. Finally, use EVIEWS6.0regression to test the impact of variables on investment efficiency;(4) Summarize research findings and propose recommendations to increase investment efficiency for tourism listed companies.The conclusions of the topic:(1) There exists inefficient investment behavior--underinvestment and overinvestment in tourism companies. Tourism listed companies of different types have different performance of investment efficiency. Comprehensive tourism companies are worst;(2) Ownership distribution is relatively concentrated. The higher the shareholding percentage of the top1shareholder is, the lower the investment efficiency is.The higher the shareholding percentage of the top5shareholders is, the higher the investment efficiency is;(3)The top2-10shareholders can best balance the top shareholders in tourism listed companies. The ratio which of shareholding percentage of the top2-10shareholders and shareholding percentage of the top1shareholders has a significantly positive correlation with investment efficiency. At the situation of the percentage of the top1shareholders held constant, The higher the shareholding percentage of the top2-10shareholders is, the higher the investment efficiency is;(4) The shareholding percentage of the general public shares is obviously lager than the shareholding percentage of the the state ownership and the shareholding percentage of the legal person shares. The shareholding proportion of legal person shares is lower than the shareholding proportion of the state ownership. However, the higher of the shareholding proportion of the state ownership and the shareholding proportion of the general public are, the lower the investment efficiency is. The shareholding proportion of legal person shares have little effect on the investment efficiency, due to the low shares held;(5) The shareholding proportion of managerial ownership is lower. But the higher of the shareholding proportion of managerial ownership, the higher the investment efficiency is;(6) The shareholding proportion of institutional investors is very little. Therefore the shareholding proportion of institutional investors does not effect on significantly the investment efficiency.The innovations of the paper:(1) The research on investment efficience from the perspective of ownership structure enriches and expands the research directions of tourism listed companies;(2) The regression results of the expecting investment model using of multi-index can directly reflect the degree of underinvestment and overinvestment. |
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