中国A股标竿酒店的股权结构与绩效

The ownership structure has been identified to affect the operating performance of China’s A-share-listed benchmark hotels. Seven A-share-listed benchmark hotels were analyzed by regression analysis to test the relationship between ownership structure and performance. The research reveals the following. (1) The proportions of state-owned, institutional investors, tradable ownership, and the equity balance index have negative effects on return on assets (ROA). While the portion of managerial ownership has a positive influence on ROA. (2) The proportions of state-owned, tradable ownership and the equity balance index have positive effects on performance. The portions of managerial ownership and the top ten shareholders have negative effects on Tobin’s Q. (3) The proportions of state-owned, institutional investor shares, tradable ownership, and the equity balance index have adverse effects on the sustainable growth rate. Results show that ownership structures influence the performance of the benchmark hotels. The research limitation is that there are only seven A-share-listed hotel groups in China. We conclude that the Chinese hotel industry’s ownership structures move toward global operations and still keep their local market characteristics. The managerial implication also guides investors in assessing the value of the listed hotels in China.