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題名：影響旅館業經營風險因素之研究
作者：黃以孟
作者(外文)：Huang,Yi-Meng
校院名稱：國立彰化師範大學
系所名稱：財務金融技術學系
指導教授：吳明政
謝企榮
學位類別：博士
出版日期：2019
主題關鍵詞：固定資產持有比率；財務結構；公司治理；來台觀光人數；經營風險；Fixed Asset Ratio；Financial Structure；Corporate Governance；Tourist Arrivals；Business Risk
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我國政府當局為增進觀光產業的發展，自2002年起陸續推行觀光政策，為因應產業的蓬勃發展，在旅館投資上也大幅成長；但在兩岸關係伴隨者執政黨而緩和或緊張下，似乎有影響政府政策的施行及經濟上互惠的跡象，執政黨為維持旅館產業的供需平衡，仍需開拓新市場，看似為台灣觀光市場開啟新的契機，但能否達到供需平衡，仍值得進一步觀察。因此，在旅館產業資本投資過度擴充及環境因素影響，面臨短期供需失衡狀況時，出售不動產、轉型或結束營業的訊息可能會有愈來愈多的趨勢。因此，本研究擬由固定資產觀點來評估旅館業財務結構、公司治理因素及面臨總體環境因素下對經營風險影響。
實證結果顯示，在旅館業財務結構方面，營業費用率、營運現金流量、債款依存度皆對經營風險為正向顯著影響。在考慮公司治理因素下，固定資產持有比率與營運現金流量對經營風險顯著影響。在考慮公司治理因素及總體環境因素影響下，固定資產持有比率對經營風險有顯著影響。在總體因素方面，來台觀光人數較多，確實能使旅館業經營風險較低，但在來台觀光人數中，若新南向來台觀光人數較高，則會使經營風險提高。
The Taiwan Government has implemented tourism policies in order to promote the tourism industry of Taiwan since 2002. The investment of hotels was rising dramatically with tourism industry development accordantly. However, depends on the change of parties, the relationship between Taiwan and China to be affected correspondingly. Meanwhile, this situation had reflected on the policies of economic reciprocity and policy implementation. Thus, the ruling party have to stable the balance of supply and demand of tourism industry, the needs for seeking and developing new tourism market was appeared. This action may discover opportunities for Taiwan tourism market, but the benefit and outcome should be monitoring further. Due to the impact of investment excessive and capital over expansion on hotel industry and caused the imbalance of supply and demand in short-term, hence, the tendency of asset close out, business transfer or termination emerged sharply. Therefore, how to estimate the financial quality of a business become an important issue. Thus, based on the perspective of macro-environment, this study tries to assess the business risk through the financial structure and its’ corporate governance reviewing.
The analysis results from practical data of financial structure demonstrated that the operating expense ratio, operating cash flow, and debt-equity ratio was impacted on business risk positively. Further, the fixed asset ratio and operating cash flow was impacted on business risk as well when considering the corporate governance factors were involved. From the perspective of macro-environment, in general, the increasing tourists that decrease the ratio of business risk. However, the business risk will rise depends on the number of inbound visitors from southern eastern Asia had been demonstrated.
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