台灣具有豐富且獨特的溫泉觀光資源，近年我國政府積極推動休閒觀光產業，其中溫泉觀光是重要的項目之一，但溫泉觀光旅館產業同質性高且產業競爭激烈，旅館業者採取何種競爭策略吸引溫泉觀光旅客成為重要的議題。本文以縱橫資料迴歸模型進行推估，並兼論在不同模型假設下探討溫泉觀光旅館經營績效的決定性因子。本文所採用的溫泉觀光旅館樣本為國內10間溫泉觀光旅館，並採用同時具有動態性的時間序列資料以及異質性的橫斷面資料所組合而成的縱橫資料分析近5年（自2010年10月至2015年9月）間樣本旅館經營績效與各項解釋變數的關係。本文所納入的解釋變數包括散客數比例、本國客比例、總客房數、客房住用率、部門員工人數比例、平均房價及季節虛擬變數。實證結果顯示散客及本國客比重的提高對於經營績效在不同模型下均有顯著正面影響，尤其是餐飲部門收入；同時平均房價提高在不同模型下也對經營績效有顯著正面影響。我們認為溫泉觀光旅館業者應該在行銷策略、旅館配置及裝潢上盡量差異化，提高單價並且吸引高單價精緻化消費的客群以提升整體經營績效。

Taiwan has advantages of abundant and unique natural resources in developing hot spring tours. In recent years, the government of R.O.C. has promoted the development of hot spring tourism; however, the high homogeneity in the hot spring industry has emphasized the competing strategies to attract visitors. This paper studied the determinants of operation performance of hot spring tourist hotels using panel data regression models for primary model, and explored the differences under different models. We used 10 hot spring tourist hotels and utilized the panel data analysis with dynamic time-series and heterogeneous cross-sectional data. The sample period is October 2010 to September 2015. The determinants included the ratio of free individual travels and total travels, the ratio of domestic travels and total travels, the number of total rooms, the occupancy rate, the number of employees in different departments, the average room rates, and the dummies representing different seasons. We found that under different assumptions of panel data, an increase in the ratio of free individual travels and the ratio of domestic travels had significantly positive effects on the operation performance, especially for the food and beverage revenues. Also an increase in the average room rates had significantly positive effects on the operation performance. We concluded that to improve operation performance, managers of hot spring tourist hotels should differentiate their marketing strategies and hotel decorations, and adopt elaboration strategies to attract high-value costumers.