旅館業財務結構、公司治理與經營風險關聯性之研究

The Influence of Financial Structure, Corporate Governance on Business Risk in the Hotel Industry

謝企榮(Chi-Jung Hsieh)；吳明政(Ming-Cheng Wu)；黃以孟(Yi-Meng Huang)；葉靜輝(Ching Hui Yeh)

旅館業 ； 固定資產持有比率 ； 財務結構 ； 公司治理 ； 經營風險 ； Hotel Industry ； Fixed Asset Ratio ； Financial Structure ； Corporate Governance ； Business Risk

島嶼觀光研究

14卷4期（2023 / 12 / 01）

101 - 121

繁體中文;英文

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，因此本研究以固定資產之觀點，探討旅館業財務結構、公司治理與經營風險之關聯性。研究資料主要選自台灣經濟新報資料庫，樣本期間為2008年第三季至2018年，共計42筆。研究結果發現，在財務結構變數中，固定資產持有比率對經營風險中的稅前息前淨利標準差、股東權益報酬率標準差具有顯著負向影響效果，能使旅館業維持穩定的稅前息前淨利與股東權益報酬率。其次，研究結果亦顯示，過多的購置固定資產金額，會造成經營風險的增加，因此建議在準備購置固定資產前，仍需審慎評估投入金額與財務及營運狀況，做適當的固定資產購置的活動。營業費用率仍是旅館業重要衡量經營風險之指標，研究結果顯示營業費用率對經營風險中的稅前息前淨利標準差、資產報酬率標準差、股東權益報酬率標準差皆具有顯著正向影響效果，因此，過高的營業費用率，會使經營風險提高，但在公司治理的機制監督調節下，確實能降低營業費用率對稅前息前淨利、資產報酬率、股東權益報酬率的風險，使旅館業者在淨利及報酬率上能更為穩定。

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. The purpose of this study is to examine the relationship between the hotel financial structure, corporate governance and business risk from the perspective of fixed assets. The research data are mainly selected from the database of Taiwan Economic Journal, the sample period is from the third quarter of 2008 to 2018, with a total of 42 records. The research results show that among the variables of financial structure, the fixed asset ratio has a significant negative effect on the standard deviation of Earnings Before Interest and Taxes and the standard deviation of Return on Equity in business risk, so that maintain a stable EBIT and ROE. Secondly, the results show that excessive purchase of fixed assets will increase business risk. It's recommended that before purchase, must be evaluate the investment among and operating situation insight. In addition, the operating expense ratio has a significant positive effect on the standard deviation of Earnings Before Interest and Taxes, the standard deviation of Return on Assets and the standard deviation of Return on Equity. Therefore, an excessively high operating expense rate will increase the business risk, but under the supervision of the corporate governance mechanism, can reduce the risk of the operating expense rate on EBIT, ROA, and ROE, can be more stable in terms of profit and return.