| Summary: | 博士 === 國立雲林科技大學 === 企業管理系 === 103 === Over the decades, global tourism has experienced continued growth and deepening diversification to become one of the fastest growing economic sectors in the world. In the past studied of tourism, the relationship between tourism development and economic growth for both developed and developing countries has been extensively researched. However, little research has discussed whether a government’s tourism policy has caused a structural change in the tourism related industries and how it has impacted the hotel industry.
This study aims to explore whether the policy of permitting mainland tourists to visit Taiwan has led to a structural change in Taiwan’s hotel industry, and the framework for a resource-based approach, this study attempts to verify whether the policy has generated more benefits for international tourist hotels than standard tourist hotels. Thus, a TAR model and a GARCH model were employed to identify the policy regulation for the overall impact of the effect of tourist hotel industry, and how it influence listed hotel stock prices in Taiwan.
Results of this study showed that opening up to tourists from the Chinese Mainland for sightseeing indeed will create structural changes to the entire tourist hotel industry (including international and standard tourist hotels), and increase the marginal occupancy rate of international tourist hotels. On the other hand, the overall revenue and rental income of international tourist hotels have increased since then. However, their marginal revenues and marginal rental income did not increase, and relaxed Mainland Chinese tourists visit Taiwan will not cause the share price performance of international tourist hotels to provide abnormally high returns.
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