On the Relationship Between Equity Financing Models and the Performance of Cultural Tourism Enterprises
Using the data of listed cultural tourism enterprises from 2007 to 2023,this paper investigates the impact of executive shareholding and shareholding by various types of institutional investors on the performance of cultural tourism enterprises.It also analyzes whether the optimal equity financing model for improving corporate performance is affected by the nature of property rights.The findings are as follows:(1)The role of institutional investor shareholding in improving the performance of cultural tourism enterprises is greater than that of executive shareholding;(2)Compared with Qualified Foreign Institutional Investors(QFⅡ),domestic institutional investors have a more significant impact on improving the performance of cultural tourism enterprises;compared with non-independent institutional investors,independent institutional investors are more motivated and capable of improving the performance of cultural tourism enterprises;(3)Compared with non-state-owned enterprises,state-owned enterprises show a smaller impact of institutional investors on enhancing the performance of cultural tourism enterprises.This paper has enriched relative research on the influence of the shareholding of executives and institutional investors on the performance of cultural tourism enterprises,and provided policy references for the selection of equity financing models and equity reforms in cultural tourism enterprises.
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