A Study On The Spillover Effects Of Foreign Direct Investment In China 's Hotel Industry And Its Influencing Factors

Hotel industry is the pioneer of China’s reform and opening up. The quantity of business tourism and leisure tourism improve rapidly with the rapid growth of the national economy and the booming development of tourism, it also provides a great impetu to the development of international hotels. Foreign investment is increasing and getting intensified. Foreign hotels expand in China Mainland, Hong Kong, Macau and Taiwan continuely, it not only brings lots of money and modern hotel management concept for our country, but also brings opportunities and challenges for the development of the domestic hotel industry. Facing the increasingly fierce market competition, domestic hotels should grasp the development opportunity, make full use of foreign investment, increase the knowledge and technology spillovers brought by foreign direct investment. This research selectes the foreign direct investment(FDI) situation of hotel industry of 31 regions as study objects, using the logarithmic production function model to examine the spillover effects and influencing factors of FDI objectively and scientifically.The purpose of this research:(1)Through reviewing the theories of spillover effects of FDI and the research of FDI in hotel industry, establish a model of spillover effects of FDI in China’s hotel industry. (2)Make a descriptive study on FDI situation of hotel industry in China, and on the basis of FDI spillovers research model, using regression analysis, this research makes a study on the spillover effects of FDI, tests the direction of spillover effects of FDI in China’s hotel industry. (3)According to the actual situation and characteristics of China’s hotel industry, selecting the factors significantly influencing the spillover effects of FDI, this research analyzes these factors how to affect the spillover effects of FDI.The content of this research:on the basis of summarizing the previous research results of the spillover effects of FDI, this research expounds the characteristics and the present situation of China’s hotel industry. It sets the hotel industry output value as the dependent variable, sets the capital stock, labor input and degree of FDI as the independent variables, sets capital intensity and marketization as the control variables, then establishes the research model to examination the spillover effects of FDI in China’s hotel industry. Selecting the 31 provinces, municipalities and autonomous regions as research samples, using the statistical data from China Statistical Yearbook, under the help Eviews6.0 and SPSS20.0, this research estimates the spillover effects of FDI in China’s hotel industry. Then, examines the effect of regional differences, capital intensity and marketization degree on the spillover effect of FDI by multiplying index. Finally, according to the empirical findings, characteristics and development situation of China’s hotel industry, this research puts forward some targeted suggestions and countermeasures.The main conclusions of this research:(1)Spillover effects of FDI:Firstly, there is a significant positive correlation between capital stock and the spillover effects of FDI in hotel industry; Secondly, there is a significant negative correlation between labor input and the spillover effects of FDI in hotel industry; Thirdly, there is a significant inverted U-shaped curve correlation between the degree of FDI and the spillover effects of FDI in hotel industry. (2) Influencing factors:Firstly, regional differences has a significant impact on the spillover effects of FDI; Secondly, capital intensity has a significant negative impact on the spillover effects of FDI; Thirdly, marketization degree has a significant positive impact on the spillover effects of FDI.The innovations of this research:(1) According to the theories, research models and previous studies, this research makes an empirical study on the spillover effects of FDI, enrich and expand the connotation of spillover effects of FDI research in hotel industry. (2) By using unbalanced panel data and multiplying index, this paper analyzes the factors which influence the spillover effects of FDI from two aspects.