國民所得提高之後，稱為無煙囪產業的觀光休閒產業，在21世紀已經成為一個國家的重要產業。資訊的廣泛傳播，電子媒體的介紹，引發一般民眾旅遊的企圖。交通的便捷、入境簽證障礙的消除，使得觀光的方便性大為提高，因此觀光旅遊的人數大幅的增加。觀光人數所代表的是消費與商機，而來台觀光人數更代表著本地的商機的產生。這些觀光商機包含有航運、交通、餐飲、飯店與其他觀光商品，如特產、伴手禮等等，顯性與隱性的商機。經濟指數代表民眾的消費能力，一般指數包含有匯率、物價指數、所得、油價、利率等。匯率與物價將影響來台觀光人士的來台與消費意願。而油價將影響本地內陸運輸成本，為一項隱函數。本文將利用來台觀光人數與經濟景氣指數來探討「來台觀光人數與經濟景氣指數對觀光飯店股價變動影響」。本研究中將僅針對台灣已上市之觀光飯店為研究標的。分析上市之觀光飯店股價受到影響的關聯性與程度。 With the increase of domestic income, tourism, a non-smokestack industry, has become a crucial activity in the 21st century. The wide spread of information and electronic media is the spur for popular involvement in tourism and leisure. The volume of travelers has skyrocketed thanks to convenient traffic and elimination of immigration barriers. The arrival of tourists bespeaks consumption and lucrative opportunities. This is no exception to the case of Taiwan, which has witnessed the prosperity of local businesses making enormous profits from air freight delivery, transportation, hospitality, and local souvenirs and specialties, including both explicit and implicit opportunities. Economic indexes represent the ability of purchasing, defined by exchange rates, consumer price indexes, income, oil prices, interest rates. Exchange rates and price indexes shape the willingness of tourists visiting Taiwan and their consumption. Oil price may be an important implicit function, for it determines inland transportation costs. The paper addresses the impact of number of arriving tourists in Taiwan and economic indexes on fluctuation of tourist hotel stock prices, targeting exclusively tourist hotels that are listed companies for the analysis on the impact on stock prices of such listed corporate and the degree of impact.
