호텔기업 수익성 영향요인의 구조적 특성에 관한 연구 : 서울지역 특급호텔을 중심으로 = (A)study of the structural characteristics of influential factors to profitability in the hotel industry

다국어 초록 (Multilingual Abstract)

The main purpose of this study is to examine closely the characteristics that affect the profitability in the hotel industry. To accomplish this purpose, the variables were selected, based on the previous studies for the factors to contributing to help improving the profitability. Dependent variables used in this study were Return On Investment(ROI) and Return On Equity(ROE). Independent variables were selected on the basis of the degree of influence on the profitability: Age of the Hotel, Market Share to Market Power, Room Occupancy Rate, Average Room Rate, Room Revenue to Total Revenus, Receivables Turnover, Sales per Employee, Direct Labor Cost, Indirect Labor Cost, Depreciation, Advertising Expense, Entertainment Expense, Financial Expense.
Data were collected, based on the hotels located in Seoul, including 6 super deluxe hotels and Deluxe hotels with the financial information of 5 years between 1968 and 1990.
The main analytical method was Multiple Regression and Simple Correlation analysis, Path analysis, One-way ANOVA and t-test were used as a subsidiary method.
The most representative outcomes and findings are as follows:
1. In case of the Super deluxe hotels, the financial factors are distilled as mostly influential ones in terms of the profitability. They are Fixed Asset Turnover, Room Occupancy Rate, Receivable Turnover, Sales per Employee, Room Revenue to Total Revenue, and Age of the Hotel. In case of the Deluxe hotels, the financial factor and the cost factor are distilled as dominantly influential ones in terms of the profitability. They are Fixed Asset Turnover, Room Occupancy Rate, Indirect Labor Cost, Financial Expense, Advertising Expense, and Direct Labor Cost. Above findings are significant discovery to explain the structural characteristics of influential factors to the profitability.
2. The two variables which can have much more influence on the profitability of the sample hotels are Fixed Asset Turnover and Room Occupancy Rate. Fixed Asset Turnover has much more influence on the profitability of Super deluxe hotels than Deluxe hotels, and Vise Versa in case of Room Occupancy Rate.
3. It is revealed that Room Revenues to Total Revenue, Sales per Employee, Receivables Turnover, Age of the Hotel, Direct Labor Cost, Financial Expense, and Advertising Expense have relatively more influence on the profitability which are individually come from one of the four regression equations.
Finally the results of the profitability analysis by operation environmental factors are as follows:
In the financial factors, the average of chain hotels, Super deluxe hotels, downtown hotels, 20 year- to 30 year- hotels, and hotels having more than 300 rooms are higher than relatively the other hotels. In the cost factor, the average of chain hotels, Super deluxe hotels, riverside hotels, hotels having less than 10 years, and hotels having 500 rooms are higher that relatively the other hotels. In the aspect of profitability, downtown hotels are higher in ROI and riverside hotels are higher in ROE.
This study have following limitations:
First, when choosing the hotels which have identical operational environment, the model hotels were selected on the basis of area and grade, but non-mwasuring elements such as the quality of service and management, images of hotels, and the accounting policy including depreciation method cannot be controlled effectively.
Second, the financial information of sample hotels adopted data of reliable institutions, but there is a possibility of inaccuracy of the cost classification and sales data intrinsic to institutions themselves. Especially, the classification and analysis are conducted similarly in spite of the different accounting treatment among hotels.
Third, this study did not analyze the affecting factors on the profitability specifically of rooms and food and beverage divisions owing to the deficiency of detailed operational data. This can be considered as an important field of the future study for the responsibility accounting. In the direction of the future study, it shall be in need of examining the negative relationship of the profitability which is not explained in this study. Best examples are Room Revenue to Total Revenue, and Room Occupancy Rate. The relationship of Average Room Rate and Market Share to Market Power and Depreciation are called for more detailed analysis in the future study.
At the same time, only when all the accounting and operational data are fully opened, it is believed that more detailed and systematic profit management model or profit forecasting model can be developed. Therefore, it is desirable that the future study needs more interest in these field.