| 摘要: | 隨著國家發展，觀光旅遊已然成為經濟成長不可或缺的產業，而金融發展對於觀光旅遊業發展也會產生一定程度的影響。因此本文分別以外國觀光入境人數與觀光收入為衡量指標，聚焦於不同金融業發展對其影響力。針對全球48個高所得與15個低所得國家於2010-2019年資料，採用固定效果之追蹤資料模型方法來進行分析。本文實證結果發現，以入境人數來說，高所得國家的銀行業發展對其入境觀光人數有正向影響，但銀行業與非人壽保險市場間的交互作用卻對入境人數產生負向影響，可能是兩產業相互排擠資源所導致。低所得國家實證結果中，人壽保險發展有助於觀光人數的增加，銀行市場與股票市場的交互作用會對國際觀光人數產生負向影響，兩金融市場的互相排擠效應可能是當中原由。以觀光收入來說，在低所得國家中，銀行業和人壽保險市場以及非人壽保險市場對觀光收入影響效果皆為正向的，但股票市場影響卻為負向。值得注意地，低所得國家之不同金融業間的交互作用皆對觀光收入有顯著影響力，顯見低所得國家中不同金融產業彼此作用對其觀光收入影響的重要性。相較下，高所得國家中，除人壽保險對觀光收入有直接顯著負影響外，其餘金融部門影響力皆不顯著。各金融業交互作用中，除非人壽與銀行和股市分別有明顯證據外，其餘證據力皆不足。透過這些結果比較可知，金融發展與觀光業兩者關係在高低所得國家會有所差異。本文研究結果可供政府相關單位政策制定參考。
With the development of the country, tourism has become an indispensable industry for economic growth, and financial development also has a certain degree of influence on the development of tourism. Therefore, this paper takes the number of foreign tourist arrivals and tourism revenue as the indicators, and focuses on the influence of different financial industry development on the development of tourism. Aiming at the global 48 high-income and 15 low-income countries in 2010-2019, the fixed-effects tracking data model is used to analyze the data. The empirical results of this paper show that, in terms of arrivals, the development of the banking industry in high-income countries has a positive impact on the number of tourist arrivals, but the interaction between the banking industry and the non-life insurance market has a negative impact on the number of arrivals, which is probably due to the crowding out of resources by the two industries. In the empirical results of low-income countries, the development of life insurance contributes to the increase of tourist arrivals, and the interaction between the banking market and the stock market negatively affects the number of international tourist arrivals, which is probably due to the crowding out effect of the two financial markets. In terms of tourism income, in low-income countries, both the banking and life insurance markets and the non-life insurance market have a positive effect on tourism income, but the stock market has a negative effect. It is noteworthy that the interactions between different financial sectors have a significant impact on tourism income in low-income countries, which shows the importance of the interactions between different financial sectors on tourism income in low-income countries. In contrast, in the high-income countries, except for life insurance, which has a direct and significant negative impact on tourism income, the impact of the other financial sectors is not significant. Among the financial sector interactions, there is no significant evidence for non-life insurance except for banks and the stock market, respectively. Comparison of these results suggests that the relationship between financial development and tourism varies across high- and low-income countries. The results of this paper can be used as a reference for policy making by relevant governmental organizations. |
