Table 2.
Variables and descriptive statistics.
| Unit | Definition | Obs. | Mean | Std.Dev. | Min. | Max. | |
|---|---|---|---|---|---|---|---|
| Output | |||||||
| Total revenue | ten thousand yuan | Total revenue of star-rated hotel industry | 450 | 562733 | 614844 | 9817 | 2953663 |
| Inputs | |||||||
| Capital | ten thousand yuan | Gross fixed assets of star-rated hotel industry | 450 | 1352413 | 1351178 | 31662 | 7455876 |
| Labor | person | The total number of employees | 450 | 48863 | 36930 | 3048 | 188642 |
|
Explanatory variables Core explanatory variables | |||||||
| Tourism Specialization | ---- | The ratio between total tourism revenue and gross domestic product | 450 | 0.104 | 0.052 | 0.017 | 0.333 |
| Market Competition | per hotel/ten thousand persons | The ratio of number of star-rated hotels over regional total population | 450 | 0.050 | 0.041 | 0.005 | 0.238 |
| Control variables | |||||||
| FTDD | ---- | Foreign trade dependent degree | 450 | 0.317 | 0.366 | 0.015 | 1.711 |
| FSH | ---- | The number of five-star hotels | 450 | 14.896 | 18.112 | 0.000 | 102.000 |
| ACP | ---- | Anti-corruption policy | 450 | 0.200 | 0.400 | 0 | 1 |
| PGDP | ten thousand yuan | Per capita gross domestic product (in logarithm) | 450 | 9.695 | 0.640 | 8.006 | 11.064 |
| POP | ten thousand persons | Population size (in logarithm) | 450 | 8.152 | 0.758 | 6.260 | 9.292 |
| TA | km./sq.km. | Transportation accessibility | 450 | 0.216 | 0.159 | 0.009 | 0.778 |
| SARS | ---- | Severe acute respiratory syndrome | 450 | 0.067 | 0.250 | 0 | 1 |
Note: the measurements of output and input variables are rounded to the nearest whole number, and the measurements of explanatory variables are rounded to three decimal places.