旅游上市公司战略选择与经营绩效的实证研究

发布时间：2018-01-16 14:22

本文关键词：旅游上市公司战略选择与经营绩效的实证研究　出处：《成都理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：1962年高特第一个研究了多元化经营企业的经营绩效，并在其《美国工业中的多元化与一体化》一书中，以四位数行业分类方法为依据，区分了企业多元化的程度，但研究证明：现实的多元化经营和企业经营绩效之间并不存在明显相关性。之后，鲁梅尔特在1974年对美国大企业在1949-1969年间的多元化经营发展中研究发现，围绕核心技能（Core Skills）的多元化经营企业，，即相关多元化经营的企业，具有更好的经济绩效，而实施非相关多元化经营的企业则没有这种经济绩效。直到上世纪90年代中期，马凯兹和威廉姆森对1981年世界500强企业进行了随机抽样分析，抽样得到的200家企业，发现超过最优多元化经营的企业如果采用战略相关程度实施企业归核化经营战略可以提高企业的经济绩效。企业究竟是选择多元化经营还是归核化经营，这个问题随着时间的推移，也逐渐摆上了企业战略选择的日程。很多研究表明，运用公司战略管理观念的企业比不采用战略管理观念的企业更能盈利，更容易成功。关于上市公司的战略选择与经营绩效问题，国内外学者都有较为深入的研究。这些研究涉及一大批处于不同环境和不同发展阶段下的经营企业，并采用了多种不同的分析方法和技术。作为先导产业之一的旅游业，在管理模式和企业组织形式上，普遍遵循市场经济的特有规律来运行。我国的旅游上市公司也形成了旅游板块，在中国证券市场占据一席之地，旅游企业逐渐走向成熟。但是诸如科学城、ST零七、ST张家界和ST东海等经营业绩不佳导致停牌或是被ST的上市公司的案例也很多，这些案例或多或少与企业的战略选择有直接或间接关系。因此，无论是在公司层战略选择还是公司的竞争层面，公司的战略选择与经营绩效的研究始终是一个非常重要的问题。由于之前的学者研究的都是企业多元化与经营绩效或是归核化与经营绩效，本文综合考虑企业的多元化和归核化与经营绩效的关系，将要分析的是，2006年至2010年旅游上市公司的战略选择是什么样的状态，高度归核化、低度归核化、非相关多元化、相关多元化对企业经营绩效的影响是激励效应还是壁垒效应？本文以我国深沪两市上市的A股公司中的旅游上市公司2006-2011年连续六年的数据作为样本，期望通过旅游上市公司公布的数据来研究分析不同类型公司层战略选择对经营绩效影响的差异等问题。在具体的实证研究过程中，首先运用SPSS17.0统计软件对137家样本公司的总体数据进行描述性统计分析，初步描述了我国旅游上市公司不同战略选择对经营绩效影响的总体分布情况。然后再通过相关性分析和回归方法，对这些初步的分析结果进行深入的回归分析并作稳健性检验，以期为本文的理论假设提供在统计意义上，更为普遍和精确可信的统计检验。分析结果表明：（1）旅游上市公司相关多元化经营绩效优于非相关多元化经营绩效。即旅游上市公司在多元化经营的扩张中，选择旅游相关产业的多元化经营能够给旅游企业带来更大利润，使旅游上市公司的经营绩效更佳。（2）旅游上市公司归核化程度与经营绩效呈显著正相关关系。说明旅游上市公司在归核化途中，应注重归核化程度，归核化程度越高，经营绩效越好。（3）旅游上市公司在战略选择中，选择相关多元化的经营绩效最优。对于不同的公司层战略选择，选择相关多元化的经营绩效整体优于非相关多元化经营绩效，优于高度归核化经营绩效，优于低度归核化经营绩效。说明不同类型的战略选择对公司经营绩效的影响有差异。这可能是因为对于选择了相关多元化战略的旅游上市公司来说，掌握了相关管理经验和拥有市场核心竞争力，越有利于经营绩效的提升。
[Abstract]:1962 m.fort first studied the diversification of business performance, and in the United States in the "industrial diversification and integration" in the book, four digit industry classification as the basis, the distinction between the degree of diversification, but the study shows that there is no obvious correlation between diversification and corporate performance in reality. Later, Rumeal Te was found in 1974 to the United States big business in 1949-1969 years of diversified development, around the core skills (Core Skills) of the diversified enterprises, namely the related diversification of enterprises, it has better economic performance, and the implementation of non related diversification enterprise is not the economic performance.
Until the last century the mid 90s, Ma and Williamson Katz were analyzed by random sampling in 1981 the world's top 500 enterprises, 200 enterprises have found that more than the optimal sampling, the diversification of the enterprise if the degree of implementation of the strategy refocusing strategy can improve the economic performance of enterprises.
What is the choice of enterprise diversification or refocusing, the problem with the passage of time, gradually put on the agenda of corporate strategic choice. Many studies show that the use of corporate strategic management concepts of enterprise more profitable than the strategic management idea of the enterprise, the more successful. The strategic choice and performance of listed companies, domestic and foreign scholars have done in-depth research. These studies involved a large number in different environment and different stages of development of enterprises, and the analysis of different methods and techniques.
As one of the leading industries in the tourism industry, the management mode and organization form, special rules generally follow the market economy to run. China's tourism listed companies also formed the tourism sector, occupy a space for one person in the China stock market, tourism enterprises gradually mature. But as the Science City, ST 07, ST and Zhangjiajie ST East China Sea and other poor operating results resulting in the suspension or by the ST listed companies, there are many cases, these cases are more or less directly or indirectly related to the strategic choice of enterprises. Therefore, whether in the corporate strategy selection or competition level, strategic choice and business performance of the company is always a very an important problem because of scholars before are business diversification and business performance or refocusing and operating performance, considering the enterprise diversification and refocusing The relationship between business performance and business performance will be analyzed from 2006 to 2010. What is the strategic choice of the listed companies? What is the state of the strategic choice of the listed companies? Whether highly refocusing, low refocusing, and unrelated diversification?
This paper takes Tourism Listed Companies in China two cities of Shenzhen and Shanghai listed A shares in the company for six consecutive years 2006-2011 data as samples to analyze different types of corporate strategy selection between the impact on business performance by the tourism listed companies released data expectations.
In the empirical research process, first carries on the descriptive statistical analysis using SPSS17.0 statistical software to 137 Sample Firms general data, a preliminary description of the overall distribution of impact on the performance of different strategic choices of the listed tourism companies in China. Then through correlation analysis and regression method, regression analysis deeply on the preliminary the analysis results and the robustness test, in order to provide the theoretical assumptions in the statistical sense, more universal and accurate and reliable statistical test.
The analysis results show that: (1) the tourism listed companies diversified business performance than non diversified business performance. The listed tourism companies in the diversified business expansion, diversification of tourism related industries will bring more profits to the tourism enterprises, the tourism performance of listed companies is better. (2) listed tourism companies the degree of refocusing and operating performance is positively related. Tourism Listed Companies in refocusing on the way, should return to the nuclear injection level, the higher the degree of refocusing and operating performance is better. (3) the tourism listed companies in the strategic choice, choose the optimal business performance of related diversification for different. Corporate strategy selection, performance related diversification is better than non related diversification performance, better than the height of refocusing performance is better than the low refocusing performance. Different The influence of strategic choice on company performance is different. This may be because, for those listed companies that choose related diversification strategies, they have the relevant management experience and the core competitiveness of the market, which is more conducive to the improvement of business performance.

【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F592.6;F224

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