旅游上市公司多元化与经营绩效研究

发布时间：2018-07-17 05:59

【摘要】：改革开放以来,中国社会经济发展取得了举世瞩目的成就。经济的腾飞带动了旅游业的迅速发展,使之成长为中国第三产业中最具活力与潜力的新兴产业。旅游业的良好发展势头为旅游企业特别是旅游上市公司的发展创造了前所未有的发展机遇,但激烈的竞争环境也为旅游上市公司的经营管理带来了更多的挑战。旅游业的经营者开始将目光聚集到公司多元化经营战略上来,但多元化经营战略能否如企业所愿巩固和提高实力,带来经营绩效的增长,是本文研究的重点内容。本文由六部分组成。首先,对国内外公司多元化与经营绩效关系的研究文献进行梳理概述。其次,在分析旅游上市公司多元化经营的基本现状基础上,整理归纳出旅游上市公司多元化经营的实施路径和四种常见经营模式：“旅游+地产”模式、“旅游+信息技术”模式、“旅游+交通运输”模式、“旅游+文化产业”模式,并结合相关的案例阐述。然后,在理论研究基础上,结合我国旅游行业的特征和多元化经营现状提出假设：我国旅游上市公司多元化与经营绩效正相关。基于假设,本文以我国沪、深两市21家旅游上市公司为研究对象,对其2001-2007年的行业收入构成及相关财务数据进行系统整理,以经营单元数N、赫芬达尔指数H、专业化率SR作为衡量公司多元化的自变量,分别以净资产收益率ROE、总资产收益率ROA、每股收益EPS作为衡量公司经营绩效的因变量,采用相关性分析和线性回归方法对企业多元化程度同企业经营绩效之间的关系进行检验,通过研究发现：①中国旅游业上市公司中超过七成企业采取了多元化经营战略,但多元化程度不高；②公司的多元化程度与其经营绩效正相关,而且多元化经营有助于提升公司的经营绩效。最后,在前文研究基础上,本文对旅游上市公司的多元化经营提出了优化建议。
[Abstract]:Since the reform and opening up, China's social and economic development has made remarkable achievements. The rapid development of tourism has made it the most dynamic and potential emerging industry in China's tertiary industry. The good development momentum of tourism has created unprecedented opportunities for the development of tourism enterprises, especially tourism listed companies, but the fierce competitive environment has also brought more challenges to the management of tourism listed companies. The operators of tourism begin to focus on the diversification strategy of the company, but whether the diversification strategy can consolidate and improve the strength as enterprises wish to bring about the growth of business performance is the key content of this paper. This paper consists of six parts. First of all, the research literature on the relationship between diversification and business performance at home and abroad is summarized. Secondly, on the basis of analyzing the basic situation of the diversified management of the tourism listed companies, the paper summarizes the implementation path of the diversified management of the tourism listed companies and four common operating modes: the "tourism real estate" mode. "Tourism Information Technology", "Tourism Transportation", "Tourism Culture Industry", and related cases. Then, on the basis of theoretical research, combined with the characteristics of China's tourism industry and the status quo of diversified management, the hypothesis is put forward: diversification and operating performance of listed tourism companies in China are positively related. Based on the hypothesis, this paper takes 21 tourism listed companies in Shanghai and Shenzhen stock markets as the research objects, and systematically collates the industry income structure and related financial data from 2001 to 2007. With the number of operating units N, Hefendal index H, specialization rate SR as the independent variables to measure the diversification of the company, the return on net assets ROE, the total return on assets Roa, EPS per share as the dependent variables to measure the performance of the company. The correlation analysis and linear regression method are used to test the relationship between the degree of diversification and the performance of enterprises. It is found that more than 70% of the listed companies in China's tourism industry have adopted the strategy of diversification. However, the degree of diversification is not high and the degree of diversification is positively related to its operating performance, and diversification helps to improve the performance of the company. Finally, on the basis of the previous research, this paper puts forward some suggestions on the diversification of tourism listed companies.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.3;F592.6

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