Research On The Influence Of Diversified Strategy On Performance In Tourism Listing Corporations

Since the diversified strategy came into being, it has drawn high concern and controversy. The existed theoretical and empirical researches, which are related to diversified strategy and performance, are either based on mature Western market economy, or the first industry and second industry back ground inemerging market economies. However, whetherthe basic conclusions drawn above are applicable to strategic behavior of tourism enterprises in transition economies, like China, needs to be tested and verified.In view of this, choosing dates from 2009 to 2013 in the Chinese Tourism listed Corporations to have an empirical analysis. Constructing a theoretical model based on the formation of the impact of diversified strategy on performance, in which the diversified strategy is divided into two dimensions of the degree and the type, which are measured by the entropy index and the method of Rumlet respectively, and the performance measured by thetecnical efficiency by DEA.The main conclusions are as follows:(1) Diversified strategy degree and return on equity both have a positive influence on technical efficiency (T.E.), and the regression coefficient is 0.103,2.069 respectively, but the level of debt does the reverse with the regression coefficient-0.559. (2) The Corporations with the diversified related strategy have the highest technical efficiency (T.E.), then the leading strategy, the diversified unrelated strategy is the worst. (3) Diversified strategy degree (D.T.) grows significantly, and the distribution shows a structure characteristics of spindle. (4) Diversified strategy types show a correlation feature, and this characteristic presents a strengthening trend over the analysis period. (5) The corporation numbers of Technical efficiency (T.E.) efficiency has a small increase, but the corporation names fluctuate obviously. Among which the comprehensive corporations do the best, on the contrary, hotels and restaurants do the worst. Based on these conlusions, some theritcal suggestions are made to avoid the risks of carrying out diversified strategy, such as enhancing the core competitiveness of enterprises, selecting diversified related strategy and strengthening the process management. These conclusions will have a certain theoretical value and strong practical significance to further study the relationship between diversified strategy and performance.