An Study On The Relationship Among Diversification Strategy, Dynamic Capability And Firm Performance Of Tourism Listed Corporations

Since 1960s, the diversification strategy has been favored by global enterprises.Because of the advantages of optimizing the allocation of resources, decentralizing operational risks, achieving the scope of the economy, the establishing internal market. However, diversification strategy has always been a controversial topic. Because of the seasonality and integrity, tourism enterprises has the power to carry out diversified development. as a leading enterprise in the tourism industry, Tourism listed companies also implement a variety of attempts in diversification strategy in in recent years. However, the result is not always satisfactory. Therefore, analyzing the relationship between diversification strategy and enterprise performance from the theoretical and empirical perspective can provide the correct strategic choice for tourism listing Corporation. Putting the diversification strategy, dynamic capabilities and firm performance into a research framework can not only make up for the lack of tourism industry diversification performance research at the same time, but also explore how tourism listed company’s diversification strategy can influence firm performance. In the process of the implementation of diversification strategy, enterprise use moderation effect of dynamic capibility to strengthen enterprise strength, improve the performance of enterprises, to promote the healthy and sustainable development of tourism listing corporation.In this paper, we choose 24 tourism companies listed on the Shanghai stock exchange and the Shenzhen Stock Exchange as sample, use Guotaian database, Wind datebase and company annual reports to collect and sort the related data from 2007 to 2014 of 24 listed companies. On the foundation of theoretical analysis and research hypothesis,we choose ROE as a measure of corporate performance of the dependent variable, entropy index to measure the degree of diversification of enterprises, variance contribution rate method to measure the level of comprehensive dynamic capability. Using linear regression model analyze the relationship among diversification strategy, dynamic capabilities and firm performance, and the moderation function of dynamic capability. Through the research, it is found that the diversification of tourism listed Corporation is more common, but the degree of diversification is not high. Tourism listed Corporation’s dynamic ability is low, and the development is relatively slow. The degree of diversification of tourism listed Corporation has a significant negative impact on enterprise performance., unrelated diversification has a significant negative impact on enterprise performance.The dynamic capability of tourism listed Corporation has a positive impact on enterprise performance. Dynamic capability has a significant positive moderating effect on the relationship between enterprise diversification and performance, which can make up the negative effect brought by the implementation of diversification strategy.Therefore, tourism listed corporation should not expanded blindly in the pursuit of the hot market, should attach attention to their main business, tap the potential of tourism industry, to obtain greater development space. Enterprises should improve the level of corporate governance to cultivate a good organization environment for the implementation of dynamic capabilities and diversification strategy. In the process of the implementation of the diversification strategy, tourism listed Corporation shoule pay attention to the cultivation of its dynamic capability, makes the enterprise resources and management level and diversification strategy to match, reduce the cost of diversification, improve enterprise performance.