Research On The Influence Of Diversification On The Performance Of Tourism Listed Companies

Whether in foreign or domestic,diversification of enterprise is a universal management strategy.In twentieth Century 60-70 years,the western developed economies issued the anti-monopoly law,many enterprises started to expending the scale of diversification through asset reorganization and M&A,which created a large number of international enterprise group that its business scope covers many aspects of life.But in twentieth Century 70-90 years,the company had carried out twice large-scale separation which is called "Refocusing" trend.Some enterprises in developing countries also begun to return to the main industry and stripped irrelevant business,including South America and Southeast Asia.Many scholars have begun to study the impact of diversification on performance of enterprise,because of the different choice of the country,industry,the sample number and the use of methods,they reached the "diversification discount","diversification premium" and"diversification neutral" different conclusions.At present,the mainstream view of the academic circles in foreign or domestic is "diversification discount".The development of market economy in China have a short history,relevant laws and regulations are still not perfect and the government in the process of development has played an important role in Chinese enterprises,Which make an difference from our country to the western developed countries.The more developed the economy,the better development the tourism.Tourism economic activities related to various aspect of people's life including meal,accommodation,transportation,travel,shopping and entertainment etc.China's tourism listed companies generally have access to some industry,for example,science and technology,food production and sales and real estate and so on.Whether the diversification of China's tourism listed companies will also reduce corporate performance?According to this problem,this paper uses the method of literature analysis,factor analysis and regression analysis method and choose the annual data from 2010 to 2015 of 20 listed companies of tourism according to the needs of study.we constructs five the index system of the model to evaluate the company's performance including profitability,solvency,operation ability,development ability and social benefits.Then we use the factor analysis method to analysis and calculate the performance,finally obtains the comprehensive performance score.This paper uses the management unit number,Herfindahl Index,diversification dummy variables to measure the degree of diversification,while adding the size of the company,listed years,capital structure,growth ability and the flow rate to construct the regression model,to research the influence diversification on performance of tourism listed companies,and then conducted descriptive statistical analysis,correlation analysis,regression analysis,finally get the robustness test of research results.This paper is divided into seven chapters to discuss.The first chapter is the introduction,divided into five parts.We found the problem in the background of the study,leading to the theme of research that is relation of diversification and corporate performance.This paper summarizes the research on the relationship between the performance evaluation,the diversified management and the company's performance.And points out the theoretical and practical significance of this study,as well as research ideas,research methods and technical lines.Finally,it points out the innovation of this paper.The second chapter is the theoretical basis and the concept of definition.This paper summarizes the three aspects of enterprise strategy theory,stakeholder theory and transaction cost theory,and then defines the important concepts in the article,laying the foundation for the analysis below.The third chapter is the analysis of the development of China's tourism listed companies.Mainly from the overall size of China's tourism listed companies,regional distribution of two aspects of a comprehensive analysis of the card.The fourth chapter uses the method of factor analysis to analyze the performance of China's tourism listed companies and make a summary.The fifth chapter introduces the status of diversification of tourism listed companies in China,and then selects the evaluation indexes,and finally collects the data to analyze the diversification.The sixth chapter is the focus of the paper:the empirical analysis of the diversification of China's tourism market performance of listed companies.Starting from the background of the question,proceed with the study hypothesis.And then use the statistical knowledge and software to construct the diversified business to carry on the empirical analysis to the enterprise performance regression model,obtain the result and analyze,finally carry on the robustness test.Chapter seven is the conclusion and prospect.It mainly includes four parts:research conclusion,countermeasure suggestion,research limitation and research prospect.Through the systematic argumentation,this paper concludes that there is a significant negative correlation between the degree of diversification and performance of listed tourism companies,namely the higher degree of diversification,the performance of enterprise is low,the performance of enterprise specialization will be better than the diversification,which enrich the research scope of the impact of diversification on performance of enterprise.Based on this,the paper puts forward some countermeasures and suggestions to improve the performance of enterprises through reasonable control of diversification,the implementation of refocusing strategy and the cultivation of the core competitiveness of enterprises.