旅游上市公司多元化与成本效率关系研究

发布时间：2018-04-18 02:05

本文选题：旅游上市公司 + 超越对数成本函数　；参考：《江南大学》2013年硕士论文

【摘要】：旅游业作为第三产业的重点，对于区域经济的发展及就业的改善具有十分重要的作用。但是，在当前行业快速发展的形势下，部分旅游上市公司却存在经营状况不佳的情况。成本效率包含技术效率及配置效率，从投入产出的角度反映企业经营状况，是衡量企业竞争力的有效工具。要实现旅游业的可持续发展，必须提升旅游企业的成本效率。由于旅游业自身具有综合性和整体性特点，同时又容易受季节因素及各类不确定因素的影响，因此，旅游上市公司多通过实施多元化战略来提升自身竞争力及规避风险。旅游上市公司选择的多元化战略类型及程度的不同，，对成本效率的影响也不同。因此，测算旅游上市公司的成本效率，探究不同多元化战略及程度对成本效率的影响，对旅游上市公司选择合适的多元化道路具有十分重要的意义。本文以2005年之前上市的旅游企业作为研究对象，采用基于超越对数成本函数的随机前沿方法，考察不同多元化战略类型及程度对成本效率的影响。文章首先是对多元化及成本效率的相关理论及文献进行回顾。通过对多元化折溢价效应的理论分析发现多元化无好坏之分，取决于多元化带来的投入增加与产出增加之间的比较。对于实施不同多元化战略类型及程度企业来说，其成本效率存在差别。其次，文章对旅游上市公司多元化的现状进行分析。旅游上市公司多元化经营范围较广且变动频繁，房地产取代高科技成为新的亮点。企业多元化程度年度波动频繁但差异不显著，而个体差异显著，并从战略角度对旅游上市公司进行了分类。此外，研究发现，旅游上市公司实施相关多元化战略主要出于追求协同效应的动机，而实施非相关多元化战略主要出于风险分散的动机。再次，文章结合理论分析及旅游上市公司多元化的现状提出了假设，选取人力资本、固定资产及经营支出作为企业投入，选取主营业务收入作为企业产出，构建了成本效率的测算模型；选择多元化熵指数DT及其他控制变量构建了多元化对成本效率的影响模型。实证结果表明：对于实施不同多元化战略类型旅游上市公司来说，方差分析结果P值小于0.05，说明三组数据存在显著差别，且实施相关多元化战略企业的成本效率均值要优于非相关多元化和低度多元化企业。对于实施相关多元化战略企业来说，其多元化程度对企业成本效率影响为正；而对于实施非相关多元化战略企业来说，其多元化程度对成本效率影响为负。最后，结合多元化经营成本效率的其它影响因素，对旅游企业多元化战略的选择及实施的注意点提出若干建议。
[Abstract]:As the focus of the tertiary industry, tourism plays an important role in the development of regional economy and the improvement of employment.However, in the current situation of rapid development of the industry, some tourism listed companies have poor operating conditions.Cost efficiency, which includes technical efficiency and allocation efficiency, is an effective tool to measure the competitiveness of enterprises.In order to realize the sustainable development of tourism, the cost efficiency of tourism enterprises must be improved.Since tourism has its own comprehensive and holistic characteristics, but also vulnerable to seasonal factors and various uncertain factors, tourism listed companies through the implementation of diversification strategy to enhance their competitiveness and avoid risks.Different types and degrees of diversification strategies of tourism listed companies have different effects on cost efficiency.Therefore, it is of great significance to estimate the cost efficiency of tourism listed companies and to explore the impact of different diversification strategies and degrees on cost efficiency, which is of great significance for tourism listed companies to choose the right way of diversification.Based on the stochastic frontier method based on the logarithmic cost function, this paper investigates the effects of different types and degrees of diversification strategies on the cost efficiency of tourism enterprises listed before 2005.Firstly, this paper reviews the theory and literature of diversification and cost efficiency.Through the theoretical analysis of diversification discount premium effect, it is found that diversification is not good or bad, but depends on the comparison between the increase of input and the increase of output brought by diversification.For enterprises with different diversification strategies and degrees, there are differences in cost efficiency.Secondly, the article analyzes the status quo of tourism listed companies diversification.Tourism listed companies diversification range and frequent changes, real estate to replace high-tech as a new bright spot.The diversification degree of enterprises fluctuates frequently, but the differences are not significant, but the individual differences are significant, and the tourism listed companies are classified from the strategic point of view.In addition, the study found that tourism listed companies to implement related diversification strategy mainly out of the pursuit of synergy, while the implementation of non-related diversification strategy mainly out of the motivation of risk diversification.Thirdly, combined with the theoretical analysis and the current situation of tourism listed companies, the paper puts forward the hypothesis, selects human capital, fixed assets and operating expenditure as enterprise input, and selects the main business income as enterprise output.The cost efficiency model is constructed, and the diversification entropy index DT and other control variables are selected to construct the model of the influence of diversification on cost efficiency.The empirical results show that: for tourism listed companies with different diversification strategies, the ANOVA results are less than 0.05, which indicates that there are significant differences among the three groups of data.And the average cost efficiency of implementing related diversification strategy is better than that of non-related diversification and low diversification.The degree of diversification has a positive effect on the cost efficiency of the enterprises in implementing the related diversification strategy, while the diversification degree has a negative impact on the cost efficiency for the implementation of the non-related diversification strategy.Finally, combined with other factors affecting the cost efficiency of diversification, some suggestions on the selection and implementation of diversification strategy for tourism enterprises are put forward.
【学位授予单位】：江南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F592.6

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