多元化类型与旅游企业价值关系研究

Relationship between Types of Tourism Diversification and Tourism Enterprise Values

文章以2003～2010年17家旅游上市公司为研究对象，采用关联比例作为多元化类型的代理变量衡量相关多元化程度，以资产收益率衡量企业价值，运用面板数据回归和二阶段最小二乘法，探讨哪种多元化类型更有利于促进旅游企业价值，以及哪些因素影响旅游企业多元化类型的决策选择。实证表明：股权集中度、企业价值对旅游企业相关多元化具有显著正向影响，国有股比例、资源可转移性、公司规模和公司年龄对旅游企业相关多元化具有显著负向影响；在外生性视角下，相关多元化对旅游企业价值具有正向影响，存在2．6％的相关多元化溢价效应；在内生性视角下，相关多元化对旅游企业价值的正向促进作用进一步提升，相关多元化溢价效应为9．7％。

Studies indicate that diversification promotes tourism enterprises. The different types of diversification need to be classified to determine which type is better for tourism enterprises. Most scholars deem that related diversification is better than unrelated diversification in terms of their impacts on tourism enterprise values; however, few empirical results support this hypothesis. Most existing studies distinguish all types of diversification as exogenous variables, and use cross-sectional methods in the analysis. Based on the data from 17 listed tourism companies （sourced from the Classification of Industry and Index of Listed Companies of Security Authorities） collected between 2003 and 2010, we explore which type of diversification （related vs. unrelated） leads to increased tourism enterprise values, and what factors influence diversification decisions. We found that businesses that had direct correlations as related diversification businesses, and those that did not as unrelated diversification businesses. For instance, hotels and travel agencies were related diversification businesses, whereas hotels and information technology systems used in tourism companies were unrelated diversification businesses. We used the related ratio as the variable to measure the extent of related diversification, and return of asset to measure enterprise values. Based on theoretical analyses, we show that decisions of diversification types made by Chinese tourism companies are affected by residual free cash flow, the proportion of state-owned shares, ownership concentration, operational risk, tourism enterprise values and resource transferability. We investigate the relationship between these factors and analyze how decisions of diversification types are made. We conclude that low levels of related diversification in tourism enterprises when tourism companies have large amounts of residual free cash flow, when the ownership concentration is low or when a high proportion of shares are state-owned. Tourism companies that take high operational risks and that have greater transferable resources also have low levels of related diversification. However, when tourism enterprise values are high, related diversification in tourism enterprises is also high. There is a premium effect （that is, an enterprises＇ promotion value increases ） of related diversification of tourism enterprises. If we consider diversification type as an endogenous variable, then the premium effect of related diversification of tourism enterprises is enhanced. Our empirical study indicates that ownership concentration and tourism enterprise value have a positive impact, and the proportion of state-owned shares, resource transferability, company size and company age have a negative impact on the extent of related diversification of tourism companies. Decisions of diversification types made by tourism companies are affected by company characteristics. If diversification type is considered as an exogenous variable, there is a positive correlation between the related diversification in tourism companies and tourism enterprise values. However, if diversification types is an endogenous variable, then related diversification in tourism companies promotes tourism enterprise values to a greater extent. The latter outcome gives a more genuine description of the actual relationship between tourism diversification types and tourism enterprise values. Related diversification promotes the value of tourism enterprises. It is important to prioritize related diversification options and integrate and coordinate all diversified businesses. This ensures that tourism enterprises cultivate competitiveness.