管理层社会资本、多元化经营与公司风险——以旅游业上市公司为例

Social Capital,Diversification Strategy and Corporate Risk——A Case Study on China Listed Tourism Companies

以2005-2014年沪深旅游上市公司为例,研究管理层社会资本、多元化经营与公司风险三者之间的相互关系。实证结果表明,旅游业上市公司管理层社会资本对公司多元化经营有着推动作用;多元化经营会使得公司面临经营风险和财务风险;虽然多元化经营可能会导致公司风险,损害公司利益,但是管理层的社会资本能使公司的资源与多元化经营更加匹配,减小多元化对公司的不利影响。

This paper uses 2005- 2014 listed Tourism Companies,researching the relationship about management social capital,diversification strategy and corporate risk. The empirical results show that the management social capital of the listed tourism corporation has a driving effect on the diversification of the company; diversification makes the company face the operating and financial risks which causing the company＇s risk. Although diversification may cause the corporate risk,and damage the company＇s interests,management social capital can make a closer match to the corporate resources and diversification,as well as reduce the adverse impact on the company＇s diversification.