利益相关者视域下中国旅游上市企业效率研究——基于超效率DEA-Tobit两步法分析

Research on Efficiency of Listed Tourism Companies in China based on the Perspective of Stakeholders:the Two-step Method based on Super-efficiency DEA-Tobit Analysis

当价值创造取代价值捕获时,企业价值的实现越来越依赖于利益相关者之间的高效合作。过往研究多从空间维度对旅游效率进行评价和研究,鲜有从利益相关者的视角衡量旅游企业的可持续价值创造能力。借鉴利益相关理论,基于超效率DEA-BCC思想对我国29家旅游上市公司展开效率评价,解决了传统研究中无法对有效率的单元进一步排序的弊端。进而通过Tobit模型的回归分析发现:(1)在价值创造视域下,利益相关者关系作为关键变量,是影响我国旅游上市企业效率的核心因素;(2)债权人关系对企业效率有显著的负向影响,而顾客关系、供应商关系均显著性地促进旅游上市企业效率提升,股东关系、员工关系、管理者关系和政府关系则对旅游上市企业效率提升影响不显著。

When value creation replaces value capture,more and more companies realize the value of efficient cooperation between the stakeholders.Previous studies mostly focus on the study on efficiency evaluation and spatial dimension of tourism.From the stakeholder perspective few sustainable tourism enterprises have the ability to create value.Referring to the stakeholder theory,contract theory and prospect theory,based on a super efficiency DEA-BCC efficiency evaluation on 32 tourism listed companies in China,the paper effectively solves the sort of disadvantage.Then Tobit model of regression analysis found that：（1）From the perspective of value creation,and stakeholder relationships as the key variable is the key factor in the efficiency of China＇s listed tourism companies;Shareholders have a significant negative impact on enterprise efficiency,employee relations,customer relations and government relations to promote efficiency of listed tourism companies were significantly improved.Shareholders have a significant negative impact on enterprise efficiency,employee relations,customer relations and government relations to promote efficiency of listed tourism companies.