政治关联、真实盈余管理与旅游企业多元化经营

Political Association,Real Earnings Management and Tourism Enterprises' Diversified Management

多元化是企业经营发展到一定阶段后,跨产品或跨行业涉足另外一种产品或行业的一种经营模式。近年来,随着中国经济的发展,旅游行业获得了较快的发展,但由于"自由行"概念以及移动互联网技术的发展,旅游企业也受到了明显的冲击,面临需要以多元化经营寻找新的经营手段、新的经营方式,从而获得新的利润增长点的问题。因此,利用2007—2014年间205个中国旅游行业上市公司样本,我们可以实证检验政治关联、真实盈余管理对旅游行业上市公司多元化经营的影响。研究发现:相较于无政治关联的旅游行业上市公司,政治关联的旅游行业上市公司的多元化程度更高,而真实盈余管理程度越高,则多元化程度会更低;考虑真实盈余管理的中间作用后发现,政治关联对多元化的影响被制约了,而且在不同政治关联程度的旅游行业上市公司中,真实盈余管理对多元化的影响程度也存在差异。

Diversified management is a cross-product and cross-industry mode of operation an enterprise adopts when it has developed to a certain stage. In recent years,with the development of China’s economy,tourism industry has obtained rapid development,but the concept of“individual tours”and the advancement of mobile Internet technology have a remarkable impact on the tourism enterprises. They have to find new profit growth points through new management means and methods. This paper,which uses the samples of 205 listed tourism companies in China during the 2007-2014 period,empirically tested the influence of political association and real earnings management on the travel enterprises’diversified management. The study finds that,compared with listed companies with no political association,politically associated companies’have a higher degree of diversification and that the higher the degree of real earnings management,the lower the diversification. Taking into consideration the real earnings management’s intermediate role,the paper finds that the influence of political association on diversification is restricted,and the influence of real earnings management on diversified management varies in companies with different levels of political association.