旅游企业上市规律的组织生态学分析——基于市场分割和政治关联的调节作用

Organizational Ecology Analysis of Listing Rules of Tourism Enterprises——Based on the Regulation of Market Segmentation Context and Political Connection

旅游企业上市的规律及其影响因素,是个尚待解决的问题。基于组织生态学理论,文章以2007-2016年中国旅游上市公司数据为样本,对旅游企业上市的规律进行探究。研究结果表明,旅游上市公司的种群密度与旅游企业的上市率呈倒U型关系,市场集中度与通用型旅游公司的上市率呈显著的负相关关系。市场分割在种群密度与旅游企业上市率的关系、市场集中度与通用型旅游企业上市率的关系均起正向调节作用,高管政治关联的调节效应则不显著。研究结果为企业选择进入合适的市场、政府引导投资与完善政策法规提供了现实指导意义。

The law of the listing of tourism enterprises and its influencing factors are still a problem to be solved. Based on the theory of organizational ecology,this paper takes the data of China's tourism listed companies from 2007 to 2016 as samples to explore the law of tourism enterprises’listing. The results show that the population density of tourism listed companies has an inverted U-shaped relationship with the listing rate of tourism enterprises,and the market concentration has a significant negative correlation with the listing rate of general tourism enterprises. Market segmentation plays a positive regulatory role in the relationship between population density and the listing rate of tourism enterprises,market concentration and the listing rate of general tourism enterprises,while the regulatory effect of executive political connections is not significant. The research results provide practical guidance for enterprises to choose the right market,government to guide investment and improve policies and regulations.