Research on the Influence of Business Convergence of Listed Tourism Companies on Enterprise Performance

Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.

Influence of increased shares on the performance of liquor listed companies:A factor-based analysis

With the gradual deepening of the reform of the shareholding system,more and more shareholders of listed companies have taken measures to increase their shareholdings to absorb capital,while at the same time achieving the purpose of delivering good news to the market.This article uses the liquor industry as an analysis sample to build six categories of enterprise performance index evaluation systems for debt solvency,development capability,operating capability,per share capability,cash flow capability and profitability.Through factor analysis,it has been shown that the increase in shares of liquor listed companies can improve the performance of enterprises to a certain extent,but the effect of the increase in shares is also affected by other factors such as the size of the enterprise,the operation and management of the company,and the image of the product market.According to the empirical conclusion,it is proposed that on the one hand,the company should increase its shareholdings reasonably according to the company’s own situation.On the other hand,it needs to focus on the current problems of the enterprise and properly solve the current dilemma of the enterprise.Finally,according to the degree of impact of various indicators involved in the empirical test on corporate performance,it is believed that liquor listed companies need to focus on optimizing corporate asset structure and improving product sales,and on the basis of improving profitability and asset return,they should pay attention to corporate cash flow.

Effects of Managers＇ Self-interest Motivation on Listed Company＇ s Business Performance

In recent years, managers＇ self-interest motivation has been attracting more and more attention from both the academia and practice.Therefore, the ways and depth of managers＇ self-interest motivation influencing listed companies＇ operating performance has become a hot research area with important theoretical and practical significance. Based on the samples of A-share companies listed in Shanghai and Shenzhen stock exchange during 2012-2014. we studied different effects of managers＇ self-interest motivation on listed company＇s business performance under different situations.The innovation of this paper mainly lies in the following two points： on the one hand, we did not adopt the previous research methods which does not distinguish different kinds of company＇s business performance. Therefore, we divided business performance into two types firstly, then we made empirical text of the influences of managers＇ self-interest motivation on business performance by virtue of Hausman Model and drew related conclusions under different situations of operating performance. On the other hand, the index measuring managers＇ self-interest is relatively new.

Possibilities of Business Restructuring Under the Recession

The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions. The pessimistic expectations of entrepreneurs concerning product demand leads to falling direct investment into business despite unlimited investment opportunities due to the developed capital markets nowadays. As a result it has created the opportunity for the development of such business restructuring types as mergers and acquisitions. Potential investors are different and their investment motivation is different, but the goal is the same--to increase the value of the business and its efficiency as a result of mergers and acquisitions. Utilizing borrowed capital for acquisitions of enterprises has many advantages. However, purchasable enterprises are exposed to several financial risk factors.

Implementation of the Attributes of Exponential Organization by Jordanian Services Companies

This research is examining the degree of implementation of the attributes of exponential organization by Jordanian services companies listed on Amman Stock Exchange(ASE);around 68 companies will be examined,through their annual changes of their increase on their budget over the last 11 years.The change and increase of their annual budgets or the total value of these companies will be a great indicator for exponential trend and behaviour of these companies.The study is an attempt to examine the degree that companies listed in ASE follow internal characteristics of EXOs developed by Ismail Salim and do the capital structure of EXOs differed from the capital structure listed in ASE.

营商环境距离提升了跨国企业的创新绩效吗?——双向研发与华人移民网络视角

新兴经济市场跨国企业的对外直接投资面临着投资合法性的现实挑战,造成海外子公司逆向技术溢出效应程度偏低。以沪深A股上市公司为研究对象,从母公司国内国际双向研发视角研究营商环境距离对母公司创新绩效的影响机制,并进一步讨论移民网络及其异质性特征对营商环境距离和母公司双向研发二者关系的调节效应。研究结果表明:营商环境距离正向影响企业的创新绩效,即差异化的营商环境更利于撬动海外子公司的逆向技术溢出;母公司吸收能力与研发国际化能力在营商环境距离对母公司创新绩效的影响中起到部分中介作用;移民网络能够增强营商环境距离和企业双向研发的关系,且高技能移民网络的强化效应更显著。

以资产价值创造为中心的国际石油公司多维绩效管理体系研究

在高质量发展的时代背景下,全面加强预算绩效管理已经成为深化预算制度改革的重点内容。中国企业绩效管理发展历程分为人事考评、绩效考核、绩效管理、战略绩效管理、价值绩效管理这5个阶段。为了发挥出绩效管理应该具有的价值创造导向作用,本文提出一套新的多维绩效管理体系,通过在资产单元层面建立业务、计划、指标3个维度的评价描述,确定资产单元在短、中、长期的经营重点任务、关键指标和量化目标,构建以资产价值创造为中心的价值绩效管理体系。在某海外项目和公司总部两个层级的应用实例表明,该方法能统筹战略执行和财务业绩,有利于公司价值投资增长,实现用增量带存量、向管理要效益的高质量发展之路。

旅游上市公司经营绩效影响因素的实证研究

本文运用描述性统计、多元线性回归分析法对沪深A股的26家旅游上市公司的经营绩效及其影响因素进行实证分析。结果发现:旅游上市公司经营绩效受到公司规模的显著正向影响;旅游上市公司经营绩效受到营运能力的显著正向影响;旅游上市公司经营绩效受到成长性的显著正向影响;而高管激励对旅游上市公司经营绩效的影响不显著。

我国上市房地产企业多元化战略对企业绩效的影响研究

基于我国A股上市房地产企业2013-2020年的面板数据,从业务多元化和区域多元化两个维度分析多元化战略对企业绩效的影响。研究表明:房地产上市企业业务多元化和区域多元化之间存在显著的互补效应;两个维度的多元化战略对企业绩效呈显著的负向影响。同时,业务多元化和区域多元化的交互作用对企业绩效有显著的正向影响,说明业务多元化和区域多元化二者存在协同效应。

七大国际石油公司2022年经营业绩与战略动向

在2022年油气市场宽幅波动背景下,七大国际石油公司普遍呈现较好业绩,收入、净利润和自由现金流均大幅上涨。但高额经营收益并未完全转化为对投资行为的激励,储产量甚至出现逆势回落。这主要归因于俄乌冲突爆发后国际石油公司退出俄罗斯投资业务,同时七大国际石油公司维持谨慎的财务和资本支出政策,一方面继续偿债降杠杆策略,通过股票回购和派息持续加大股东回报,另一方面严格执行既定资本支出计划,在油气上游领域资产交易金额也出现下降且维持净卖家地位,但低碳和新能源资产交易金额持续增长。在当前经营业绩良好、中长期面临低碳转型压力的背景下,七大国际石油公司持续实施油气上游业务“归核化”战略,增强资产韧性、提升抗风险能力,有序能源转型的综合战略。

企业科技实力、供应链敏捷性与物流绩效的关系研究

随着科技的进步,我国制造业开始由传统制造向智能化制造转变,智能化制造成为我国未来重要的发展方向。为了分析企业科技实力、供应链敏捷性与物流绩效的关系,以制造型企业为主要调查对象,构建实证分析模型,结果表明:企业的科技实力对物流绩效、供应链敏捷性有显著的促进作用;供应链敏捷性对物流绩效有着显著的正向影响,在企业科技实力与物流绩效之间发挥中介作用。

会计准则变更对上市公司经营绩效的影响研究

主要从理论分析和实证案例两个方面研究了会计准则变更对上市公司经营绩效的影响,首先阐述了会计准则变更的概念、原因、分类和影响因素,其次探讨了会计准则变更对上市公司财务报表、经营绩效评价指标和投资者决策的影响,并提出了相关对策,最后通过实证案例分析,验证了会计准则变更对上市公司经营绩效的影响。

股票发行注册制改革能提升上市公司质量吗——基于投资银行声誉视角的考察

股票发行注册制改革的核心在于信息披露和市场化交易,让市场来发挥决定性作用。然而,中国资本市场在A股已经突破5 000家上市公司,量增的同时,相比核准制是否质优,核心的投资银行能否发挥声誉机制是各方密切关注的重点。本文以中国股票发行注册制改革的科创板和创业板为研究对象,实证检验发现:注册制改革的科创板和创业板上市公司质量更优,表现为营收和净利润增长更快,销售毛利率更高,研发投入更多,研发人员占比更高,信息披露更为充分且ESG表现更加突出;在注册制公司样本中,投资银行发挥了较好的声誉机制,表现为投资银行声誉越高,其承销的IPO公司经营绩效更佳、研发投入更多,研发能力更强;高声誉的投资银行拿到注册批文的时间更短,同时其保荐的IPO公司经营绩效下滑更小,即低声誉投资银行承销的公司,在上市后的“变脸”相较更严重。本文的研究结果表明,当前投资银行的执业质量在股票发行注册制改革背景下已体现出较好的声誉机制,其筛选的IPO项目提升了上市公司质量。未来,投资银行应进一步强化其声誉功能,加强对保荐公司上市后的辅导和再融资工作,同时在信息披露上发挥更大的作用。

“双边政治关系”对我国上市公司跨国并购绩效的影响研究

本文基于已有的“双边政治关系”概念,研究双边政治关系对我国上市公司跨国并购绩效的影响,基于我国上市公司的数据,构建整体理论框架和数理研究模型,运用SPSS和EXCEL等数据分析软件进行回归分析。研究发现,双边政治关系对企业并购绩效在短时间内存在显著负相关。国内外研究表明,双边政治关系在影响企业跨国并购绩效中起着重要作用。所以,从研究双边政治关系对我国公司的跨国收购行为来看,无论是从公司的发展策略还是从国家层面上进行相关的政策选择,都会对其产生积极的影响。

菲达环保公司经营绩效研究

随着国家对环保的重视,环保企业迎来了行业发展的政策机遇。为了更好地推动环保企业发展,充分发挥环保企业在环境治理方面的积极作用。以菲达环保公司为例,选取菲达环保公司在2017—2021年的财务数据,从运营能力、盈利能力、发展能力、偿债能力等方面进行综合分析,总结归纳出菲达环保公司在经营管理过程中存在的问题,并提出针对性建议,希望能对菲达环保公司经营绩效的改善起到一定的理论借鉴作用。

上市公司股权激励与经营绩效的实证研究

股权激励的基本思路是通过让管理层持有公司股份,从而使其与所有者的利益趋于一致,以使管理层为了增加自身收益而努力为企业利益最大化服务。但在我国目前的市场环境下,股权激励的实施效果如何,股权激励是否能提高公司业绩,对这一问题还没有确切答案。基于探究股权激励实施效果的目的,以2008～2010年国内实施股权激励计划的上市公司为研究对象,实证研究股权激励与公司业绩之间的关系。研究结果表明:在我国,从长远来看,上市公司股权激励能提高企业经营绩效。

商业模式是企业间绩效差异的驱动因素吗？--基于中国有色金属上市公司的ANOVA分析

企业间绩效差异主要驱动因素来自产业层面还是企业层面一直是企业战略管理研究的核心问题。随着商业环境的巨大变化,商业模式逐步凸现为驱动企业绩效的一项新的战略因素。基于文献回顾,本文建立起一个多维度、平衡且量化的商业模式分类体系,运用ANOVA方差分析法对2008年中国有色金属上市公司的样本数据进行统计分析,考查商业模式分类选择对各类企业绩效的影响。论文取得有力的支持证明:商业模式确实导致明显的企业间绩效差异,但对于不同方面的绩效指标具有差异化的影响,商业模式对盈利能力的影响最为显著,其次是成长性和市场价值,而对运营效率的影响最不显著。这加深了人们对商业模式分类的理解,并为企业竞争优势和卓越绩效的来源提供了新的解释即商业模式效应,补充传统的产业效应和企业效应。

企业核心业务与绩效相关性研究--基于我国21家上市物流公司的实证

企业核心业务与其绩效相关性研究日益受到理论界与实际界的关注。本文以我国21家上市物流公司为研究样本,运用相关性分析和弹性分析,基于总体、分地区和个案视角对企业的核心业务与绩效的相关性进行实证研究。研究表明,就总体而言,上市物流公司的核心业务每变化(增加或减少)1%,企业经营绩效就相应的变化(增加或减少)3·41%(或1·44%),即核心业务对企业经营绩效的贡献较大,且地区和个案研究也得到类似的结论。最后,文章提出相关建议。

上市公司多元化经营与绩效关系研究

多元化经营是国内外企业寻求快速发展的战略举措。本文选取沪深上市公司为研究对象,实证分析了企业多元化经营与绩效之间的相互关系。研究结果表明,多元化经营程度与企业绩效之间并非呈一种简单的、单向变动的线性关系,多元化经营存在一个"度"的问题,相关多元化优于其他多元化类型。

我国保险产品创新瓶颈分析及其对策

保险企业竞争的核心领域是保险产品的竞争。但我国保险新产品数量的快速增长却遮掩不了保险产品创新不足的窘境。通过对保险企业的问卷调查,利用统计分析工具对所得数据进行处理,发现保险企业产品创新与其绩效之间有着较强的正相关关系,而制约保险企业产品创新的瓶颈因素包括创新意识、创新资源投入、研发能力、营销能力、创新管理能力、顾客导向、企业家导向等方面。要提高我国保险企业经营绩效,就要进行保险产品创新,而进行保险产品创新,就要采取对策突破这些制约因素。