旅游业上市公司多元化经营能够降低公司风险吗?——基于2004—2012年A股上市公司数据的实证研究  

Can Tourism Public Companies' Diversification Strategies Reduce Company Risk?An Empirical Research Study Based on the Performance of A-shares Listed Companies from 2004 to 2012

作　　者：张运来[1] 王储[1] 

机构地区：[1]北京工商大学商学院,北京100048

出　　处：《旅游学刊》2014年第11期25-35,共11页Tourism Tribune

基　　金：国家社会科学基金项目(11BGL022);新世纪优秀人才支持计划(NCET-11-0890);教育部人文社会科学研究项目(12YJC630303);北京市教委科研基地建设--科技创新平台项目(PXM2013_014213_000031)资助~~

摘　　要：我国的旅游业上市公司普遍存在进入房地产业、高新技术产业等行业的多元化经营现象。国内外学者对多元化经营与公司风险之间的关系展开了一系列的研究,但是没有得出一致的结论。截至目前,对旅游类企业多元化经营能否降低公司风险的研究仍较为欠缺。因此,文章以2004—2012年国内23家A股旅游业上市公司1的184个截面数据为样本,利用多元回归分析法检验了旅游业上市公司多元化经营对其公司风险的影响。旅游行业自身的行业特征及其多元化特点使得针对旅游业上市公司多元化经营行为的分行业研究产生了与以往整体层面的研究截然不同的结论:旅游业上市公司多元化经营能够降低公司的财务风险,但无法降低公司的经营风险。进一步对多元化类型进行区分后发现:旅游业上市公司相关多元化水平的提升可以显著地降低公司的财务风险,但无法显著地降低公司的经营风险;而非相关多元化水平的提升无法显著地降低公司的财务风险与经营风险。基于上述研究成果,文章从促进融资体系多元化、完善主业发挥自身优势、谨慎选择多元化行业3个角度对旅游业上市公司的多元化发展提出了建议。It has been noted that listed companies involved in domestic tourism in China have also entered into the real estate industry, high- technology industry or other industries as a general diversification and development strategy. They have taken diversified operation as their development strategy to improve profitability and reduce volatility of earnings. Though researchers at home and abroad have made some discussions about the relationship between diversification and company risk in the past, no unanimous conclusion has been reached on the value of this approach. Since few researchers have taken tourism firms as their research object, there is still no definite conclusion on whether this development strategy can help tourism companies reduce their company risk. In the present study, we first examine at a theoretical level the notion that internal capital market and performance complementarity could help diversifying companies to reduce both financial risk and operating risk. Then in an industry consolidation analysis, based on the relationship between the main industry and other industries, we classify diversification into two types： related diversification and unrelated diversification. We think that related industries like the real estate industry, sales industry and passenger transport industry could make efficient use of the special resources of the tourism industry,and significantly reduce the financial risk for tourism companies. But conversely, sales industry and transport industry firms are limited by market demand volatility, while tourism industry and real estate industry firms are deeply affected by the macroeconomic control policy of the country. This means that they cannot significantly reduce the operating risk of tourism companies. By way of contrast, unrelated industries like high- technology firms generate high profit rates, and could assist the performance of tourism companies, but big spending on RD may result in some distorting influences on the financial statement of the tourism arm of the

关 键 词：多元化 公司风险 产业整合 旅游业上市公司 

分 类 号：F272.3[经济管理—企业管理] F592.6[经济管理—国民经济]