轻资产化能提升旅游企业盈利能力吗?  

Can Asset-Light Strategy Improve the Profitability of Tourism Enterprises?

作　　者：刘亚萍[1] 史可寒 LIU Yaping;SHI Kehan(School of Business Administration, Guangxi University, Nanning 530004,China;School of Economics, Guangxi University, Nanning 530004,China)

机构地区：[1]广西大学工商管理学院,广西南宁530004 [2]广西大学经济学院,广西南宁530004

出　　处：《经济与管理评论》2021年第6期138-151,共14页Review of Economy and Management

摘　　要：轻资产运营作为旅游企业寻求转型而兴起的一种新的资本战略,对缓解中国旅游业长期以来“宏观报喜,微观报忧”症结具有重要意义。在阐释轻资产运营提升旅游企业盈利能力可能作用路径的理论基础上,结合44家A股旅游上市公司2006-2019年的数据,考察轻资产运营对旅游企业盈利能力的影响,结果显示:轻资产化程度提升可以显著地增强旅游企业盈利能力,这一结论在考虑了内生性并经过一系列稳健性测试后依然成立。进一步的路径分析还发现,轻资产运营使旅游企业更加重视创新,通过创新提升企业盈利能力。该结论为轻资产运营影响旅游企业盈利能力提供了微观证据,打开了轻资产运营与旅游企业盈利能力关系的黑箱,对文旅深度融合背景下旅游企业战略规划、政府旅游产业政策制定具有重要的理论启示。As a new capital strategy for tourism enterprises seeking transformation,asset-light strategy is of great significance to alleviate the sticking point of"macro reports good news and micro reports bad news"in China's tourism industry for a long time.Based on the theoretical interpretation of the possible affecting paths of asset-light operation on improving the profitability of tourism enterprises,combined with the data of 44 A-share listed tourism companies from 2006 to 2019,this paper investigates the impact of asset-light operation on the profitability of tourism enterprises.The results show that the improvement of the degree of light asset can significantly enhance the profitability of tourism enterprises,and this conclusion remains true after considering endogenous problem and a series of robustness tests.Further path analysis also finds that asset-light strategy makes tourism enterprises pay more attention to innovation and improves their profitability through innovation.This conclusion provides micro-evidence for the impact of asset-light operation on the profitability of tourism enterprises,opens the black box of the relationship between asset-light operation and the profitability of tourism enterprises,and has important theoretical implications for the strategic planning of tourism enterprises and the formulation of government tourism industry policies under the background of in-depth integration of culture and tourism.

关 键 词：轻资产 旅游企业 盈利能力 独占性资源 

分 类 号：F590.65[经济管理—旅游管理]