Travel Listed Companies Structure Impact On Business Performance

As the most basic factor of cooperate governance, ownership structure exerts a certain impact on the performance of enterprises, which has been a burning issue of economics and management. In resent years, the rapid development of tourism industry is drawing increasingly national attention. The further improvement of corporate governance structure has become an essential requirement of conglomeration and intensification of tourism corporations and the main concern of government regulations in tourism industry. However, opinions on the relationship between ownership structure and enterprises'performance are widely divided. Based on growth analysis, the thoroughly research on their relationship in different industries has become the trend and prospect. Now the non-tradable shares reform has been almost completed, and the paper, with listed tourism corporations as study samples and growth as moderator variable, investigates the relationship between ownership structure and the performance of enterprises, aiming to clarify the influence mechanism of ownership struture on the performance of tourism corporations and present beneficial references to adjustment of ownership structure.The aims of this paper are as following:(1) to explore the relationship between the ownership structure and performance of listed tourism corporations, and specifically speaking, is the relationship a linear one or nonlinear one (quadratic function with interval effect)?â‘ in linear relationship, is the relationship between variable of ownership structure and the variable of enterprises'performance a positive one or a negative one?â‘¡in nonlinear relationship, what is the effect of a specific interval like? That is to say, in which interval the relationship between variable of ownership structure and the variable of enterprises'performance a positive one, and in which interval, the relationship is a negative one? (2) to further explore the influence mechanism of ownership structure on enterprise performance in listed tourism corporations, and to investigate whether the growth has a significant moderating effect on the relationship between ownership structure and enterprise performances in listed tourism corporations.The research process of this paper are (1) to make a literature review and theoretic analysis in three aspects:the relationship between ownership structure and performance of enterprise, the growth of enterprise as well as the relationship between ownership structure and performance of enterprise in the view of growth. (2) to build up performance index and growth index with proper indicators based on the method of factor analysis. (3) based on multiple regression and with the control of company size, financial leverage, financial year, company type and growth, to investigate the linear relationship or the quadratic function relationship between variables of ownership structure (including variables of ownership concentration, ownership restriction and ownership property) and performance of listed tourism corporations. (4) to study the moderating effect of growth in the relationship between variables of ownership structure and performance of enterprise by introducing growth interaction term into multivariate regression model.The conclusion of this paper includes the following points (1) there is no significant linear relationship between the ownership structure and performance of listed tourism corporations. (2) in listed tourism corporations, the shareholding ratio of the top 5 shareholders and that of the top 10 shareholders have an upside-down U-shaped relationship with the company performance respectively. That is to say, the proper shareholding ratio of top 5 and that of top 10 shareholders (54.44% and 57.66% respectively) will help increase company performance greatly. A much lower or a much higher shareholding ratio will hinder the improvement of performance. (3) in listed tourism corporations, the shareholding ratio of the state ownership and that of the general public shares have an upside-down U-shaped relationship with the company performance respectively. That is to say. only the proper shareholding ratio of state ownership and that of general public (33.37% and 56.29% respectively) will optimize the company performance. A much lower or a much higher shareholding ratio will hinder the improvement of performance. (4) in the relationship between ownership concentration and company performance, growth has a significant moderating effect on the relationship between the shareholding ratio of the top 1 shareholder and company performance. In a listed tourism corporations with high growth, the shareholding ratio of the top 1 shareholder has a weak non-significant positive effect on company performance, and vice versa. (5) in the relationship between ownership restriction and company performance, growth has a significant moderating effect regarding to the influence of the ownership restriction of the second largest shareholders as well as that of the second to the fifth largest shareholders on the company performance. In a listed tourism corporations with high growth, the ownership restriction of the second largest shareholders as well as that of the second to the fifth largest shareholders have a weak non-significant negative effect on the company performance, and vice versa. (6) in the relationship between ownership property and company performance, growth has a significant moderating effect regarding to the influence of the shareholding ratio of state ownership and that of general public shares on performance of listed tourism corporations. In a listed tourism corporations with high growth, the shareholding ratio of state ownership has a weak non-significant positive effect on the company performance and the ratio of general public shares has a weak non-significant negative effect on the company performance, and vice versa.