The Relationship Between The Listed Tourism Companies Diversification And Risk

Since the beginning of the 20 th century, along with our country residents income level unceasing enhancement, our country tourism shows a tendency of rapid development, the number of visitors has grown, travel consumer spending is rising. The rapid development of tourism in nature cannot leave the microscopic main body tourism enterprises, and listed tourism companies is representing our country present stage tourism industry the most advanced form of enterprise organization, is to realize the strategic pillar industry an important part of tourism, and is also an important way to realize the tourism industrialization. In the 20 th century, based on different purpose, tourism listed companies in our country have carried out various forms of diversification, diversification of listed tourism companies is also gradually become a common business model. This strategy can create opportunities for the development of the enterprise, make the enterprise healthy and steady development of; However, diversified management may also increase the risk of a business, affect the normal operation of the enterprise. Now tourism is booming, but part of the listed tourism companies are losing money, so it is necessary to study on the strategy of diversifying appear.The purpose of this study is mainly analysis of the causes of listed tourism companies generally adopt diversified, clarify tourism listed companies diversified influence on enterprise management risk, and further analyze the diversity of different types of specific effect to the risk, to provide reasonable Suggestions for diversification strategy of listed tourism companies.In this paper, the main research contents can be divided into the following several parts: first, the diversified management concept and the related review, the studies on the analysis of the current research situation and research. Second, in the current situation of the listed tourism companies diversified business of our country are analyzed, and specific analyzes the reason of its diversified types, diversified, and the degree of diversification. Once again, to select appropriate indicators to measure the risk of listed tourism companies. And then, empirical analysis on the diversification management risk and financial risk, the relationship between further from related diversification and unrelated diversification of enterprise management risk and financial risk of the inspection. The empirical results found that:(1) listed tourism companies overall diversification degree can significantly increase the risk of a business, but reduces the financial risk of the enterprise;(2) travel related diversification of listed companies did not significantly reduce the management risk of the enterprise, but reduces the financial risk of the enterprise;(3) tourism listed companies unrelated diversification can’t significantly increase the risk of a business, but increased the financial risk of the enterprise(4) tourism listed company’s controlling shareholder concentration degree is helpful to reduce the management risk and financial risk of the enterprise. Finally, according to the result of the empirical analysis of listed tourism companies diversified puts forward three Suggestions: moderate diversification, carefully select diversified business; Strengthen its main business, mainly related diversified business development; To improve the management level, strong supervision and management.