| Since entering in the 21st century, China’s online travel industry has been showing a blowout type development.In September 2015, Li Jinzao, director of the National Tourism Administration of China,put forward that’Tourism+Internet’is the superposition of the world’s two largest consumer market growthing highly,and China’s online travel transactions will create one trillion yuan for market dividend in the next 5 years,so that, we can expect that the Chinese online travel industry will face the new opportunity for development. But there is a strange phenomenon in the development of China’s online travel industry,that lots of online tourism enterprises fall into profit dilemma, and there are no power in the endogenous growth of the enterprises,but all of them still "burn money" for expanding the market. Capital deficiency has become the main factor that restricts the growth of online tourism enterprises. Apart from the factor that Chinese tourists have strong demand, the injection of venture capital is the main reason for this phenomenon. On the one hand, venture capital promotes the rapid expansion of online tourism enterprises,on the other hand,venture capital has also driven the online travel industry into "irrational boom". Consequently, I think that it is necessary to understand how venture capital promotes online tourism enterprises growing,in order to guide the online travel enterprise managers how to integrate and operate capital,and achieve a healthy and orderly development of China’s online travel industry. The key research questions of this paper are:What are the paths that the venture capital affects the growth of online tourism enterprises? Online travel companies usually have the multiple attributes of tourism enterprises, internet companies and venture companies, and how to measure their growth?This research combs the venture capital theory, enterprise growth theory enterprise competence theory, and the domestic and foreign research results of venture capital promoting enterprise growing. I find that, although the promotion of venture capital to the growth of the enterprise has become a hot research field in the academic field,and fruitful results have also been achieved, however, the research object is focused on high-tech enterprises, medium-sized and small enterprises and venture enterprises. Few people has studied how venture capital promoting the online tourism enterprises growing,and it also lacks of in-depth study in the characteristics and growth performance of online tourism enterprises. In this paper,I draw lessons from the basic analysis framework of enterprise growth by Penrose (1959) who initiates the endogenous growth theory,namely "Resources-Ability-Enterprise growth", whose limitations lie in the emphasis on the company’s own resources.Then I take capital resources and management resources provided by venture capital as external resource,and construct the theoretical framework of "Venture capital - Enterprise capability - The growth of online tourism enterprises".In the frame, venture capital contains three dimensions including financial support, supervision activities, capital appreciation service,and "Enterprise capability" includes five dimensions:strategic ability, marketing ability, technical ability, financing ability, human resource management ability. In succession,! propose the research hypothesis and theoretical model of this paper by literature review,and test empirically the theoretical hypothesis and the theoretical model using questionnaire survey and structural equation model.In this paper, I find that venture capital has an important influence on the growth of online tourism enterprises. The financial support provided by the venture capital can not only affect the growth of online tourism enterprises directly, but also affect the the growth of online tourism enterprises indirectly through influening marketing ability, technical ability and Human resource management ability of the enterprises positively; the capital value added service of venture capital can not only affect the growth of online tourism enterprises directly,but also affect the the growth of online tourism enterprises indirectly through influencing strategic decision-making ability, technical ability, financing ability, human resource management ability of the enterprises positively. However,the empirical test results of this paper show that regulatory activities of venture capital have no direct or indirect effects on the growth of online tourism enterprises,which may be related to the growth stage of online tourism enterprises. |
PDF Full Text Request