Political Connection,Ownership Structure And Social Responsibility Of Listed Tourism Companies

With China's economy entering the stage of structural adjustment,corporate social responsibility has become the focus of attention of the public.Tourism industry of china is also facing a new period of strategic opportunities,and many tourism enterprises began to realize the importance of corporate social responsibility.Tourism industry of china is under the influence of government for a long time,and the influence of political connections on tourism enterprises cannot be ignored.The political connections must play a role in relying on the managers,therefore,a well-functioning corporate governance mechanism is a significant condition for the role of political relevance.As an important problem in the research of corporate governance,ownership structure affects the business model and strategic options obviously.Therefore,how does the political connection of tourism enterprises affect its social responsibility? Is the impact of political connections on CSR performance different from the ownership structure? To solve the above problems,this paper will explore the relationship between political connection,ownership structure and tourism corporate social responsibility and how different ownership structure in tourism between political connection and corporate social responsibility.This paper selects Chinese tourism listed companies from 2010 to 2015 as the research object.Using CSMAR database,RESSET financial research database and annual data of Tourism Listed Companies.Using theoretical analysis and empirical test.This paper studies the influence of ownership structure on political relevance and corporate social responsibility from ownership concentration and public shareholding ratio.Provide theoretical basis for tourism enterprises to fulfill their social responsibility.The empirical results show that:(1)In the regression results of political connections and tourism corporate social responsibility,the regression coefficient of political relevance is significantly positive,indicating that political related tourism listed companies are more active in corporate social responsibility.(2)In the regression results of ownership concentration and corporate social responsibility,ownership concentration are negatively correlated corporate social responsibility.And the intersection of political relevance and ownership concentration is negative.It shows that in the tourism listed companies with higher ownership concentration,the promotion effect of political connections on corporate social responsibility is weakened.(3)The public shareholding ratio and tourism listed company social responsibility is significantly positive correlation.And the proportion of political connections and public shareholding is positive,but the results are not significant.To a certain extent,the higher the proportion of public shareholding,the more can promote the political relevance of tourism listed companies to fulfill the positive role of social responsibility.According to the conclusions of this study,the author puts forward some suggestions for the rationalization of Chinese tourism listed companies.At the end of the article,this paper points out the shortcomings of this study and the future direction of further research.