Research On The Impact Of The Ownership Structure Of China's Tourism Listed Companies On Growth

With the rapid development of tourism,the penetration of big enterprises and groups promptes the diversification of tourism enterprises,and collective enterprises play a more and more important role in tourism investment and financing.Listed tourism companies as a "barometer" of tourism enterprises,explore a new mode of capital operation of tourism.The development of listed tourism companies is conneted with the governance efficiency.At present,domestic listed tourism companies are given priority to state-controlled,and brand influence is profound,but there are illegal trading behaviors between shareholders driven by the economic interests,aggravating the conflict.What clarify influence of ownership structure to firm growth,analysis deeply major shareholders' relationship,will improve the management efficiency of tourism business,and strengthen enterprise sustainable development ability.The study selects 23 a-share tourism listed companies as research samples,discusses the relationship between ownership structure and firm growth in the background of big shareholders relation,in order to provide enlightenment for optimizing ownership structure.The research purpose of the topic:(1)Analyze the growth status of listed tourism companies,structure characteristics and major shareholders relationship;(2)Explore the influence of ownership structure to firm growth;(3)Examine the interaction effect of ownership structure and shareholders'closeness to listed tourism company growth based on the background of the large shareholders relarionship.The research content of the topic:(1)Settle and analyze the related literature and theory about ownership structure,the primary shareholders' relationship and company growth;(2)Select financial indicators,use factor analysis method,then comprehensively evaluate growth of listed tourism companies;(3)Based on the data of listed tourism companies,use fixed effect model,study the topic from five perspectives,controlling the proportion of independent director,financial leverage,management fee,scale and shareholders' closeness;(4)Join the interaction of ownership structure variables and shareholder intimacy,and test shareholder inspection intimacy how to adjust the relationship;(5)Obtain appropriate management enlightenment.The research conclusion:(1)the listed tourism companies proportion of shareholding of top 1 big shareholder is negatively,significantly related to the growth;Top 5 large shareholders' shareholding is negative relationship with the company's growth insignificantly;The shareholders' shareholding of top 10 is insignificantly,positively to growth.In addition,shareholders intimacy have significant regulation effect:as the shareholders' closenesss degree deepens,the first big shareholder holding has more negative effect on the company's growth,while the top 10 shareholders of shareholding companies also will improve the growth positive effect;Top 5 large shareholder stake the sum of the negative relationship with the company's growth,when shareholders'closeness degree is low,the top five major shareholders holdings weakly negative relationship with the company's growth,and perhaps even positive correlation.(2)The ratio of second major shareholders holdings and the large shareholder shareholding and growth of listed companies is not significantly positive correlation with growth;The ratio of second to the fifth largest shareholder shareholding,the sum of the sum of 2 to 10 big shareholder shareholding and the large shareholder shareholding has significantly positive correlation with growth;In the process,shareholders intimacy doesn't play moderating effect.(3)The proportion of state-owned shares and growth have significantly negative correlation relationship of listed tourism companies,and closeness of shareholders do not have the moderating effect;Legal shareholding proportion and growth is significantly positive,and closeness of shareholders have significant moderating effect:As the shareholder's closeness deepen,the positive influence to the growth of legal shareholding proportion will be more positive.The public ownership is negatively related to the growth,and is not significant.In the process,the shareholders'closeness plays significant moderating effect:as the shareholder intimacy degree deepens,the social public ownership enhance the negative effect on the growth.When shareholders intimate degree is low,the public ownership of the company the negative effects weakly,and perhaps even positive correlation.(4)The institutional investor shareholding proportion and growth is significantly negative correlation for the listed tourism companies,and shareholder's closeness has played a significant moderating role,as shareholders' closeness deepening,institutional investors have the move negative effect on growth.(5)Managers shareholding proportion and growth is not significant positive correlation.In the process,the closeness of shareholders do not have moderating effect.The innovation of the paper:the study considers the relationship between the large shareholders,and analyzeas the shareholders' closeness variables.The paper analyzes the moderating effect of the shareholder network to the relarionshiop of ownership and growth,which sees the largest shareholder as the core of network.Besides,the research combines the characteristics and current situation of the developing tourism industry,and study s governance effect of listed tourism companie,enriching and expanding the research field.