Study On The Relationship Between Tourism Listed Company Governance,Investment Efficiency And Performance

The rapid development of tourism has attracted worldwide attention.World tourism association forecast in the next few years,the number of international tourism and income will grow by an average 4.3%and 6.7%respectively,total tourism revenue will grow to ?16 trillion,and equivalent to 10%of global GDP.China's gross domestic tourism revenue has risen from about 3%of GDP in 2010 to more than 5%now,and it is expected to reach more than 8%by 2020.The tourism enterprises in the tourism development tide also enter the fast track.The change of The New Era promotes the reform of the enterprise,the tourism enterprise is changing the management level of the enterprise constantly,improving the management ability of the enterprise to meet the requirements of The New Era.The tourism enterprise,which is in the period of vigorous development,is also being tested unprecedented.First of all,the tourism enterprises,non-standard operation problems emerging industry brought about by the problem of unfair competition,unreasonable social conflicts of the problems of development,these negative effects have affected the development of enterprise.How to deal with the interests of the tourism enterprise stakeholders disputes,how to better bring enterprise development momentum,becomes the problems worth exploring.Secondly,tourism enterprises large-scale investment,to a certain extent,has created the problem of excess investment,project of high repeatability,differentiation is not obvious,and a large number of projects put on hold and sell,coursed important large-scale capital investment does not bring the expected revenue.Tourism enterprises should reflect on whether some investment behaviors meet development and strategic requirements.Finally,the inflow of foreign capital into the tourism industry has caused a certain impact on the tourism enterprises themselves,and compressed the market share of the tourism enterprises.Along with the business thinking,management structure and other differences,will also impact on tourism enterprise management.From stakeholder perspective,this paper combined with the tourism enterprise features,internal related to intrinsic stakeholder commitment as the foundation,from 2010 to 2016 of listed tourism companies were be chosen,study the regulation of social responsibility,considered the basis of traditional research of "corporate governance and corporate performance",with investment efficiency as the connecting link between tourism and the path of corporate social responsibility media,and explores the two problems.First,what are the stakeholders of tourism enterprises and different form the second industry?Second,the reasons why tourism enterprises have low investment efficiency and how social responsibility impact of business performance.This paper constructs a model with mediating effect to solve the above problems and make a reasonable explanation.This study is divided into five major sections.The first part is to expound and analyze the development and problems of tourism industry and the tourism company,and find out the key points of the research.The second part is about the existing problems and the research status.It is found that there are some deficiencies in the research on these problems,so as to determine the content and methods of this research.In the third part,we need to find variables,build models and make hypotheses.This paper uses principal component analysis to measure corporate governance and social responsibility.The corporate governance consists of 10 variables including the shareholding ratio of the largest shareholder,and the scale of the supcrvisor and so on.Social responsibility consists of 8 variables,such as the responsibility for the law,the responsibility of the supplier,and so on.The investment efficiency and enterprise performance are measured by Richardson model residual and ROA respectively.In addition,there are four control variables such as management expense ratio and cash reinvestment ratio.Based on the existing theoretical basis and logical relation,the research model of this paper is constructed,and three research hypotheses are formed.The fourth part is the empirical test of this paper.Three research hypotheses are tested and explained by mathematical statistics.The fifth part is the conclusion and discussion.According to the results of this study,four main conclusions are drawn,and the shortcomings of the research are discussed,which can be improved in future studies.The research shows that:1.The relationship between corporate governance quality and investment efficiency is inhibited by corporate social responsibility,but it does not change the relationships,2.CSR also moderating the relationship between corporate governance and enterprises,and this moderating effect changes the relationships.3.Investment efficiency has partly mediating effect in the relationship between corporate governance and corporate performance of tourism enterprises.The result of the study is the goal of this paper,and it also explains the problems in practice to some extent.It is hoped that through the study of this paper,tourism enterprises can be aware of the importance of stakeholders to the development of tourism enterprises in management and properly handle the interests of all parties to promote the sustainable and healthy development of enterprises.It is also expected that tourism enterprises should face up to the current situation of "High investment and low return",find out the deficiencies in investment decisions,rationally invest and improve the return on investment of enterprises.