An Empirical Study On The Relationship Between The Ownership Structure Of Tourism Listed Companies And The Company's Operating Performance

The relationship between ownership structure and business performance has always been a hot topic for scholars both at home and abroad.In recent years,the rapid development of China's tourism industry has brought economic benefits to other related industries,and has also been gradually concerned by tourism departments.With the further development of tourism enterprises,the current governance structure is unable to adapt to the pace of the company's progress,so it is necessary to take effective measures to adjust and improve the company's current governance structure.However,the research direction and angle on the relationship between the ownership structure and the business performance are different,so the conclusion is different,but it has become the development trend of this kind of research.Based on this research background,taking 21 tourism listed companies as the research object,this paper empirically analyzes the relationship between the ownership structure and the company's operating performance from the perspective of endogenous,and hopes to establish a set of operational ownership structure and business performance system and model for listed and non listed tourism companies.It is the most suitable theory for the equity structure of tourism enterprises in China to improve the management level of tourism companies.This paper first analyzes the concepts of equity structure,corporate performance and endogeneity.On this basis,we use two rights separation,principal-agent,corporate governance and other related theories to analyze the mutual influence between the degree of concentration of equity and the degree of balance and the performance of the company.In this paper,we select 21 tourism listed companies for 12 years for 2006-2017 years as the research object and use the simultaneous equation model and the three stage least square method to estimate the relationship between the ownership structure and the company's operating performance from the perspective of the endogenous perspective.The results are as follows:?1?The first largest shareholders?CR₁?and the top 10 shareholders'shareholding ratio(CR₁₀)have an inverted U relationship with the company's operating performance.That is,the major tourism companies need to maintain the appropriate proportion of the first shareholders and the top 10 shareholders to avoid the high or too low shareholding ratio affecting the company.Further development;?2?The interaction and influence between the balance of ownership and the performance of the listed tourism companies.