The Impact Of Tmt Social Capital Of Cultural And Tourism Listed Companies On Firm Performance

Culture is the soul of tourism,and tourism is the carrier of culture.On March 13^th2018,the State Council's Institutional Reform Plan was announced at the meeting of the National People's Congress.It was decided that the Ministry of Culture and the National Tourism Administration will no longer be retained,and the responsibilities of the two institutions will be integrated to form the Ministry of Culture and Tourism.On April 8^thh 2018,the Ministry of Culture and Tourism was officially listed in Beijing.The establishment of the Ministry of Culture and Tourism will further integrate culture and tourism,reflecting the fact that the culture and tourism will complete each other.In this context,the listed companies in the cultural and tourism industry have become the bridge between the national policy and the cultural and tourism industry.Up to now,more than 100 cultural and tourism groups have been established across the country.In terms of industrial investment,the cross-border cooperation between the cultural and tourism industry has also been formed gradually.In the business process of listed companies,the Top Management Team?TMT?and TMT social capital will have a direct impact on firm performance.Different ownership structures will also have a moderating effect on the relationship between social capital and firm performance.This paper selects TMT social capital of 41 listed companies in China as the research object,and uses Citespace,SPSS19.0 and other statistical software to carry out the following research:?1?Through the literature research method,theoretically deduced the relationship between TMT social capital?including TMT government capital,TMT market capital and TMT intellectual capital?and firm performance,and the moderating effect of ownership structure on three types of TMT social capital and firm performance,proposed 12 research hypotheses in 4 categories,then establish the theoretical model of the research.?2?Based on the theoretical research model,the variable index system is constructed,and the panel data of the 41 listed companies in China are used for empirical analysis to verify the research hypothesis.?3?Select OCT Group as a typical case study,this paper will give further conclusions to verify the hypothesis;?4?Based on the empirical results,this paper will put forward targeted countermeasures and management implications for China's cultural and tourism listed companies based on the conclusions.The main conclusions of this paper are as follows:?1?There is a positive correlation between three types of TMT social capital?TMT government capital,TMT market capital,TMT intellectual capital?and firm performance,among which TMT intellectual capital has the most significant impact on firm performance.?2?The ownership structure has a moderating effect,including the controlling shareholder's shareholding,equity concentration and equity balance.Based on the research conclusions,this paper summarizes the following management implications for cultural and tourism industry:TMT social capital has a positive effect on firm performance,and cultural and tourism companies should actively develop and accumulate valuable TMT social capital.In order to develop more high-quality tourism products,at the same time,cultural and tourism companies should combine their own conditions to form an efficient TMT team,continuously optimize the shareholding structure,encourage innovation,improve firm performance,and then revitalize the development of local tourism.