Organizational Ecology Analysis Of The Listing Law Of Tourism Enterprises

The listing of tourism enterprises can promote the transformation of tourism enterprises from ?state-owned enterprises? that are ?big-funded? by the government to ?public enterprises? with clear information and clear rights and responsibilities.In recent years,with the transformation of Chinese economic structure from "industrial type" to "service type",the number of Chinese tourism listed companies have shown an S-type rising trend.Since 2014,a large number of tourism companies have been listed on non-main boards such as the New Third Board.Are diversified or non-diversified tourism companies more likely to go public? Can organizational ecology theory explain the development law of listed companies' financing in China? Based on the institutional situation in Chinese transitional period,this paper explores three issues: from the perspective of organizational ecology,considering the impact of tourism listed companies' density,market concentration,market segmentation,and political connections on the listing of Chinese tourism companies:(1)Can the density-dependent process and resource segmentation process of organizational ecology theory explain the overall law of current tourism companies' listing financing?(2)Does the market segmentation situation play a role in the listing financing process of tourism enterprises?(3)Does the political connection play a role in the listing financing process of tourism enterprises?Based on the research literature at home and abroad,this paper integrates organizational ecology theory,market segmentation situation and political connection,proposes the theoretical framework and conceptual model of tourism enterprises' listing financing,and proposes research hypotheses.The second-hand data method was used to collect data on 160 listed companies in the period from 2007 to 2016.The statistical analysis of theoretical models and research hypotheses was carried out by using various statistical analysis methods such as STATA regression analysis.The following research conclusions were obtained:(1)Chinese tourism enterprises The development law of listed financing conforms to the inverted U-shaped model of density dependence theory.At present,the listed financing process of tourism enterprises is at the stage of legality dominant process.(2)The development law of listed enterprises' financing is in line with the process of resource segmentation: As the market concentration increases,the tourism market is divided into dual market structure.Large-scale generalist tourism companies are highly competitive in highly concentrated market center resources to go public and provide survival conditions of marginal resources for small-scale tourism enterprises(3)The market segmentation situation has a positive adjustment effect on the density-dependent process of listed companies' financing.(4)The market segmentation situation has a positive adjustment effect on the resource segmentation process of tourism enterprises' listing financing.(5)The role of political association in regulating the density-dependent process of tourism companies' listing has not been verified.(6)The role of political connections in regulating the resource segmentation process of tourism companies has not been verified.The innovative contributions of this paper are as follows:(1)Integrating organizational ecology theory,market segmentation context and political connection,enriching the research framework of organizational ecology theory,laying the foundation for follow-up research(2)In the transitional system context,taking Chinese tourism listed companies as research samples,the paper discusses the applicability of the interpretation of ?organizational ecology?,enriching and expanding the theoretical results of organizational ecology.(3)Exploring the impact of market segmentation and political connections on the listing process of tourism enterprises.The research conclusions of this paper enrich the framework of theoretical research of organizational ecology in theory,and provide theoretical basis and empirical support for the evolution mechanism of Chinese tourism listed companies;in practice,it will help to provide basis for the formulation of relevant policies of government and enterprises.Finally,the limitations and future research directions of this paper are pointed out.