Study On Managerial Efficiency And Influencing Factors Of Chinese Listed Tourism Companies

Tourism enterprises are important micro-economies in the tourism industry,and also the market subjects which have the closest contact with the tourism consumption.There is no doubt that listed tourism companies,as the most advanced group in the pyramid structure of tourism enterprises,represent the most advanced market organization for the high-quality and efficient development of tourism enterprises.How to make tourism enterprises represented by listed tourism companies continue to maintain efficient and high-quality development in the complex macro-environment changes,and to provide high-quality tourism products to meet the needs of the people for a better life,is an urgent issue which needs to be focused on and solved.Only by practicing the internal strength of the enterprise and continuously enhancing the competitiveness,the enterprise can cope with the changes of the external environment effectively.Operating efficiency is an important index to reflect the status of enterprise management and a direct expression of enterprise competitiveness.And corporate governance structure plays an important role in the efficiency of listed tourism companies,which is directly related to the capacity building of tourism enterprises in market decision-making,resource allocation,strategic management and other aspects.At present,there have been some studies on the operating efficiency of tourism listed companies in the academic circle.Most literatures use data envelopment analysis to evaluate and rank the operating efficiency of different tourism listed companies,and analyze the influence of financial factors such as financial structure,profitability and growth ability.Therefore,this paper applies the stochastic frontier analysis method to measure the operating efficiency of listed tourism companies in China from 2010 to 2017,and focuses on the influence of corporate governance structure on the operating efficiency of listed tourism companies.This paper aims to take a comprehensive understanding of the current situation and evolution of the operating efficiency of listed tourism companies,to clarify the influence of corporate governance structure on the enterprise management efficiency mechanism,including the synergy mechanism of different factors,and to supply some targeted suggestions for enhancing inner ability of listed tourism companies,and promote the management efficiency of the listed tourism companies.The results show that during the observation period,the operating efficiency of listed tourism companies is generally low.The proportion of state-owned shares has a significant positive impact on the operating efficiency of listed tourism companies,but the anti-corruption policy after the 18 th CPC national congress has a great restraining effect on the operating efficiency of listed tourism companies with a high proportion of state-owned shares.Executive compensation and executive team size of listed tourism management efficiency has obvious synergistic effect,among them,the management efficiency of the executive compensation for the influence of the size and direction are closely associated with the threshold condition of executive team size,and the executive team size of inverted U type nonlinear effects of operational efficiency,and the turning point is affected by the regulation of executive compensation;Management shareholding ratio has a negative impact on the operating efficiency of listed tourism companies,but it is not statistically significant.Based on the above conclusions,this paper further puts forward countermeasures and Suggestions to improve the operating efficiency of listed tourism companies :(1)listed tourism companies in different regions and types should give play to their main industry advantages according to specific conditions,select diversification or refocusing development strategy at the right time,and improve their core competitiveness;(2)optimize the proportion of state-owned shares of listed tourism companies;(3)improve the monetary compensation incentive mechanism;(4)adjust the size of the senior management team and clarify the division of responsibilities of senior management;(5)establish and improve the equity incentive system;(6)strengthen the management of tourism human resources.