Research On The Influence Mechanism Of Internal Control On Total Factor Productivity Of Listed Tourism Companies

The State Council’s “Thirteenth Five-Year Plan” pointed out that tourism should be used as an important support for the transformation of high-quality economic development;the“14th Five-Year Plan for Culture and Tourism Development” in 2018 also clearly pointed out the necessity of promoting high-quality tourism development.In the past,the development of Chinese tourism fast is dependent on the scale expansion of extensive development pattern,with the tourism industry into a new stage of development,the development model of tourism overall size big but not strong,uneven development,and the overall competitiveness is not strong,all of which indicate that its development quality still needs to be further improved and improved.Total factor productivity is often used as an important indicator to measure the high-quality development of the economy.Improving total factor productivity is an important way to promote the transformation and upgrading of companies.The improvement of the company’s total factor productivity mainly depends on the efficiency of resource allocation and the improvement of the company’s overall operating capacity,and the main reason for the hindered growth of total factor productivity is resource mismatch.In the actual process of company operation and management,improving the company’s decision-making level and management ability,and strengthening internal control are effective means to solve the company’s misallocation of resources.Based on this,the paper discusses the influence mechanism of internal control of tourism companies on total factor productivity,so as to provide a certain new path to promote the high-quality development of tourism industry.Based on relevant literature review and relevant theoretical research,this paper takes A-share tourism listed companies from 2002 to 2020 as research samples to empirically study the impact of internal control on total factor productivity of domestic tourism listed companies.On the basis of robustness and heterogeneity test to verify the rationality of the conclusion,the internal transmission mechanism is further discussed.The paper draws the following conclusions through empirical research: Firstly,the internal control of listed tourism companies can positively affect the total factor productivity of the company,that is,the higher the quality of internal control,the higher the company’s total factor productivity;Secondly,Heterogeneity test results show that the internal control of scenic spot companies,central and western regions and non-state-owned listed tourism companies has a weaker impact on total factor productivity than other types;Thirdly,the results of mechanism test show that corporate financing constraint and agency cost of the first type play a partial mediating role in the relationship between internal control and total factor productivity of listed tourism companies,while agency cost of the second type does not play a mediating role.According to the above research conclusions,the corresponding suggestions are put forward in order to provide some references for improving the internal control system of listed tourism companies and promoting the high-quality development of tourism industry.