Analysis On Growth Configuration Of Tourism Listed Companies Based On Strategy-structure Matching Paradigm

Tourism is an significant part of the national economy and has great influence on regional economic growth.It has become a strategic pillar industry of the national economy and an important engine of regional development.Tourism enterprises are the fundamental unit of tourism industry.Among them,tourism listed companies are the backbone enterprises of tourism industry.The research on tourism listed companies can provide effective guidance and reference for the development of tourism industry.The most basic standard to test the survival and development ability of listed tourism companies is to see whether they can grow stably and continuously in the fierce market competition(Guo Yueping et al.,2012).While,at present,the research on the growth of listed tourism companies in China is in its infancy.Therefore,the growth of listed tourism companies has become a practical problem that needs urgent attention in the academic circles.Corporate growth is an important indicator to measure the sustainable development ability of enterprises.Previous studies mostly focused on the impact of a single factor on corporate growth,and rarely conducted systematic research on the driving mechanism of corporate growth from the structural and strategic levels,making it hard to deeply explore the comprehensive causes of corporate growth.In addition,the competition among companies has developed as the competition between supply chains,and the exploration of the antecedents of the corporate growth at the structural level still stays at the level of the internal organizational structure of the enterprise,lacking attention to the meso level organizational structure of the enterprise,that is,the organizational structure of the supply chain.Therefore,this study introduces the research paradigm of strategy structure matching from the perspective of tourism listed companies,and systematically discusses the comprehensive causes of corporate growth,in order to provide reference for tourism listed companies and promote the healthy and sustainable development of tourism industry.Specifically,this study selects 33 listed tourism companies from 2010 to 2019 as the research sample,selects supply chain integration as the antecedent variable at the structural level,and selects entrepreneurial orientation and peer effect at the strategic level to represent the company’s active development strategy and passive development strategy respectively,and discusses how enterprises drive the corporate growth of tourism enterprises through the combination of structure and strategy.Using the fuzzy set Qualitative Comparative Analysis method(fsQCA).this paper summarizes the driving modes of high corporate growth and low corporate growth through different antecedent configuration conditions.The results show that the driving modes of high corporate growth of tourism listed companies include "practicing internal skill hard" type,"paying attention to the whole" type and "shaping entrepreneurship leader image" type;The driving modes of low corporate growth can be divided into"swimming with the stream" type and "top-heavy" type.At the same time,by comparing the driving modes of high corporate growth and low corporate growth,this research finds that:(1)Structural level:①How to correctly adopt the tourism supply chain integration mode plays a vital role in the company’s growth--no matter what development strategy is adopted,comprehensively improving the tourism supply chain integration ability will be conducive to the corporate growth.Therefore,enterprises should timely pay attention to and evaluate the supply chain integration and do a good job in the whole process of supply chain management;②The coordination of supplier and customer integration capability of the supply chain is a prerequisite for helping the company grow--due to the characteristics of comprehensiveness,linkage,resource dependence and sensitivity of the tourism industry,tourism enterprises are in a more complex and close relationship network,which makes the matching of supply and demand as well as information transmission particularly important.Therefore,tourism enterprises should consider the development status and future direction of enterprises,ensure the coordinated development of upstream and downstream of the supply chain;③For tourism enterprises,it is particularly important to practice their "internal skills",and the top priority is to do a good job of internal integration--tourism enterprises should strengthen the control and improvement of their internal organizational structure and process system,effectively give play to their ability to "concentrate on doing great things" which can help enterprises grow faster and better.(2)Strategic level:①Tourism enterprises do not need to pay too much attention to entrepreneurship orientation--as a resource consuming and risk-based strategy,entrepreneurship orientation is not suitable for the tourism industry with strong resource dependence,sensitivity,and with fragment,diversified and limited resources.Therefore.tourism enterprises need to carefully apply entrepreneurship strategies;②The peer effect is a double-edged sword--the peer effect strategy may lead to the ineffective "internal roll" of enterprises in the industry,and the development of enterprises may go astray if they do not keep consistent with the development of enterprises in the same group.Therefore,if enterprises want to maintain long-term and healthy development in the tourism industry,they should keep appropriate consistency with the development of the industry,do a good job in target market segmentation and pay attention to differentiated publicity,establish a distinctive tourism brand.(3)Strategy-structure matching level:the company’s development strategy should be coordinated with the supply chain integration-the development model of strategy-structure matching better explains the reasons for high corporate growth and low corporate growth.For tourism companies,if the upstream and downstream structures of the supply chain do not match,it is not advisable to excessively pursue entrepreneurial orientation or peer effect.Therefore,the formulation of strategy should be based on the evaluation of supply chain structure,match with the development needs of the company and size up the situation.The relevant conclusions of this study expand the research field of corporate growth and supply chain integration,provide references for the research on the driving mechanism of corporate growth,reveal the internal mechanism of tourism supply chain integration,and provide theoretical guidance for the selection of supply chain integration mode and the formulation of development strategy of tourism enterprises.Moreover,the research results help to guide the orderly and healthy development of tourism industry.It also provides effective suggestions for the growth recovery and model reconstruction of tourism enterprises under the impact of the COVID-19.At the same time,the fuzzy set Qualitative Comparative Analysis method used in this study also provides new ideas and methods for the research of listed companies.