Research On Asset Structure Optimization Of Sustainable Development Of Tourism Enterprises In China

As an important part of the national economy,tourism has played an irreplaceable role in promoting the transformation and upgrading of economic structure,providing employment opportunities,improving the well-being of the residents and accelerating rural revitalization.However,during the rapid development of China’s tourism industry,the development of tourism enterprises is not satisfactory.Since 2020,due to the impact of the epidemic,the development of the tourism industry has presented an unstable state.The entire tourism industry has experienced unprecedented losses.However,in the long run,residents’ willingness to travel has not disappeared.They are still enthusiastic about tourism.The prospect of tourism industry is still worth looking forward.This epidemic also provides many lessons for future development of tourism.Improving the ability to resist systemic shocks and achieve sustainable development has become an important direction of tourism transformation and upgrading.For the current problems of China’s tourism,such as weak competitiveness,low margin profit,and dependence on limited tourism resources,how to promote sustainable and high-quality development of tourism enterprises is the focus of the current situation and the research object in this paper.This paper discusses how to increase enterprise value and achieve sustainable development through reasonable arrangement of assets and improving the management level of intangible assets.What’s more,enterprises can build high-quality tourism brands to meet the emotional interests of consumers and reduce the selection cost,increase consumer demand,achieve brand premium,and enable enterprises to obtain higher profits.According to the characteristics of the tourism industry,enterprises can choose brand extension to solve the problem of limited tourism resources and strive for more potential consumers,obtain diversified income,and increase enterprise value.First of all,through the comparison of the tourism before and during the epidemic,this paper brings out the question of this research—how to achieve long-term development for tourism enterprises.Then,this paper analyzes the policy background,theoretical and practical significance,and introduces the research content,research methods,innovation points and deficiencies.After that,this paper sorts out relevant research such as enterprise value,asset structure,brand and tourism brand as the basis for this research.Then,this paper introduces the related concepts and theoretical basis,and puts forward the research hypothesis.Next,this paper analyzes the current situation of the tourism industry and finds out the development problems of tourism enterprises.This paper uses the annual data of 29 listed tourism companies from Shanghai Stock Exchange and the Shenzhen Stock Exchange market from 2003 to 2019 for samples,and uses panel regression model to empirically analyze the impact of asset structure on enterprise value.The results showed that among Chinese tourism listed companies,monetary capital and fixed assets have a significant positive impact on the enterprise value,while intangible assets have a negative impact,and the impact of receivables is not significant.Among listed tourism companies of different sub-categories,the impact of asset structure on enterprise value has a certain degree of heterogeneity.In scenic spots companies,fixed assets and intangible assets have a significant positive impact on enterprise value,while monetary capital has no significant impact and the impact of receivables is significantly negative.The results of hotel companies are basically consistent with the overall sample.Then,taking two typical tourism brands—Wuzhen and Happy Valley as examples,this paper uses TBCI model to measure their brand credit and brand premium.According to the research findings,this paper finally put forward some suggestions for tourism companies.From the perspective of the asset structure optimization,tourism companies should improve the efficiency of intangible assets and strengthen the brand building.Properly adjusting the ratio of current assets to fixed assets is also important.From the perspective of the brand,tourism companies should build up brand differentiation in the emerging market and achieve diversified development through brand extension.