Research On The Impact Of Diversification Strategy On Performance Of Listed Tourism Enterprise

Tourism is a vulnerable industry that is vulnerable to changes in the external environment.With the acceleration of globalization and the increasingly unstable market competitive environment,in order to diversify business risks,increase revenue sources,achieve transformation and upgrading,and improve market competitive advantages,listed tourism companies generally choose diversified business strategies.However,when listed travel companies implemented diversification strategies,they did not achieve the desired results.Taking the sudden external crisis of the 2020 novel coronavirus epidemic as an example,despite successful cases such as OCT cities,more listed tourism companies have fallen into the dilemma of sluggish economic performance.Therefore,in the context of the new economy,it is particularly necessary to re-examine the relationship between the diversification strategy and performance of listed tourism enterprises,and deeply study the ways in which diversification strategy affects performance.This paper first reviews the research progress of diversification strategy and enterprise performance,and then analyzes the relationship between diversification strategy,dynamic capability and enterprise performance of listed tourism enterprises from the perspectives of resource base theory,scope economy theory,dynamic capability theory and entrusted agency theory,combined with the existing literature,and puts forward corresponding research hypotheses.In the empirical research part,based on the panel data of 28 listed tourism enterprises in Shanghai and Shenzhen in China in 2012～2019,the fixed-effect regression model was used to partially test the research hypothesis.After that,the new crown pneumonia epidemic was regarded as an emergency,and the event research method was used to further test whether the diversification strategy and dynamic capabilities could help listed tourism enterprises diversify operational risks and reduce the adverse impact of external crises on their performance,aiming to provide useful enlightenment for the implementation of the diversification strategy of listed tourism enterprises.It is found that: First,the diversification strategy of listed tourism enterprises and related diversification strategies have a significant positive impact on performance,however,the impact of non-related diversification strategies on performance is not significant.Second,the relevant diversification strategies of listed tourist attractions companies can significantly improve corporate performance,but this view does not apply to hotel and comprehensive tourism enterprises.Third,dynamic capability plays a significant positive moderating role between the diversification strategy and performance of tourism listed enterprises,indicating that a high level of dynamic capability can help tourism listed enterprises successfully implement diversification strategies,thereby improving corporate performance.Fourth,the external crisis of the new crown pneumonia epidemic has had a significant negative impact on the performance of tourism enterprises.In this context,relying solely on diversification strategies does not provide travel companies with sufficient risk avoidance to mitigate the adverse impact of the pandemic on performance.However,those listed tourism enterprises with high dynamic capabilities can activate their resilience through resource integration,business adjustment,and service model innovation,and then improve their performance.The contribution of this paper is as follows: first,to explore the impact of diversification strategy on corporate performance by taking Chinese listed tourism enterprises as the research object,distinguish the types of diversification strategies,and conduct heterogeneity analysis for different types of listed tourism enterprises.This helps to enrich the research results on the relationship between diversification strategy and performance in the tourism field,and also provides a theoretical basis for tourism enterprises to improve their performance level through diversification strategy.Secondly,the theory of dynamic capability is introduced,and the theoretical research framework of diversification strategy,dynamic capability and enterprise performance is constructed,and the influence mechanism of diversified strategy of tourism listed enterprises on performance is further explored.This not only helps to enrich the research on the mechanism of performance of diversification strategies,but also fills the gap in the research field of tourism enterprises.Third,it is of strong practical significance to test whether diversification strategies and dynamic capabilities can reduce the impact of external crises on the performance of listed tourism enterprises through the event research method.This can also provide more effective development strategies and practical enlightenment for the development of listed tourism enterprises.