内生性视角下的多元化与旅游企业价值关系

过去数十年来,国内外不少学者就企业多元化与企业价值之间关系进行了比较深入的探讨,但现有研究工作在解释两者关系时并未得到一致性的结论,同时,现有相关研究也很少以旅游企业为研究对象.因此,文章选择具有“天生”多元化经营动机的旅游企业为研究对象,通过科学测度其多元化经营程度,并采用内生性视角探讨多元化经营的内生性及其对企业价值的影响,以期为我国旅游企业的多元化发展提供指导.文章通过严格的数据筛选,选取大陆15家旅游上市公司2006～2009年的面板数据资料,用收入熵衡量多元化经营程度,用ROA衡量企业价值,采用STATA软件进行面板回归及二阶段最小二乘法进行实证分析.结果表明:企业资产规模、公司成长性、企业价值与股权集中度对旅游上市公司多元化经营程度具有显著性正向影响,证明了多元化经营的内生性;在外生性视角下,旅游上市公司的多元化经营程度与企业价值显著正相关,存在3％左右的多元化溢价效应;在内生性视角下,旅游上市公司的多元化经营对企业价值的正向促进作用进一步提升,溢价效应在6％左右.     

旅游企业多元化并购类型与长期绩效的关系——以2002～2008年中国旅游上市公司为例

企业多元化与其绩效之间的关系为企业战略管理最为核心的研究主题之一.虽然已有研究表明,多元化有利于提高旅游企业价值,然鲜有学者从并购角度研究多元化类型与旅游企业绩效之关系.因此,本文以2002～2008年41起旅游上市公司多元化并购事件为例,将多元化并购分为相关多元化并购和无关多元化并购,采用财务研究法衡量不同类型多元化并购对企业长期绩效的影响,探讨旅游企业多元化并购类型与长期绩效的关系.结果表明,旅游企业不同类型多元化并购后长期绩效呈现明显的趋势差异:无关多元化并购后企业长期绩效表现出大起大落的趋势,并购后二期的长期绩效仅比并购前一期增长8％；相关多元化并购企业长期绩效虽然在并购后一期小幅下降,但在并购后二期大幅上升,并购后二期的长期绩效比并购前一期增长147％,同时在控制收购方其他特征之后,多元化并购类型对企业并购后二期绩效影响在10％的水平下几乎是显著的.这说明相关多元化并购更多的是一种长期价值促进作用,无关多元化并购无法获取长期价值促进效应.另外,从并购前一期企业绩效来看,相关多元化并购多发生在并购前公司绩效就已经比较好的公司,无关多元化并购公司多在并购前公司绩效就差.     

生态住宿体验和个人涉入度对游客环保行为意向的影响研究

本文从游客对旅游住宿产品体验和感知的视角,研究生态住宿体验和个人涉入度对游客环保行为意向的影响。结果表明:(1)游客的生态住宿体验和个人涉入度对游客的环保行为意向具有显著的正向影响;(2)个人涉入度包括"感知重要性与娱乐价值"、"符号价值"、"风险可能性"和"风险重要性"4个维度;其中"感知重要性与娱乐价值"及"符号价值"对游客的环保行为意向表现出显著的正向影响,而"风险可能性"和"风险重要性"对环保行为意向的影响不显著;(3)生态意识的调节效应显著。该结论对于丰富国内外相关研究具有一定的理论价值,为旅游住宿企业开发产品的价值诉求提供决策参考。     

旅游发展会影响居民消费吗?——来自中国的经验证据

文章构建了两个衡量旅游发展的代理指标,运用动态面板数据系统广义矩估计方法对旅游发展、经济增长与居民消费之间的关系进行了实证研究.研究结果显示,在中国整体层面上,旅游发展对居民消费具有显著正向影响关系,然而这种正向关系的影响效应较小;旅游发展滞后项并不显著,意味着旅游发展对居民消费促进作用的动态持续效应并不明显,导致在一定时间段内旅游发展对居民消费呈倒U型的影响关系.在区域层面上,东部地区旅游发展对居民消费具有显著正向影响关系;中部地区同样存在上述正向影响关系,但估计结果显示这种关系并不十分稳健;西部地区旅游发展对居民消费影响关系则不显著.针对上述问题,最后提出了相应的政策建议.     

数字技术驱动下旅游发展对经济增长的影响

在系统梳理数字技术、旅游发展与经济增长关系的基础上,以2013—2020年中国省级面板数据为样本,综合使用双向固定效应模型、面板分位数模型和调节效应模型进行实证检验。结果表明：旅游发展对经济增长的影响显著为正,验证了“旅游导向型经济增长假说”,并随着经济增长,旅游发展的正向经济增长效应逐渐显著;数字技术同样显著促进经济增长,并随着经济增长,数字技术的经济增长效应呈现先抑后扬的U形关系;从技术赋能视角来看,数字技术显著正向调节旅游发展的经济增长效应。此外,在不同旅游发展类型、不同地区,数字技术调节旅游发展对经济增长的影响存在显著异质性。     

投资战略、治理机制与旅游企业融资成本

中国旅游企业普遍存在融资难、融资成本偏高问题,这严重影响了旅游企业的生存、发展与扩张。为此,迫切需要科学探究旅游企业融资成本的影响因素,并采取相应治理措施以降低融资成本。文章以公司治理视角为切入点,立足于旅游业区别于其他行业的特殊性,利用我国旅游上市公司的财务统计数据,实证检验了旅游经营环境、旅游企业投资战略、治理机制对融资成本的影响效应。研究结果表明:旅游企业债务融资成本小于股权融资成本,旅游企业应充分利用经营权和用地使用权质押贷款等多元化债务融资方式。投资战略方面,旅游需求波动性和非旅游相关多元化战略会提高融资成本,旅游企业投资方向应为相关多元化/并购,投资项目应能降低旅游收益波动性。治理机制方面,信息披露与法律保护机制能降低融资成本,股权结构与融资成本存在倒"U"形关系,而高管激励机制则会提高融资成本,旅游企业应建立科学的股权结构和董事会治理机制,构建多层次高管薪酬体系和信息披露制度,完善品牌投资战略以实现品牌质押融资。     

民族村寨居民旅游支持行为意愿形成机理——基于三元交互视角

基于三元交互视角，文章从人（居民行为逻辑）、事（旅游本质）、境（社会网络环境）视角系统探究我国民族村寨居民旅游支持行为意愿的内涵与产生机理，构建“关系嵌入-感知价值-居民旅游支持行为意愿”的概念模型，并基于贵州西江千户苗寨378份有效问卷进行实证检验。研究结果表明：（1）关系嵌入对居民旅游支持行为意愿有直接的正向影响作用；（2）感知价值对居民旅游支持行为意愿具有一定的正向影响作用；（3）关系嵌入与感知价值的交互作用对居民旅游支持行为意愿具有显著正向影响。文章为研究民族村寨居民旅游支持行为的影响机理提供了新的认知视角，同时为培育居民的旅游支持行为提供了有益的实践启示。     

旅游宣传片的说服效应——基于危机情境的纵向跟踪实验研究

旅游宣传片是旅游目的地危机管理的重要营销工具,目前关于旅游宣传片说服效应的纵向跟踪研究缺乏。文章基于巴厘岛阿贡火山连续爆发事件,采用情境实验法探究不同类型旅游宣传片对潜在市场群体的说服效应。研究发现:全景综述型旅游宣传片的短期说服效应更好,危机主题导向型旅游宣传片的长期说服效应更好。在短期说服效应上,全景综述型旅游宣传片正向显著影响认知形象中的自然环境、娱乐活动、宗教氛围、旅游基础设施、感知安全、情感形象和行为意愿;危机主题导向型旅游宣传片正向显著影响认知形象中的宗教氛围、感知安全、情感形象和行为意愿。在长期说服效应上,危机主题导向型旅游宣传片正向显著影响认知形象中的宗教氛围、感知安全和行为意愿;全景综述型旅游宣传片正向显著影响认知形象中的宗教氛围和感知安全。文章为进一步了解旅游宣传片说服效应的时间效度提供了理论依据,也为危机情境中旅游目的地营销组织在旅游宣传片的营销与建设上提供了实践指导。     

昆明城市形象、旅游目的地形象与游客行为意愿研究

文章以昆明为研究对象,通过结构方程模型分析潜在游客对昆明的城市形象感知与旅游目的地形象感知对其行为意愿的影响,并引入目的地熟悉度作为调节变量验证其在上述关系中的作用。结果表明：一座城市的城市形象与旅游目的地形象间的相互影响作用显著,且均为正向;城市形象和旅游目的地形象皆影响游客行为意愿,但影响程度与效果不同,目的地形象的负向效应大于城市形象的正向效应;目的地熟悉度在旅游目的地形象和游客行为意愿间具有显著的调节效应,但在城市形象和游客行为意愿之间的调节效果并不明显;不同类型的熟悉度在上述关系中的调节效应存在差异。     

民族贫困地区居民对旅游扶贫效应的感知和参与行为研究——以青海省三江源地区为例

近年来,旅游扶贫效应研究呈现出从区域经济效应为主向区域经济、社会文化和环境效应并重发展的态势,研究视角也开始从贫困地区向贫困人口转换。本文在分析以藏族为主体的典型民族贫困地区——青海省三江源地区贫困与旅游发展现状的基础上,运用问卷调查和数理统计方法,探析了当地居民对旅游扶贫效应的感知和参与行为。研究表明,当地居民对旅游扶贫的正面效应感知明显而负面效应不敏感,对发展旅游总体上持支持态度,具有较高参与热情;不同人口特征的居民参与机会和能力在旅游扶贫效应感知、态度和参与意向上有显著差异;当地居民对旅游扶贫正效应的感知对其态度和参与意向均有显著正向影响。     

旅游业上市公司多元化经营能够降低公司风险吗？——基于2004—2012年A股上市公司数据的实证研究

我国的旅游业上市公司普遍存在进入房地产业、高新技术产业等行业的多元化经营现象。国内外学者对多元化经营与公司风险之间的关系展开了一系列的研究,但是没有得出一致的结论。截至目前,对旅游类企业多元化经营能否降低公司风险的研究仍较为欠缺。因此,文章以2004—2012年国内23家A股旅游业上市公司1的184个截面数据为样本,利用多元回归分析法检验了旅游业上市公司多元化经营对其公司风险的影响。旅游行业自身的行业特征及其多元化特点使得针对旅游业上市公司多元化经营行为的分行业研究产生了与以往整体层面的研究截然不同的结论：旅游业上市公司多元化经营能够降低公司的财务风险,但无法降低公司的经营风险。进一步对多元化类型进行区分后发现：旅游业上市公司相关多元化水平的提升可以显著地降低公司的财务风险,但无法显著地降低公司的经营风险;而非相关多元化水平的提升无法显著地降低公司的财务风险与经营风险。基于上述研究成果,文章从促进融资体系多元化、完善主业发挥自身优势、谨慎选择多元化行业3个角度对旅游业上市公司的多元化发展提出了建议。     

Government intervention in investment by Chinese listed companies that have diversified into tourism

This paper presents the outcome of empirical research into the influences of government intervention on tourism investment using a sample of Chinese listed companies that have diversified into the tourism sector. Government intervention is measured on the basis of the CEO’s political connections, the relationship between the government and the market, and the degree of financial market development. The results show that state-owned enterprises (SOEs) with strong political connections are likely to diversify into the tourism industry, especially in the area in which the government intervenes in the market excessively and the financial market is well-developed, although the tourism businesses of these firms tend to operate poorly after diversification. Amongst non-SOEs, in contrast, government intervention factors are not found to facilitate diversification into the tourism sector to any significant degree. Less government intervention is found to be beneficial for these firms, allowing them to improve their performance in the tourism sector. It is thus concluded that greater local government awareness of policy implementation is necessary to avoid unfair competition between SOEs and non-SOEs and to target the long-term positive development of the Chinese tourism sector.     

琴瑟和鸣抑或相互掣肘?旅游业中家庭配偶的就业与创业--基于CGSS 2010--2015数据的实证研究

家庭是社会的基本单位,家庭中配偶的经济行为如何相互影响一直为西方经济社会学所关注。我国文化背景不同于西方,家庭经济行为也存在不同。本文利用中国综合社会调查(Chinese General Social Survey,CGSS)2010年至2015年的数据,以旅游业为例实证分析了我国家庭中配偶的不同就业形式对彼此创业的影响。本文以就业状态、类型、就业企业的所有制性质以及是否为全职就业对配偶就业进行了区分,结果发现,夫妻中一方在体制内就业会降低配偶生存型创业和机会型创业的概率;而在我国港澳台地区企业、外资企业和私营/民营企业的就业经历会提高配偶生存型创业的概率,但对机会型创业没有影响。在进一步将就业状态、创业划分为受雇就业、非正规就业、生存型创业和机会型创业后,结果发现,夫妻中一方的生存型创业会降低配偶机会型创业的概率,提高生存型创业的概率;而受雇就业和非正规就业会同时降低两种创业的概率。     

Advertising and farm-based accommodation: a British case study

Research into farm diversification typically considers aspects of marketing at a generalized level. This exploratory article focuses specifically on farm-based accommodation to provide a detailed exploration of advertising strategies employed by farm businesses in the promotion of this enterprise. Drawing upon evidence from a survey of over 200 farm businesses in three English counties, types of advertising media are considered and their relative benefits evaluated. Results show that from the complex range of available options, holiday accommodation ‘guidebooks’ produced by private companies and organizations represent the most popular methods of advertising used by farm businesses. However, the success of individual guidebooks in generating custom was highly variable between the different study areas. Cooperative marketing groups provide important advertising alternatives to guidebooks, mainly for bed and breakfast and self-catering operators. Overall, the need to advertise accommodation enterprises actively means that many farm family businesses develop closer interactions with external agents from the nonagricultural sector.     

Tourism Research Methods: Integrating Theory with Practice

This paper proposes that the development of the tourism accommodation sector in Vietnam, since the inauguration of the open door policy within the reform programme of doi moi, can be divided into five periods. This periodization is based on a study and analysis of the evolving roles of accommodation-providers in Vietnam tourism and the shifting patterns of state-owned enterprises, foreign direct investment and private businesses/small and medium-sized enterprises in this sector. Each period, and each transition between consecutive periods, is investigated in terms of the dynamics of interrelations between public, private and foreign operators, and the interaction of the accommodation sector with other political, social and economic factors in Vietnam during this era of transition. The paper concludes by identifying factors and trends that best characterize the evolution of Vietnam's tourism accommodation sector over the last two decades.     

Crisis Management in Tourism

SUMMARY

Anticipating and preparing to deal with the threat of crises precipitated by disaster from natural and people-made catastrophes is an important challenge facing tourism. As an industry tourism is particularly susceptible to such negative events putting the sector under almost constant threat of a crisis. Before the catastrophes of 9/11 and the Asian Tsunami of 2004 crisis management in tourism was essentially a reactive response, as opposed to a state of proactive anticipation. A review of the emerging literature on crisis management in tourism is given to identify the foci of the current academic discourse. More systematic input by human resource management was identified as a way to assist tourism businesses in preparing for and dealing with crises. By discussing crisis management within a services management context, a contribution is made to the debate on the need for proactive crisis management within the tourism industry. A central plank to this position is that the preparation stage of crisis management in tourism is the actual beginning of any strategic response to recovery. Well conceived and executed human development is promoted as an initiative and key component of crisis preparation and management. Developing the potential of human capital at the industry and enterprise level to deal with crisis management is a way of reducing the vulnerability of tourism enterprises to crises. Measures are suggested that may be taken to prepare tourism businesses for crisis situations.     

Sustainability and Local Tourism Branding in England's South Downs

This paper reports on a stakeholder consultation exercise that examined the tourism industry's perception of developing a local tourism branding scheme within the South Downs' protected areas in south-east England. The research shows that such schemes could offer potential benefits that are recognisable by the tourism industry, while helping to meet the statutory aims of the protected area. The paper records the perceptions of small tourism businesses, their fears, awareness of tourism impacts, perceptions of sustainable tourism and of local branding, and key criteria connected to the future organisation of a local tourism branding scheme. The conclusion lists the recommendations for the implementation of a local branding scheme, including grassroots stakeholder consultation that encourages ownership and participation, institutional frameworks that support capacity-building and the importance of developing core values within a local brand.     

The resilience of formal and informal tourism enterprises to disasters: reef tourism in Phuket,Thailand

This paper explores the resilience of vulnerable tourism sectors to disasters in a period of global change and interdependence. The coral reef tourism industry is highly vulnerable to natural disasters and economic and political shocks. The paper also explains why enterprise resilience is central to sustainable tourism management, for economic, socio-cultural and environmental reasons. It extends the concepts of ecological and social resilience to that of enterprise resilience. Using scenarios and interviews with key enterprise staff, the study contrasts the levels of resilience of formal and informal reef tourism enterprises, and the factors associated with the enterprise resilience in Phuket, Thailand, following the 2004 tsunami and the 2008 political crisis. Informal enterprises reported better financial condition in a crisis scenario and higher levels of social capital in the form of government, family and community support than formal enterprises. Formal and informal enterprises both enjoy high lifestyle benefits from reef tourism, which supports resilience. Most formal enterprises had part foreign ownership/management (61%); no informal enterprise had any foreign ownership or management. Management policies supporting reef tourism should consider local nuances and the importance of lifestyle benefits for both formal and informal enterprises, and take steps to enable enterprise flexibility and cost-cutting during crises.