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旅游企业规模经济影响因素的甄别和实证检验对企业发展战略的调整具有决定性意义。现有研究侧重于规模报酬或规模经济系数的测算,少有学者能够对影响旅游企业规模经济的因素进行系统分析。基于此,本文综合国内外的研究成果,实证检验了影响旅游上市公司规模经济的内外部因素。研究结果表明:外部经营环境因素中,区域旅游业集聚、旅游市场需求潜能显著地正向影响旅游上市公司的规模经济,而旅游业地位、资源禀赋、劳动力素质、入境旅游需求波动及政府干预对旅游上市公司的规模经济存在显著的负向影响;内部治理因素方面,资产赢利性、差异化的产品和服务、旅游相关多元化战略、CEO经验与股权集中度对旅游上市公司规模经济的改善具有明显促进作用,管理效率、员工素质、高管薪酬、资产负债率及流动负债比例与旅游上市公司的规模经济显著负相关,此外,旅游上市公司规模经济具有明显的惯性特征。根据上述实证结果,本文为旅游企业改善规模经济提供了相关建议。
The screening and empirical test of the influencing factors of economies of scale of tourism enterprises are decisive for the adjustment of the enterprise development strategy. The existing researches focus on the measurement of scale returns or economies of scale. Few scholars can systematically analyze the factors affecting the economies of scale of tourism enterprises. Based on this, this paper combines the research results at home and abroad, and empirically tests the internal and external factors that affect the economies of scale of listed tourism companies. The results show that the regional tourism agglomeration and demand potential of tourism market positively affect the economies of scale of listed companies in the external business environment, while tourism status, resource endowments, labor quality, demand volatility of inbound tourism and government intervention The scale economy of listed travel companies has a significant negative impact; internal governance factors, asset profitability, differentiated products and services, tourism diversification strategy, CEO experience and ownership concentration on the economies of scale of listed tourism companies have The significant promotion effect, management efficiency, staff quality, executive compensation, asset-liability ratio and current liabilities ratio are significantly negatively correlated with the economies of scale of listed companies. In addition, the economies of scale of listed travel companies have obvious inertia characteristics. Based on the above empirical results, this paper provides some suggestions for tourism enterprises to improve their economies of scale.