Optimal Business Diversification and Firm Performance: The Role of Geographic Diversification in Chinese Tourism Firms

This study aims to examine the relationship between business segment diversification and firms’ performance as well as the moderating role of the geographic diversification in the context of Chinese tourism industry. The analysis is based on data from annual reports of Chinese tourism firms over 8 years. This study affirms an inverted U-shape relationship and suggests the optimal level of business segment diversification to Chinese tourism firm performance. The positive effect of business segment diversification on Chinese tourism firm performance was supported in the group of firms with geographic diversification and was not supported in the group of firms without geographic diversification. The application of optimal business segment diversification and implications for Chinese tourism industry are discussed as well.

业务多元化的优化与企业绩效: 地域多元化在中国旅游企业中的作用摘要
本文旨在研究业务多元化与企业绩效之间的关系，以及地域多元化在中国上市旅游企业中所起到的调节作用。该分析基于中国上市旅游公司连续八年的年度报告中的数据。本研究确认了业务多元化与企业绩效之间的倒U型关系，揭示了业务多元化如何对企业业绩达到最适化。业务多元化对中国旅游企业业绩的积极影响在地域多元化的旅游企业中得到了支持，此积极的影响在尚未进行地域多元化的旅游企业中则并不支持。本文深入讨论了优化业务多元化的应用及其对中国旅游业的影响，为旅游企业进行科学决策和战略规划提供了重要的科学参考依据。