Analysis on the Relationship between Diversified M&A Types and Long-term Performance of Tourism Enterprises Based on Environmental Dynamics

Abstract

With the improvement of the capital market, the merger and acquisition activities of enterprises gradually show the characteristics of standardization and marketization. According to the dynamic environment, the relationship between enterprise diversification and its performance is one of the core research topics of enterprise strategic management. Dynamic capabilities and their dimension capabilities are positively correlated with financial performance and non-financial performance of enterprises, and environmental dynamics has a moderating effect on the relationship between dynamic capabilities and non-financial performance of enterprises. An empirical study on the relationship between environmental dynamics and corporate performance aims to examine the relationship between the capital structure of listed companies and corporate performance in a transitional economy with environmental dynamics as the main feature in China. And because of the particularity of China’s market environment, traditional research methods can not measure the diversified M&A performance of enterprises. Therefore, the relationship between diversified M&A types and long-term performance of tourism enterprises using environmental dynamics is studied.