我国旅游上市公司资本结构与经营绩效研究

发布时间：2018-06-24 23:18

本文选题：资本结构 + 经营绩效　；参考：《华东师范大学》2012年硕士论文

【摘要】：经过改革开放30多年的持续发展,中国旅游业已基本完成了从旅游资源大国向世界旅游强国的转变,“十二五”旅游发展规划纲要明确提出,努力把旅游业培育成战略性支柱产业和现代服务业,向世界旅游强国迈进。旅游业这种良好的发展势头,为旅游企业特别是旅游上市公司的发展,创造了前所未有的发展机遇,但同时激烈的竞争环境也对旅游上市公司的经营管理提出了更多的挑战,在这种环境下,如何完善旅游上市公司的资本结构以提高企业的经营绩效显得尤为重要。为了探寻公司资本结构与经营绩效的关系,实现最优资本结构配置,本文展开此项分析。本文在综述国内外对旅游上市公司资本结构与经营绩效的相关理论研究与实证研究的基础上,以我国沪、深两市22家旅游上市公司2008-2010年3年的面板数据为研究样本,对我国旅游上市公司资本结构与公司绩效的关系展开了实证研究。本文先对22家旅游上市公司资本结构与经营绩效状况做了一个描述性统计分析,在此基础上提出了我国旅游上市公司资本结构与经营绩效相关关系的四个假设命题：(1)旅游上市公司的资产负债率与的公司经营绩效负相关；(2)旅游上市公司的资产负债率存在着一个合理区间；(3)旅游上市公司的长期负债比率与企业绩效呈负相关关系,流动负债比率与企业绩效呈正相关关系；(4)旅游上市公司的带息负债与企业经营绩效负相关。分析过程中,以旅游上市公司的资本结构为自变量,经营绩效为因变量,以公司盈利能力和成长性为控制变量,运用主成分分析法进行回归检验。研究结果表明：我国旅游上市公司的资产负债率与企业的经营绩效是负相关关系；但是不存在一个合理的区间,使得我国旅游上市公司的资本结构与经营绩效成倒“U”关系；对于长期负债率、短期负债率及带息负债率与公司经营绩效的相关性则不明显,针对不同的年份或者是不同的公司类别,也会表现出不同的相关性。最后,在此研究结论的基础上,本文针对具体的旅游上市公司提出了资本结构的优化的建议。
[Abstract]:After more than 30 years of continuous development of reform and opening up, China's tourism industry has basically completed the transformation from a large tourism resource country to a world tourism powerhouse. The outline of the 12th Five-Year Plan for Tourism Development has been clearly put forward. Strive to develop tourism into strategic pillar industry and modern service industry, and stride forward to the world tourism power. This good development momentum of tourism has created unprecedented opportunities for the development of tourism enterprises, especially tourism listed companies, but at the same time, the fierce competitive environment has also put forward more challenges to the management of tourism listed companies. In this environment, how to improve the capital structure of tourism listed companies to improve the business performance is particularly important. In order to explore the relationship between corporate capital structure and operating performance and achieve the optimal allocation of capital structure, this paper carries out this analysis. Based on the theoretical and empirical research on the capital structure and operating performance of tourism listed companies at home and abroad, this paper takes the panel data of 22 tourism listed companies in Shanghai and Shenzhen stock markets as the research samples from 2008 to 2010. This paper makes an empirical study on the relationship between the capital structure and corporate performance of tourism listed companies in China. This paper first makes a descriptive statistical analysis on the capital structure and operating performance of 22 tourism listed companies. On this basis, four hypotheses about the relationship between capital structure and operating performance of tourism listed companies are put forward: (1) the asset-liability ratio of tourism listed companies is negatively correlated with their operating performance; (2) there is a reasonable range of asset-liability ratio of tourism listed companies, (3) the long-term debt ratio of tourism listed companies has a negative correlation with enterprise performance, while the current debt ratio has a positive correlation with enterprise performance. (4) the interest-bearing liabilities of tourism listed companies are negatively correlated with their business performance. In the process of analysis, the capital structure of tourism listed companies is taken as independent variable, the operating performance as dependent variable, and the profitability and growth of companies as control variables, and the principal component analysis is used to carry out regression tests. The results show that the asset-liability ratio of tourism listed companies in China is negatively related to their operating performance, but there is no reasonable interval between them, which makes the capital structure and operating performance of tourism listed companies in China fall into a "U" relationship. For the long-term debt ratio, the correlation between short-term debt ratio and interest-bearing debt ratio and company performance is not obvious. Different years or different types of companies will also show different correlation. Finally, on the basis of the conclusion of this study, this paper puts forward some suggestions on the optimization of capital structure for specific tourism listed companies.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F592.6;F832.51;F224

【参考文献】