我国旅游业上市公司资本结构影响因素的实证研究

发布时间：2018-01-04 06:22

本文关键词：我国旅游业上市公司资本结构影响因素的实证研究　出处：《对外经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：资本结构是财务理论的重要部分。随着旅游业的快速发展，旅游业已经成为我国国民经济的支柱型产业。研究影响旅游上市公司资本结构的因素，有利于促进我国旅游业上市公司的资本结构优化，提高公司治理水平，，并对企业未来的融资和发展提供一些借鉴。本文结合旅游业上市公司的特点，针对微观方面公司层面，从盈利能力、公司规模、成长能力、运营能力、偿债能力、现金流量、非债务税盾和股权结构8个方面对我国旅游业上市公司资本结构的影响因素进行分析。运用相关分析法、多重共线性检验和逐步回归法分析17家旅游业上市公司2009-2013年5年的数据。研究结果显示，不同年度有不同的回归变量被引入方程。总结各年度结果得出结论：（1）盈利能力与资本结构负相关（2）公司规模与资本结构正相关（3）成长能力与资本结构正相关（4）运营能力与资本结构正相关（5）偿债能力与资本结构负相关（6）非债务税盾与资本结构呈负相关（7）股权结构与资本结构呈负相关。最后本文给出了优化我国旅游业上市公司资本结构的建议，包括以公司盈利能力为首要，整合资源，保持适当的资产负债率，正确评估公司的经营风险以及控制应收账款和提高应收账款周转率。本文的创新与不足：根据我国旅游业公司运营特点，应收账款所占比重较大，因此引入应收账款周转率作为衡量其运营能力的指标。采用最新数据的分析体现了现阶段我国旅游业上市公司资本结构的情况。不足之处在于变量设计上，由于条件限制，仅选择了10个变量，不够全面。另外，没有考虑不可观察的公司特征因素,如管理者投资偏好、管理者素质与能力、对待风险的态度等等。
[Abstract]:Capital structure is an important part of the financial theory. With the rapid development of tourism, the tourism industry has become a pillar industry of China's national economy. Influence factors of capital structure of tourism listed companies, is conducive to promote the optimization of capital structure of listed tourism companies in China, improve the level of corporate governance, and to provide some reference for the enterprise the financing and development in the future.
According to the characteristics of tourism listed companies, according to the micro aspects from the company level, profitability, company size, growth ability, operation ability, solvency, cash flow, the 8 aspects of non debt tax shield and the influence of the ownership structure on the capital structure of listed companies of China's tourism industry factor analysis. Using the method of correlation analysis. Test of multicollinearity and data analysis of 17 listed tourism companies during the 5 years of 2009-2013 stepwise regression method. The results showed that the different year have different regression variables was introduced into the equation. Summed up the annual results concluded: (1) the profitability and capital structure is negatively related to (2) is positively related to firm size and capital structure (3) positive growth ability and capital structure (4) is positively related to operation ability and capital structure (5) solvency and capital structure is negatively correlated (6) non debt tax shields and capital structure is negatively related to the ownership structure and the (7) The capital structure has a negative correlation.
Finally, this paper gives some suggestions for optimizing the capital structure of China's tourism listed companies, including taking the company's profitability as the priority, integrating resources, maintaining proper asset liability ratio, correctly assessing the company's business risk and controlling accounts receivable and improving accounts receivable turnover rate.
The innovation and insufficiency of this paper: according to the company of China's tourism industry operating characteristics, should be accounted for a larger proportion of accounts receivable, so the introduction of accounts receivable turnover rate as a measure of its operating capacity index. By analysis of the latest data reflect the present stage of China's tourism listed companies capital structure. The shortcoming is variable the design, due to constraints, only 10 variables, is not comprehensive enough. In addition, did not consider the company characteristic factors can not be observed, such as the management of investment preferences, management quality and ability, risk attitude and so on.

【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F592.6;F590.66

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