中国旅游类上市企业融资结构与绩效实证研究

发布时间：2018-05-02 02:54

本文选题：旅游上市企业 + 债权结构　；参考：《安徽大学》2014年硕士论文

【摘要】：旅游业作为全球标榜的“无烟产业”典型代表,近年来发展势头极为强劲,旅游上市企业是行业内的“旗舰部队”和“排头兵”,需肩负起推动国内旅游产业升级、带动区域旅游经济发展的重任,而融资结构又直接影响旅游企业资本的倍增效益和退出通道,与企业绩效休戚相关。故而,如何优化旅游上市企业资源配置、盘活存量资本、调整企业融资结构已成为学术界重要研究课题。近年来,国内外学者开始高度关注上市企业融资结构与企业绩效相关性研究,但就旅游行业而言,研究成果却为数不多。因此,全面剖析国内旅游上市企业融资结构与企业绩效现状,深化认识融资结构对企业绩效的影响,对促进旅游业发展具有重要理论和实践意义。文章选取2010-2012年我国A股深、沪市中持续经营的22家旅游上市企业相关财务指标作为研究基本数据,运用理论和实证研究相结合的方法,借助描述性统计分析、主成分分析和多元线性回归等统计分析方法,从债权结构和股权结构两处着手,探求旅游类上市企业融资结构与企业绩效间相关性,文章中所有财务数据均来源于国泰安数据库、巨潮网、新浪财经网等权威渠道。在变量设计层面,笔者选取资产负债率、长期负债率、短期负债率、商业信用率、银行借款率作为债权结构指标,选取股权集中度、国有股持股比例作为股权结构指标,选取经主成分分析法提取的综合变量作为企业绩效衡量指标,选取企业规模和公司成长性作为控制变量,进而提出针对性假设并构建多元回归模型,最后运用SPSS统计软件实证检验。实证结果表明：(1)债权结构层面：国内旅游类上市企业总体负债率与企业绩效呈微弱负相关性；长期负债率与企业绩效呈显著负相关性,短期负债率与企业绩效呈正弱相关性；商业信用率对企业绩效有积极影响,但程度不显著；银行借款率与企业绩效呈显著负相关,银行借款率过高将不利于企业绩效提升。(2)在股权结构层面,股权集中度、国有股权与企业绩效间均呈现显著正相关性,适度提高股权集中度和国有股比例可有效提升企业绩效。
[Abstract]:As a typical representative of the "smokeless industry" in the world, the tourism industry has a strong momentum of development in recent years. Tourism listed enterprises are the "flagship troops" and "vanguards" in the industry, and they need to shoulder the responsibility of promoting the upgrading of the domestic tourism industry. The important task of promoting the development of regional tourism economy is that the financing structure directly affects the double benefit and exit channel of the capital of tourism enterprises, which is closely related to the performance of enterprises. Therefore, how to optimize the resource allocation of tourism listed enterprises, activate the stock capital, adjust the financing structure of enterprises has become an important research topic in academia. In recent years, scholars at home and abroad began to pay close attention to the relationship between financing structure and corporate performance of listed enterprises, but in the tourism industry, the research results are few. Therefore, it is of great theoretical and practical significance to comprehensively analyze the financing structure and enterprise performance of domestic tourism listed enterprises, and to deepen the understanding of the impact of financing structure on enterprise performance. This paper selects 22 tourism listed enterprises in Shanghai stock market from 2010 to 2012 as the basic research data, using the method of combining theoretical and empirical research, with the help of descriptive statistical analysis. Based on principal component analysis and multivariate linear regression, this paper explores the correlation between financing structure and corporate performance of tourism listed enterprises from two aspects: debt structure and equity structure. All the financial data in the article are from Cathay Pacific Database, Giant Tide, Sina Financial Network and other authoritative channels. At the level of variable design, the author chooses asset-liability ratio, long-term debt ratio, short-term debt ratio, commercial credit ratio, bank borrowing ratio as debt structure index, equity concentration degree and state-owned stock holding ratio as equity structure index. The comprehensive variables extracted by principal component analysis (PCA) are selected as the measurement index of enterprise performance, and the scale and growth of the firm are selected as control variables, and then the pertinence hypothesis is proposed and the multivariate regression model is constructed. Finally, SPSS statistical software is used to test. The empirical results show that the debt structure of domestic tourism listed enterprises is weakly negative correlation with corporate performance, long-term debt ratio is significantly negative correlation with corporate performance, short-term debt ratio is positively and weakly correlated with corporate performance. The commercial credit rate has a positive effect on the enterprise performance, but the degree is not significant; the bank loan rate has a significant negative correlation with the enterprise performance, the bank borrowing rate is too high will not benefit the enterprise performance promotion. 2) in the equity structure level, the equity concentration degree. There is a significant positive correlation between state-owned equity and enterprise performance. Moderate increase of ownership concentration and proportion of state-owned shares can effectively improve enterprise performance.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F592.6;F275

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