我国旅游类上市公司债务融资与绩效的相关性研究

发布时间：2018-04-23 18:33

本文选题：债务融资 + 绩效　；参考：《渤海大学》2012年硕士论文

【摘要】：负债融资不仅是上市公司的一种主要资金筹集方式，同时也是一项重要的公司治理工具。有效的负债融资不但能够降低股东和经理人员之间的代理成本，而且有利于保障债权人利益，从而提高公司绩效。近年来国内的学者越来越关注中国上市公司的资本结构、融资方式问题，但是对我国上市公司债务融资与公司绩效二者关系的研究却为数不多。探讨负债融资对旅游类上市公司经营业绩的影响，从而改善旅游上市公司的融资结构，提高其经营业绩，无疑对于旅游业的发展具有十分重要的意义。因此本文以中国旅游上市公司为研究对象，对中国旅游上市公司债务融资与公司绩效二者的关系进行了理论和实证分析，并提出了对策建议，，希望能对旅游上市公司绩效的研究有所补充。本文在对债务融资进行整体、期限、分布等划分基础上，实证分析了不同负债结构对绩效的影响，探讨了旅游上市公司的债权融资情况与公司绩效的关系。本文首先从理论上分析了债务融资和公司绩效的相关性。笔者以2006-2010年间的28家旅游上市公司的债务融资和经营业绩指标进行了实证研究。本文利用主成分分析法构建了旅游上市公司新的综合绩效指标，并在此基础上建立了多元回归模型，验证了债务融资和公司绩效二者之间的关系。实证分析表明，我国旅游上市公司负债融资和公司绩效之间的相关关系明显：债务融资总体水平与公司绩效呈显著负相关，但是不存在权衡理论中的倒U型结构关系；长期负债与绩效显著负相关，短期负债与绩效正相关，但不十分显著，且短期负债的影响程度不如长期负债；银行借款和商业信用与业绩显著负相关，商业信用对公司绩效产生微弱的消极影响。笔者认为，要提高旅游上市公司债务融资的绩效，从政府层面，要支持有实力的旅游企业上市，极积鼓励债务融资扩大规模，制定鼓励旅游企业相关多元化发展的政策措施，拓宽旅游上市公司的债权融资渠道；从公司层面，要适度控制负债规模，优化旅游上市公司的债务融资结构，发挥财务杠杆作用。
[Abstract]:Debt financing is not only a main way to raise funds for listed companies, but also an important corporate governance tool. Effective debt financing can not only reduce the agency cost between shareholders and managers, but also help to protect the interests of creditors and improve corporate performance. In recent years, domestic scholars pay more and more attention to the capital structure and financing methods of listed companies in China, but there are few researches on the relationship between debt financing and corporate performance of listed companies in China. It is undoubtedly of great significance for the development of tourism industry to discuss the influence of debt financing on the operating performance of tourism listed companies, so as to improve the financing structure and business performance of tourism listed companies. Therefore, this paper makes a theoretical and empirical analysis of the relationship between debt financing and corporate performance of Chinese tourism listed companies, and puts forward some countermeasures and suggestions. It is hoped that the research on the performance of tourism listed companies can be supplemented. On the basis of the division of debt financing, duration and distribution, this paper empirically analyzes the influence of different debt structures on performance, and discusses the relationship between debt financing and corporate performance of tourism listed companies. This paper first analyzes the correlation between debt financing and corporate performance. The author makes an empirical study on debt financing and operating performance of 28 tourism listed companies from 2006 to 2010. In this paper, a new comprehensive performance index of tourism listed companies is constructed by principal component analysis, and on this basis, a multivariate regression model is established to verify the relationship between debt financing and corporate performance. The empirical analysis shows that the correlation between debt financing and corporate performance of tourism listed companies is obvious: the overall level of debt financing is negatively correlated with corporate performance, but there is no inverted U-shaped structure relationship in tradeoff theory; Long-term liabilities are negatively correlated with performance, short-term liabilities are positively correlated with performance, but not very significant, and the impact of short-term liabilities is less than that of long-term liabilities, while bank borrowing and commercial credit are negatively correlated with performance. Commercial credit has a weak negative impact on corporate performance. In my opinion, in order to improve the performance of debt financing of tourism listed companies, we should support the listing of powerful tourism enterprises at the government level, encourage debt financing to expand in scale, and formulate policies and measures to encourage the diversified development of tourism enterprises. At the company level, we should control the debt scale appropriately, optimize the debt financing structure of the tourism listed companies, and give play to the role of financial leverage.
【学位授予单位】：渤海大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F590.66;F832.51;F224

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