我国旅游业上市公司资本结构与公司绩效的实证研究

发布时间：2019-01-17 06:49

【摘要】：随着我国经济的迅猛发展,旅游业作为新兴朝阳产业受到社会各界的高度关注,作为扩大内需的重要产业,逐渐成为我国经济必不可少的组成部分。近些年,旅游企业充分利用自身特有的优势努力扩大规模,并积极投入资本市场接受市场经济优胜劣汰的考验,多家企业相继于深证、上海证券交易所发行股票。但由于整体起步较晚,发展基础薄弱,旅游企业仍处于成长初级阶段,加之其特殊的发展历程,使得在公司运营和财务决策方面存在特殊性。希望本文的研究不仅有利于旅游上市公司自身的发展,还能够对产业中非上市公司有所帮助,从而促进整个产业的良性发展。本文从实证角度出发结合我国证券市场当前的实际情况,在查阅相关理论文献并借鉴已有研究成果的基础上,首先,引入了资本结构与公司绩效的相关理论,其次,通过分析我国旅游上市公司资本结构与经营绩效的现状,引出我国旅游上市公司资本结构与经营绩效的相关性三个假设,即：我国旅游上市公司资本结构存在一个合理的负债区间,并且在区间内存在理论临界值,在临界值之前,公司经营绩效随着负债的增加而增加,反之则负债的增加会导致公司绩效的降低；旅游上市公司绩效与其流动比率呈负相关关系；旅游上市公司股权集中度与公司绩效呈正相关。其次,从2006年底前在A股市场上市的公司中选取19家旅游公司作为样本,从其财务报告公布的数据中经过指标筛选得出16个指标,以主成分分析法计算出的综合绩效来反映上市公司业绩,建立相应的模型并进行回归分析,研究结果表明：第一,我国旅游上市公司资本结构与公司绩效呈非线性的二次函数关系,即存在理论上的倒“U”形关系；第二,流动比率与公司绩效呈正相关关系；第三,股权结构集中度与公司绩效呈正相关。最后,本文从企业内、外两方面提出了优化我国旅游上市公司资本结构的建议。
[Abstract]:With the rapid development of China's economy, tourism, as a rising industry, has been highly concerned by all walks of life. As an important industry to expand domestic demand, tourism has gradually become an indispensable part of our economy. In recent years, tourism enterprises make full use of their own unique advantages to expand the scale, and actively invest in the capital market to accept the test of market economy survival of the fittest. Many enterprises have issued stocks in Shenzhen Stock Exchange. However, due to the late start of the whole, weak development foundation, tourism enterprises are still in the initial stage of growth, coupled with its special development process, which makes the company operation and financial decision-making has its own particularity. I hope the research in this paper is not only conducive to the development of tourism listed companies, but also to the industry of non-listed companies to help promote the healthy development of the entire industry. From the empirical point of view, combined with the current situation of China's securities market, on the basis of consulting relevant theoretical literature and using for reference the existing research results, this paper first introduces the relevant theories of capital structure and corporate performance, and secondly, By analyzing the present situation of capital structure and management performance of tourism listed companies in China, the paper draws out three hypotheses about the correlation between capital structure and operating performance of tourism listed companies in China. That is, there is a reasonable debt range in the capital structure of the listed tourism companies in China, and there is a theoretical critical value in the interval. Before the critical value, the operating performance of the company increases with the increase of the liabilities. Otherwise, the increase of liabilities will lead to the decline of corporate performance; There is a negative correlation between the performance of tourism listed companies and their current ratio, and a positive correlation between the ownership concentration of tourism listed companies and their corporate performance. Secondly, 19 tourism companies listed in the A-share market before the end of 2006 were selected as a sample, and 16 indicators were obtained from the data published in their financial reports. The comprehensive performance calculated by principal component analysis (PCA) is used to reflect the performance of listed companies, and the corresponding model is established and regression analysis is carried out. The results show that: first, There is a nonlinear quadratic function relationship between the capital structure and corporate performance of tourism listed companies in China, that is, there is a theoretical inverse "U" relationship. Second, the liquidity ratio is positively correlated with corporate performance; third, the concentration of ownership structure is positively correlated with corporate performance. Finally, this paper puts forward some suggestions to optimize the capital structure of tourism listed companies in China from the internal and external aspects.
【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F592.6

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