本文選題：資本結構 + 經(jīng)營績效��； 參考：《華東師范大學》2012年碩士論文

【摘要】：經(jīng)過改革開放30多年的持續(xù)發(fā)展,中國旅游業(yè)已基本完成了從旅游資源大國向世界旅游強國的轉變,“十二五”旅游發(fā)展規(guī)劃綱要明確提出,努力把旅游業(yè)培育成戰(zhàn)略性支柱產(chǎn)業(yè)和現(xiàn)代服務業(yè),向世界旅游強國邁進。 旅游業(yè)這種良好的發(fā)展勢頭,為旅游企業(yè)特別是旅游上市公司的發(fā)展,創(chuàng)造了前所未有的發(fā)展機遇,但同時激烈的競爭環(huán)境也對旅游上市公司的經(jīng)營管理提出了更多的挑戰(zhàn),在這種環(huán)境下,如何完善旅游上市公司的資本結構以提高企業(yè)的經(jīng)營績效顯得尤為重要。為了探尋公司資本結構與經(jīng)營績效的關系,實現(xiàn)最優(yōu)資本結構配置,本文展開此項分析。 本文在綜述國內(nèi)外對旅游上市公司資本結構與經(jīng)營績效的相關理論研究與實證研究的基礎上,以我國滬、深兩市22家旅游上市公司2008-2010年3年的面板數(shù)據(jù)為研究樣本,對我國旅游上市公司資本結構與公司績效的關系展開了實證研究。本文先對22家旅游上市公司資本結構與經(jīng)營績效狀況做了一個描述性統(tǒng)計分析,在此基礎上提出了我國旅游上市公司資本結構與經(jīng)營績效相關關系的四個假設命題：(1)旅游上市公司的資產(chǎn)負債率與的公司經(jīng)營績效負相關；(2)旅游上市公司的資產(chǎn)負債率存在著一個合理區(qū)間；(3)旅游上市公司的長期負債比率與企業(yè)績效呈負相關關系,流動負債比率與企業(yè)績效呈正相關關系；(4)旅游上市公司的帶息負債與企業(yè)經(jīng)營績效負相關。分析過程中,以旅游上市公司的資本結構為自變量,經(jīng)營績效為因變量,以公司盈利能力和成長性為控制變量,運用主成分分析法進行回歸檢驗。研究結果表明：我國旅游上市公司的資產(chǎn)負債率與企業(yè)的經(jīng)營績效是負相關關系；但是不存在一個合理的區(qū)間,使得我國旅游上市公司的資本結構與經(jīng)營績效成倒“U”關系；對于長期負債率、短期負債率及帶息負債率與公司經(jīng)營績效的相關性則不明顯,針對不同的年份或者是不同的公司類別,也會表現(xiàn)出不同的相關性。最后,在此研究結論的基礎上,本文針對具體的旅游上市公司提出了資本結構的優(yōu)化的建議。
[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.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F592.6;F832.51;F224

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