【摘要】：隨著我國經(jīng)濟(jì)的迅猛發(fā)展,旅游業(yè)作為新興朝陽產(chǎn)業(yè)受到社會各界的高度關(guān)注,作為擴(kuò)大內(nèi)需的重要產(chǎn)業(yè),逐漸成為我國經(jīng)濟(jì)必不可少的組成部分。近些年,旅游企業(yè)充分利用自身特有的優(yōu)勢努力擴(kuò)大規(guī)模,并積極投入資本市場接受市場經(jīng)濟(jì)優(yōu)勝劣汰的考驗,多家企業(yè)相繼于深證、上海證券交易所發(fā)行股票。但由于整體起步較晚,發(fā)展基礎(chǔ)薄弱,旅游企業(yè)仍處于成長初級階段,加之其特殊的發(fā)展歷程,使得在公司運(yùn)營和財務(wù)決策方面存在特殊性。希望本文的研究不僅有利于旅游上市公司自身的發(fā)展,還能夠?qū)Ξa(chǎn)業(yè)中非上市公司有所幫助,從而促進(jìn)整個產(chǎn)業(yè)的良性發(fā)展。 本文從實證角度出發(fā)結(jié)合我國證券市場當(dāng)前的實際情況,在查閱相關(guān)理論文獻(xiàn)并借鑒已有研究成果的基礎(chǔ)上,首先,引入了資本結(jié)構(gòu)與公司績效的相關(guān)理論,其次,通過分析我國旅游上市公司資本結(jié)構(gòu)與經(jīng)營績效的現(xiàn)狀,引出我國旅游上市公司資本結(jié)構(gòu)與經(jīng)營績效的相關(guān)性三個假設(shè),即：我國旅游上市公司資本結(jié)構(gòu)存在一個合理的負(fù)債區(qū)間,并且在區(qū)間內(nèi)存在理論臨界值,在臨界值之前,公司經(jīng)營績效隨著負(fù)債的增加而增加,反之則負(fù)債的增加會導(dǎo)致公司績效的降低；旅游上市公司績效與其流動比率呈負(fù)相關(guān)關(guān)系；旅游上市公司股權(quán)集中度與公司績效呈正相關(guān)。其次,從2006年底前在A股市場上市的公司中選取19家旅游公司作為樣本,從其財務(wù)報告公布的數(shù)據(jù)中經(jīng)過指標(biāo)篩選得出16個指標(biāo),以主成分分析法計算出的綜合績效來反映上市公司業(yè)績,建立相應(yīng)的模型并進(jìn)行回歸分析,研究結(jié)果表明：第一,我國旅游上市公司資本結(jié)構(gòu)與公司績效呈非線性的二次函數(shù)關(guān)系,即存在理論上的倒“U”形關(guān)系；第二,流動比率與公司績效呈正相關(guān)關(guān)系；第三,股權(quán)結(jié)構(gòu)集中度與公司績效呈正相關(guān)。最后,本文從企業(yè)內(nèi)、外兩方面提出了優(yōu)化我國旅游上市公司資本結(jié)構(gòu)的建議。
[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.
【學(xué)位授予單位】：浙江師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F592.6

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本文編號：2409733