發(fā)布時(shí)間：2018-06-24 23:18

  本文選題：資本結(jié)構(gòu) + 經(jīng)營(yíng)績(jī)效��； 參考：《華東師范大學(xué)》2012年碩士論文

【摘要】：經(jīng)過(guò)改革開(kāi)放30多年的持續(xù)發(fā)展,中國(guó)旅游業(yè)已基本完成了從旅游資源大國(guó)向世界旅游強(qiáng)國(guó)的轉(zhuǎn)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(wù)業(yè),向世界旅游強(qiáng)國(guó)邁進(jìn)。 旅游業(yè)這種良好的發(fā)展勢(shì)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(jī)遇,但同時(shí)激烈的競(jìng)爭(zhēng)環(huán)境也對(duì)旅游上市公司的經(jīng)營(yíng)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(jié)構(gòu)以提高企業(yè)的經(jīng)營(yíng)績(jī)效顯得尤為重要。為了探尋公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的關(guān)系,實(shí)現(xiàn)最優(yōu)資本結(jié)構(gòu)配置,本文展開(kāi)此項(xiàng)分析。 本文在綜述國(guó)內(nèi)外對(duì)旅游上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相關(guān)理論研究與實(shí)證研究的基礎(chǔ)上,以我國(guó)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(duì)我國(guó)旅游上市公司資本結(jié)構(gòu)與公司績(jī)效的關(guān)系展開(kāi)了實(shí)證研究。本文先對(duì)22家旅游上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效狀況做了一個(gè)描述性統(tǒng)計(jì)分析,在此基礎(chǔ)上提出了我國(guó)旅游上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效相關(guān)關(guān)系的四個(gè)假設(shè)命題：(1)旅游上市公司的資產(chǎn)負(fù)債率與的公司經(jīng)營(yíng)績(jī)效負(fù)相關(guān)；(2)旅游上市公司的資產(chǎn)負(fù)債率存在著一個(gè)合理區(qū)間；(3)旅游上市公司的長(zhǎng)期負(fù)債比率與企業(yè)績(jī)效呈負(fù)相關(guān)關(guān)系,流動(dòng)負(fù)債比率與企業(yè)績(jī)效呈正相關(guān)關(guān)系；(4)旅游上市公司的帶息負(fù)債與企業(yè)經(jīng)營(yíng)績(jī)效負(fù)相關(guān)。分析過(guò)程中,以旅游上市公司的資本結(jié)構(gòu)為自變量,經(jīng)營(yíng)績(jī)效為因變量,以公司盈利能力和成長(zhǎng)性為控制變量,運(yùn)用主成分分析法進(jìn)行回歸檢驗(yàn)。研究結(jié)果表明：我國(guó)旅游上市公司的資產(chǎn)負(fù)債率與企業(yè)的經(jīng)營(yíng)績(jī)效是負(fù)相關(guān)關(guān)系；但是不存在一個(gè)合理的區(qū)間,使得我國(guó)旅游上市公司的資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效成倒“U”關(guān)系；對(duì)于長(zhǎng)期負(fù)債率、短期負(fù)債率及帶息負(fù)債率與公司經(jīng)營(yíng)績(jī)效的相關(guān)性則不明顯,針對(duì)不同的年份或者是不同的公司類別,也會(huì)表現(xiàn)出不同的相關(guān)性。最后,在此研究結(jié)論的基礎(chǔ)上,本文針對(duì)具體的旅游上市公司提出了資本結(jié)構(gòu)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(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F592.6;F832.51;F224

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