本文關鍵詞：我國旅游業(yè)上市公司資本結構影響因素的實證研究　出處：《對外經濟貿易大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 我國旅游業(yè) 上市公司 資本結構 影響因素

【摘要】：資本結構是財務理論的重要部分。隨著旅游業(yè)的快速發(fā)展，旅游業(yè)已經成為我國國民經濟的支柱型產業(yè)。研究影響旅游上市公司資本結構的因素，有利于促進我國旅游業(yè)上市公司的資本結構優(yōu)化，提高公司治理水平，，并對企業(yè)未來的融資和發(fā)展提供一些借鑒。 本文結合旅游業(yè)上市公司的特點，針對微觀方面公司層面，從盈利能力、公司規(guī)模、成長能力、運營能力、償債能力、現(xiàn)金流量、非債務稅盾和股權結構8個方面對我國旅游業(yè)上市公司資本結構的影響因素進行分析。運用相關分析法、多重共線性檢驗和逐步回歸法分析17家旅游業(yè)上市公司2009-2013年5年的數(shù)據(jù)。研究結果顯示，不同年度有不同的回歸變量被引入方程�？偨Y各年度結果得出結論：（1）盈利能力與資本結構負相關（2）公司規(guī)模與資本結構正相關（3）成長能力與資本結構正相關（4）運營能力與資本結構正相關（5）償債能力與資本結構負相關（6）非債務稅盾與資本結構呈負相關（7）股權結構與資本結構呈負相關。 最后本文給出了優(yōu)化我國旅游業(yè)上市公司資本結構的建議，包括以公司盈利能力為首要，整合資源，保持適當?shù)馁Y產負債率，正確評估公司的經營風險以及控制應收賬款和提高應收賬款周轉率。 本文的創(chuàng)新與不足：根據(jù)我國旅游業(yè)公司運營特點，應收賬款所占比重較大，因此引入應收賬款周轉率作為衡量其運營能力的指標。采用最新數(shù)據(jù)的分析體現(xiàn)了現(xiàn)階段我國旅游業(yè)上市公司資本結構的情況。不足之處在于變量設計上，由于條件限制，僅選擇了10個變量，不夠全面。另外，沒有考慮不可觀察的公司特征因素,如管理者投資偏好、管理者素質與能力、對待風險的態(tài)度等等。
[Abstract]:Capital structure is an important part of the financial theory. With the rapid development of tourism, the tourism industry has become a pillar industry of China's national economy. Influence factors of capital structure of tourism listed companies, is conducive to promote the optimization of capital structure of listed tourism companies in China, improve the level of corporate governance, and to provide some reference for the enterprise the financing and development in the future.
According to the characteristics of tourism listed companies, according to the micro aspects from the company level, profitability, company size, growth ability, operation ability, solvency, cash flow, the 8 aspects of non debt tax shield and the influence of the ownership structure on the capital structure of listed companies of China's tourism industry factor analysis. Using the method of correlation analysis. Test of multicollinearity and data analysis of 17 listed tourism companies during the 5 years of 2009-2013 stepwise regression method. The results showed that the different year have different regression variables was introduced into the equation. Summed up the annual results concluded: (1) the profitability and capital structure is negatively related to (2) is positively related to firm size and capital structure (3) positive growth ability and capital structure (4) is positively related to operation ability and capital structure (5) solvency and capital structure is negatively correlated (6) non debt tax shields and capital structure is negatively related to the ownership structure and the (7) The capital structure has a negative correlation.
Finally, this paper gives some suggestions for optimizing the capital structure of China's tourism listed companies, including taking the company's profitability as the priority, integrating resources, maintaining proper asset liability ratio, correctly assessing the company's business risk and controlling accounts receivable and improving accounts receivable turnover rate.
The innovation and insufficiency of this paper: according to the company of China's tourism industry operating characteristics, should be accounted for a larger proportion of accounts receivable, so the introduction of accounts receivable turnover rate as a measure of its operating capacity index. By analysis of the latest data reflect the present stage of China's tourism listed companies capital structure. The shortcoming is variable the design, due to constraints, only 10 variables, is not comprehensive enough. In addition, did not consider the company characteristic factors can not be observed, such as the management of investment preferences, management quality and ability, risk attitude and so on.

【學位授予單位】：對外經濟貿易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F592.6;F590.66

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