本文選題：旅游上市企業(yè) + 債權(quán)結(jié)構(gòu)　； 參考：《安徽大學(xué)》2014年碩士論文

【摘要】：旅游業(yè)作為全球標(biāo)榜的“無(wú)煙產(chǎn)業(yè)”典型代表,近年來(lái)發(fā)展勢(shì)頭極為強(qiáng)勁,旅游上市企業(yè)是行業(yè)內(nèi)的“旗艦部隊(duì)”和“排頭兵”,需肩負(fù)起推動(dòng)國(guó)內(nèi)旅游產(chǎn)業(yè)升級(jí)、帶動(dòng)區(qū)域旅游經(jīng)濟(jì)發(fā)展的重任,而融資結(jié)構(gòu)又直接影響旅游企業(yè)資本的倍增效益和退出通道,與企業(yè)績(jī)效休戚相關(guān)。故而,如何優(yōu)化旅游上市企業(yè)資源配置、盤活存量資本、調(diào)整企業(yè)融資結(jié)構(gòu)已成為學(xué)術(shù)界重要研究課題。近年來(lái),國(guó)內(nèi)外學(xué)者開始高度關(guān)注上市企業(yè)融資結(jié)構(gòu)與企業(yè)績(jī)效相關(guān)性研究,但就旅游行業(yè)而言,研究成果卻為數(shù)不多。因此,全面剖析國(guó)內(nèi)旅游上市企業(yè)融資結(jié)構(gòu)與企業(yè)績(jī)效現(xiàn)狀,深化認(rèn)識(shí)融資結(jié)構(gòu)對(duì)企業(yè)績(jī)效的影響,對(duì)促進(jìn)旅游業(yè)發(fā)展具有重要理論和實(shí)踐意義。 文章選取2010-2012年我國(guó)A股深、滬市中持續(xù)經(jīng)營(yíng)的22家旅游上市企業(yè)相關(guān)財(cái)務(wù)指標(biāo)作為研究基本數(shù)據(jù),運(yùn)用理論和實(shí)證研究相結(jié)合的方法,借助描述性統(tǒng)計(jì)分析、主成分分析和多元線性回歸等統(tǒng)計(jì)分析方法,從債權(quán)結(jié)構(gòu)和股權(quán)結(jié)構(gòu)兩處著手,探求旅游類上市企業(yè)融資結(jié)構(gòu)與企業(yè)績(jī)效間相關(guān)性,文章中所有財(cái)務(wù)數(shù)據(jù)均來(lái)源于國(guó)泰安數(shù)據(jù)庫(kù)、巨潮網(wǎng)、新浪財(cái)經(jīng)網(wǎng)等權(quán)威渠道。在變量設(shè)計(jì)層面,筆者選取資產(chǎn)負(fù)債率、長(zhǎng)期負(fù)債率、短期負(fù)債率、商業(yè)信用率、銀行借款率作為債權(quán)結(jié)構(gòu)指標(biāo),選取股權(quán)集中度、國(guó)有股持股比例作為股權(quán)結(jié)構(gòu)指標(biāo),選取經(jīng)主成分分析法提取的綜合變量作為企業(yè)績(jī)效衡量指標(biāo),選取企業(yè)規(guī)模和公司成長(zhǎng)性作為控制變量,進(jìn)而提出針對(duì)性假設(shè)并構(gòu)建多元回歸模型,最后運(yùn)用SPSS統(tǒng)計(jì)軟件實(shí)證檢驗(yàn)。 實(shí)證結(jié)果表明：(1)債權(quán)結(jié)構(gòu)層面：國(guó)內(nèi)旅游類上市企業(yè)總體負(fù)債率與企業(yè)績(jī)效呈微弱負(fù)相關(guān)性；長(zhǎng)期負(fù)債率與企業(yè)績(jī)效呈顯著負(fù)相關(guān)性,短期負(fù)債率與企業(yè)績(jī)效呈正弱相關(guān)性；商業(yè)信用率對(duì)企業(yè)績(jī)效有積極影響,但程度不顯著；銀行借款率與企業(yè)績(jī)效呈顯著負(fù)相關(guān),銀行借款率過高將不利于企業(yè)績(jī)效提升。(2)在股權(quán)結(jié)構(gòu)層面,股權(quán)集中度、國(guó)有股權(quán)與企業(yè)績(jī)效間均呈現(xiàn)顯著正相關(guān)性,適度提高股權(quán)集中度和國(guó)有股比例可有效提升企業(yè)績(jī)效。
[Abstract]:As a typical representative of the "smokeless industry" in the world, the tourism industry has a strong momentum of development in recent years. Tourism listed enterprises are the "flagship troops" and "vanguards" in the industry, and they need to shoulder the responsibility of promoting the upgrading of the domestic tourism industry. The important task of promoting the development of regional tourism economy is that the financing structure directly affects the double benefit and exit channel of the capital of tourism enterprises, which is closely related to the performance of enterprises. Therefore, how to optimize the resource allocation of tourism listed enterprises, activate the stock capital, adjust the financing structure of enterprises has become an important research topic in academia. In recent years, scholars at home and abroad began to pay close attention to the relationship between financing structure and corporate performance of listed enterprises, but in the tourism industry, the research results are few. Therefore, it is of great theoretical and practical significance to comprehensively analyze the financing structure and enterprise performance of domestic tourism listed enterprises, and to deepen the understanding of the impact of financing structure on enterprise performance. This paper selects 22 tourism listed enterprises in Shanghai stock market from 2010 to 2012 as the basic research data, using the method of combining theoretical and empirical research, with the help of descriptive statistical analysis. Based on principal component analysis and multivariate linear regression, this paper explores the correlation between financing structure and corporate performance of tourism listed enterprises from two aspects: debt structure and equity structure. All the financial data in the article are from Cathay Pacific Database, Giant Tide, Sina Financial Network and other authoritative channels. At the level of variable design, the author chooses asset-liability ratio, long-term debt ratio, short-term debt ratio, commercial credit ratio, bank borrowing ratio as debt structure index, equity concentration degree and state-owned stock holding ratio as equity structure index. The comprehensive variables extracted by principal component analysis (PCA) are selected as the measurement index of enterprise performance, and the scale and growth of the firm are selected as control variables, and then the pertinence hypothesis is proposed and the multivariate regression model is constructed. Finally, SPSS statistical software is used to test. The empirical results show that the debt structure of domestic tourism listed enterprises is weakly negative correlation with corporate performance, long-term debt ratio is significantly negative correlation with corporate performance, short-term debt ratio is positively and weakly correlated with corporate performance. The commercial credit rate has a positive effect on the enterprise performance, but the degree is not significant; the bank loan rate has a significant negative correlation with the enterprise performance, the bank borrowing rate is too high will not benefit the enterprise performance promotion. 2) in the equity structure level, the equity concentration degree. There is a significant positive correlation between state-owned equity and enterprise performance. Moderate increase of ownership concentration and proportion of state-owned shares can effectively improve enterprise performance.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F592.6;F275

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