旅游上市公司资本结构与经营绩效关系的实证研究

An Empirical Study on the Correlation between Capital Structure and Operational Performance of Listed Tourism Companies

以深沪交易所的旅游上市公司为对象,利用2006-2010年面板数据,对公司资本结构与其绩效之间的关系进行分行业的实证研究.通过对样本数据的描述性统计和回归分析,发现旅游上市公司的资本结构与绩效之间并不存在显著相关关系.其原因在于"一股独大"的公司治理结构、代理问题、政府主导和旅游业发展的外部性.因此,旅游上市公司应适当减少国有控股比例,建立有效的监督和激励机制,并根据自身特点,合理权衡和选择融资方式.

This article has emalyzed the relationship of capital structure and operational based on the data of 18 listed tourism companies in Shenzhen and Shanghai stock exchange centers. Using paneldata of listed tourism companies from 2006 to 2010 to make an empirical study. Moreover, a descriptive statistic^s and a regression analysis has been done. The analysis results indicated that the tourism companies＇ capital structure is not clearly correlated with the operational perfom^ance. There are some reasons responsible for the phenomenon, such as few stockholder master the power of governance, the agency problem, the government control and the development of tourism influenced by external environment easily. In conclusion, the tourism companies should reduce the state-owned control proportion appropriately and establish an effective supervision and motivation system. In addition, according to their own characteristics, the tourism companies should evaluate and select the financing way reasonably.