旅游投资存在融资约束吗——基于A股旅游上市公司投资-现金流敏感性的分析

Is There Financing Constraint on China's Tourism Investment?——Based on the Analysis of Investment Cash Flow Sensitivity on Tourism Listed Companies

本文基于我国A股旅游上市公司2007—2016年的数据,分析了旅游企业的投资-现金流敏感性。研究表明,我国旅游投资的主要推动力来自企业外部且严重依赖于企业内部现金流,旅游投资存在较为显著的投资-现金流敏感性。代理问题是导致大规模旅游企业投资-现金流敏感性的主要原因,小规模旅游企业的投资-现金流敏感性则主要由融资约束导致。对于存在融资约束的企业来说,保持适当的财务灵活性能一定程度缓解融资约束,促进旅游投资。

This paper takes China's A-share tourism listed companies from 2007 to 2016 as the research object and find that there is significant investment-cash flow sensitivity of tourism companies. The analysis shows also that the driving force of China's tourism investment mainly comes from outside companies. For large- scale tourism companies, investment-cash flow sensitivity is mainly caused by agency problems, and financing constraints are the cause of investment- cash flow sensitivity of small-scale tourism companies. For the companies with financing constraints, maintaining appropriate financial flexibility will ease financing constraints and promote tourism investment.