中国旅游上市公司资本结构动态调整研究——基于优质旅游有效供给视角

Research on the Dynamic Adjustment of Capital Structure of China's Tourism Listed Companies:From the Perspective of Effective Supply of Quality Tourism

资本结构动态调整有利于提升企业获利水平,促进优质旅游有效供给。文章在深入分析宏观及微观调整因素基础上,构建动态调整模型,采用广义矩估计GMM方法研究,选取沪深股市24家旅游上市公司2007—2017年的面板数据,研究资本结构的动态调整,结果表明:盈利能力指标与企业资本结构调整呈现显著的负相关关系,公司成长性、资产可抵债能力、股权集中度等指标与资本结构调整呈显著的正相关关系;实际GDP、货币政策、旅游收入、汇率变动与资本结构调整呈显著正相关;资本结构调整速度受GDP增长、通货膨胀率、货币政策、旅游业收入增长率、汇率等宏观因素影响较强,但存在显著滞后性。据此,基于优质旅游发展视角,应采取有效对策,加快资本结构的动态调整,提高旅游企业获利能力,扩大优质旅游有效供给。

The dynamic adjustment of capital structure is beneficial to improve the profitability of enterprises and promote the effe-ctive supply of quality tourism.According to panel data of 24 tourism listed companies from 2007 to 2017 in China,on the basis of in-depth analysis of macro and micro adjustment factors,constructing a dynamic adjustment model,this paper uses GMM method to study the dynamic adjustment of the capital structure under eviews.The results show that:Profitability is negatively correlated with capital str-ucture adjustment.Corporate growth,asset solvency and ownership concentration are positively correlated with capital structure adjust-ment.Real GDP,monetary policy,tourism income and exchange rate are positively correlated with capital structure adjustment.The adju-stment speed of capital structure is strongly affected by macro factors such as GDP growth,inflation rate,monetary policy,tourism income growth and exchange rate,but there is a significant lag.Therefore,from the perspective of high-quality tourism development,we should adopt effective countermeasures improve the profitability of tourism enterprises and expand the effective supply of high-quality tourism.