旅游类上市公司资本结构与经营绩效关系实证分析  

Analysis on Relationship Between Capital Structure and Performance of Tourism Listed Companies

作　　者：董奋义[1] 程莉莉[1] 

机构地区：[1]河南农业大学信息与管理科学学院,河南郑州450002

出　　处：《郑州航空工业管理学院学报》2015年第1期51-56,共6页Journal of Zhengzhou University of Aeronautics

基　　金：河南省教育厅人文社会科学基金资助项目"旅游类上市公司资本结构与经营绩效关系实证研究";国家自然科学基金资助项目(70872115)

摘　　要：基于2007~2012年旅游类上市公司的财务数据,选取净资产收益率和主营业务利润率作为绩效指标,以资产负债率及产权比率衡量资本结构,构建了资本结构与经营绩效的面板数据模型,对我国旅游类上市公司资本结构与经营绩效的关系进行了实证分析。结果表明,旅游类上市公司资产负债率与经营绩效显著负相关;产权比率对经营绩效没有显著影响;公司成长力与经营绩效正相关。在此基础上,给出了旅游类上市公司应拓宽债权融资渠道,并适时整合公司资源,调整公司规模及成长速度等发展建议。The paper analyses the relationship between tourism listing companies capital structure and perform- ance. The analysis has been constructed using panel data through the financial data during 2007 -2012. The study selects return on equity and main business profit as the index of performance. The capital structure is measured by asset- liability ratio and equity ratio. The results indicate that there was a significant negative correlation between asset - liability ratio and performance ; equity ratio has no significant influence on business performance; corporate growth has positive correlation with corporate performance. On this basis, the author points that tourism listing corporation should broaden the financing channels, and integrate timely company re- sources. Moreover, there is a suggestion on the development of adjusting the company scale and growth speed.

关 键 词：旅游类上市公司 资本结构 经营绩效 面板数据 

分 类 号：F832.5[经济管理—金融学]