优质旅游视角下企业资本结构与盈利能力相关性分析及启示——以沪深A股旅游上市公司为例  

作　　者：王慧[1] 郭慧萍[1] 

机构地区：[1]沈阳师范大学旅游管理学院,辽宁沈阳110034

出　　处：《企业经济》2020年第6期90-97,共8页Enterprise Economy

基　　金：2018年国家社会科学基金项目“优质旅游有效供给能力的形成机理、评价体系与提升路径研究”(项目编号:18BJY196)。

摘　　要：目前,优质旅游发展已成为必然趋势,这既为旅游企业提供了新的机遇,也对其通过完善产品和服务提升经营绩效提出了更高要求。旅游企业的发展离不开资金的有效融通。本文选取沪深A股旅游上市公司2013-2017年的数据建立多元回归模型,分析旅游企业资本结构与盈利能力的相关性。研究结果表明:沪深A股旅游上市公司资本结构与盈利能力具有一定相关性,其中净资产收益率与资产负债率和筹资性负债率间的影响最为显著,呈负相关关系。同时发现:沪深A股旅游上市公司负债融资水平不高,融资性负债渠道单一,盈利能力较差等。因此,在优质旅游视角下,应发挥资本结构与盈利能力二者的耦合作用;拓展并创新融资渠道,优化资本结构;提高优质旅游产品与服务有效供给水平,不断提升盈利能力,以促进旅游企业经营绩效的提升。At present,the development of high-quality tourism has become an inevitable trend,which provides new opportunities for the development of tourism enterprises,and also puts forward higher requirements for them to improve their business performance by improving products and services.The development of enterprises is inseparable from the effective financing.Based on the data of Chinese A-share tourism listed companies from 2013 to 2017,this paper establishes a multivariate linear regression model,and takes company size,liquidity ratio and growth as control variables to analyze the correlation between corporate capital structure and profitability.The results indicate that there is a certain correlation between capital structure and profitability of Shanghai and Shenzhen A-share tourism listed companies,among which the return rate on equity has the most significant negative correlation with asset-liability ratio and financing-liability ratio;the company size has a positive correlation with asset-liability ratio.It is found that the level of debt financing of Tourism Listed Companies in China is not high,the financing channel is single and the profitability is poor.Therefore,from the perspective of high-quality tourism,we should bring the coupling effect of capital structure and profitability into play,expand and innovate the financing channels,optimize the capital structure,improve the effective supply level of quality tourism products and services,and improve the profitability continuously,so as to promote the operation performance of tourism enterprises.

关 键 词：优质旅游 旅游上市公司 资本结构 盈利能力 相关性 

分 类 号：F592[经济管理—旅游管理]