| Capital structure is worthy of study for its great theoretical and practical value. It is very necessary to discuss how capital structure influences firm value. Since economic system and perfect degree of capital market is very different in every country, and capital structure and their mechanism is different obviously, it is of practical significance to study the relationship between capital structure and enterprises' value under this peculiar economy environment background of China. And so it is very valuable to study the relationship between capital structure and enterprises' value for the listed tourism companies.First of all, summarize and analyze the relative theory on capital structure and the value and relative empirical literatures home and abroad. Modern theories of capital structure indicated that the change of capital structure would influence the company's performance in a perfect stock market. In developed countries, capital structure of listed companies has testified this and companies of different industry have different capital structure. This paper is designed to find out whether and how capital structure affects their performances.This paper chooses 21 tourism listed companies listed in Shenzhen and Shanghai stock markets for research. We choose their data form 2002 to 2005. Firstly, we analyze the listed tourism companies' basic situation of the capital structure and the enterprises' value. Following the rapid development of the national economy, the capital structure and the enterprises' value of the listed tourism companies are not ideal and full of problems. Through the empirical analysis, we find that the capital structure and enterprises' value are negative correlation. And then we analyze the cause. At last, based on the results of the empirical analysis, we give some advises for perfecting the capital structure and improving the enterprises' value from external factors and internal factors in two areas. |
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