The Study Between The Tour Listed Company Financing Structure And Company Performance Relation

Referring to Financing Structure Theory, a rational and effective financing structure can reduce the enterprise’s operational cost, improve the enterprise’s managing structure and reach good enterprise performance, especially the classic Pecking-Order Theory finds through researches that enterprise can greatly promote financing efficiency, improve entire operational achievement in advantage of rational financing order, like internal financing, external financing and debt financing. Pecking-Order theory, a classic creed of enterprise financing, has been carried out widely in some enterprises in foreign countries, which also has been developed and practiced in some companies in China. There are a lot of researches about Pecking-Order theory in China’s academic community and some findings in real estate and tourism, but a few about the listed tourism enterprise. According to this fact and some researchers’findings, how could the enterprise performance be achieved in the listed tourism company’s financing structure, which also should follow the Pecking-Order theory?This paper selects the A-stock listed tourism companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as investigative samples in order to figure out the relation between the enterprise performance and the listed tourism companies. Referring to the financial accounting data from2008to2010and basing on the findings through the empirical analysis and the Pecking-Order theory, this paper will analyze the right choice of the listed tourism company’s financing order.Research Design of this paper:1. Literature Analysis.2. Integrating Normative and Empirical Analysis Research Main Structure of this paper:Chapter One is to introduce the background of the research questions and the purpose and meaning of this research. Chapter Two is to review the literature, to conclude the findings made by former researchers and to analyze some relevant theories, like pecking-order theory.Chapter Three is to state the research hypotheses of this paper trough the existed literature and research findings.Chapter Four is to select the measure index of the research variable and to establish the multivariate regression model according to the research need and the former research results.Chapter Five is to arrange and analyze the data in accordance with the relevance of the models and multivariate regression model analysis.Chapter Six is to achieve the result of this paper and point out some relevant suggestion basing on the positive analysis.Chapter Seven is to admit the insufficiency of this paper and to show the willing of continuing the same topic in following research.Research Conclusion of this paper:In the descriptive statistics of samples and data, firstly the external financing takes up larger proportion, but the internal financing insufficient, especially the undistributed profit in the retained income. Referring to the analysis of the samples and statistics, the external and internal financing respectively hold81%and19%in the listed tourism companies. In the internal financing, the retained income occupies up to94%, but of18%in the whole financing, especially partial sample statistics showing the undistributed profit is negative. Secondly, the debt financing holds much larger proportion than the equity financing in the external financing of listed tourism companies, which respectively hold61%and39%. And39%of equity financing all comes from the stock financing.In the empirical result of model analysis, the enterprise performance correlated positively with the internal financing in the financing structure of the listed tourism companies, but negatively with the external financing. According to the findings of the relation between the financing structure and the enterprise performance and the pecking-order theory, we figure out the rational financing order of the listed tourism company:first Internal Financing, then External Financing; Debt Financing first in external financing, then equity financing; Commercial Credit Financing, Fiscal Financing, Short-term Financing and Long-term Financing in debt financing. This financing order indicates the financing order in the listed tourism companies is rational and effective, because of its correspondence to the Pecking-Oder Theory.Innovation in this paper:1. Research Angle.2. Research Findings.3. Research Methods take advantage of the multivariate regression model to analyze the relation between the enterprise performance and the financing structure of the listed tourism companies.4. Research Data selection.Insufficiency in this paper:This paper selects the data from2008to2010to analyze, without considering the time factor in the research.This paper is based on the Pecking-Order Theory to state the financing order choice for the listed tourism companies, without practical research proportion relation.