The Study About The Correlation Between Capital Structure And Corporate Governance Efficiency Of Listed China’s Tourism Companies

The relationship between capital structure and the efficiency of corporate governance is a research topic which has major theoretical value and practical significance. Since the reform and development, China’s tourism industry develop rapid by virtue of the huge resources and market advantages.Tourism listed companies as China’s tourism enterprises "flagship" and "vanguard" and generally has a larger asset size and a strong business strength, which is the backbone to promote the development of China’s tourism industry,and also play an important role to promote the upgrade of the tourism industry, promote regional tourism and economic development.It has become an important component of China’s economic operation. Therefore, the correlation between capital structure and corporate governance efficiency of the tourism listed companies in China has great significance.Panel data is data type which mix the cross-sectional data and time series data together. The panel data analysis is the most cutting-edge research methods, it can effectively control the heterogeneity of the cross-section of individuals, be able to give more information,and also reduce the multicollinearity between the explanatory variables It’s with a higher value in use. Therefore, this article is selected the panel data of14tourism listed companies financial indicators, which continuing operations from the2004Q1-2010Q4in China’s A share market as the study sample, all relevant financial data from CSMAR database. Variable design aspects of selected Tobin’s Q-value and total assets of the net profit margin (ROA) as the efficiency of corporate governance to measure indicators, select the asset-liability ratio, long-term liabilities ratio, ownership concentration, the state-owned share proportion as the capital structure to measure indicators, selected company size as control variables,and modeling multiple linear regression, and by the Eviews statistical analysis software to draw the following conclusions:Build two regression models of tourism listed companies’capital structure and corporate governance efficient:(1) Tobin’sQit=21.77+1.085DRAit+0.455LDRit-0.079GDit-1.794STATit-0.807SIZEit; ROAit=-0.261+0.054DRAit+0.03LDRit+0.00068GDit-0.026STATit+0.014SIZEit (2) All independent variables and control variables of were significantly affected on the two indicators of the dependent variables. Asset-liability ratio, long-term debt ratios are showed a significant positive correlation with Tobin,’s Q-value, while with a negative correlation of the total assets of the net profit margin as significant; ownership concentration, firm size are was significantly negatively correlated with Tobin,’s Q-value, but with total assets the net profit margin as a significant positive correlation;and the proportion of state-owned shares, both showed a significant negative correlation.