An Empirical Study On The Correlation Between Financing Structure And Operational Performance Of Listed Tourism Company

Tourism is recognized as the world’s typical representative of "smokeless industry". In recent years, the momentum of rapid development has become an important trend in tourism industry. Listed tourism enterprises, as the industry’s "flagship troops" and "pacesetter", should to undertake the promoting of the domestic tourism industry upgrading and the task of regional tourism economy development. Moreover, the financing structure has a direct impact on tourism enterprise’s capital multiplication benefit and exit channels, be bound to the enterprise operational performance. Therefore, how to optimize the allocation of tourism listed companies’ resources, make an inventory of the stock capital, adjust enterprise financing structure, has become an important research topic in the academic circle. Recently domestic and foreign scholars began to study the correlation between financing structure and operational performance of listed company, but relative research results are few in tourism industry. So, make a comprehensive analysis of the status of domestic listed tourism companies’financing structure and operational performance, deepen the understanding of the influence of financing structure on corporate performance, has important theoretical and practical significance to promote the development of tourism industry.This paper selects the relevant financial indicators of the22domestic listed tourism enterprises from2010to2012as the basic data, combines the theory and empirical study, by means of descriptive statistical analysis, principal component analysis and multivariate linear regression analysis method, to explore the correlation between financing structure and operational performance of listed tourism company both in the aspects of ownership structure and debt structure. All financial data are derived in the database of Tai’an, the cninf network, Sina financial network and other authoritative sources. In the variable design level, this paper selects the debt-to-asset ratio, long term debt ratio, short-term debt ratio, commercial credit, bank loan ratio as debt structure indicators; selects the ownership concentration, state-owned shareholding ratio as ownership structure indicators; selects the company’s scale and the company’s growth as control variable, and then put forward hypothesis accordingly and constructs multiple regression model, finally using SPSS statistics software for the empirical test.The empirical results show that:(1) In the debt structure level:a weak negative correlation was existed between debt-to-asset ratio and operational performance of listed tourism enterprises; a significant negative correlation was existed between long term debt ratio and operational performance, the short-term debt ratio and operational performance showed a weak positive correlation; commercial credit rate has a positive impact on enterprise performance, but not significant; a significant negative correlation was existed between the bank loan rate and business performance, increasing the bank loan rate is not conducive to the improvement of enterprise performance.(2) In the ownership structure level, and corporate performance have a significant positive correlation, enhance the ownership concentration and state-owned shareholding ratio properly can effectively improve the performance of enterprises.