| China’s economy continues to grow and the income of urban and rural residents increased. It will produce a great demand for tourism, tourism industry will also usher in a new stage of vigorous development. So far, our country tourism has more than30listed companies in the a-share market.Among that,the travel service class has about20listed companies.As the leading enterprises in tourism industry, the company to a large extent led to the development of tourism in our country. However, compared with the rapid development of tourism industry as a whole, these listed companies faced many difficulties and development bottleneck,Including that the assets structure is not reasonable, state-owned shares is higher, the ownership concentration is not suitable for the company long-term development.This study puts forward research subject from this angle, travel service industry of listed companies in China to study the relationship between capital structure and corporate performance, and provide suggestions for its capital structure optimization.This research includes three parts:(1) the capital structure and corporate performanceFirstly, this study understand and analysis situation of the capital structure and corporate performance of listed companies,present situation of capital structure including the current debt financing structure present situation structure and ownership structure corporate performance including the profit ability, debt paying ability, operation ability and development ability, etc.This part is the back of the theoretical analysis, quantitative research and tourism service industry in our country,based on the corporate performance of listed companies capital structure optimization model.(2) Capital structure’s influence on corporate performance of listed companies of the travel service industryThis section is divided into two sections The first section is for the theoretical analysis:research how the capital structure influences corporate performance. The second section is for quantitative research:set up econometric model by using the company data and empirically test the direction and degree of the capital structure’s influences on corporate performance.(3) Capital structure optimizationThis part can be divided into four sections:quantify corporate performance,clear the number relationship between corporate performance and capital structure,determine the optimal capital structure,the specific measures and suggestionsThis study is based on the related theories of capital structure and corporate performance, with the basic situation of tourism service industry listed companies in our country, adopting qualitative theoretical analysis and empirical analysis of the quantitative research method of combining. The main method that is adopted in this research is as follows:(1) The theory analysisThis research analyze the impact of the aspects of the theory of tourist service industry the capital structure of listed companies in our country on the performance of the company according to the authority of the existing research results about the capital structure and corporate performance, combined with the actual situation of tourism service industry listed companies in China.This laid a theoretical basis for the following empirical analysis and the optimization model.(2) Regression AnalysisThis study used regression analysis to find the relationship between tourism services listed company’s capital structure and corporate performance in the empirical analysis, and also as a basis for building optimization model.(3) Factor AnalysisSince this study was based on corporate performance of listed companies on China’s tourism services to optimize the capital structure, firstly we should quantify the company’s performance. Factor analysis can extract important indicator on behalf of the company’s performance and give them different scores, so this study its overall score can then be used as an indicator to quantify the performance of the company.The innovation of this study:(1) Put the financing structure, debt structure, ownership structure into the capital structure, as more segments of indicators for analysis. In existing research, generally, use only the static capital structure or only the ownership structure as an indicator of its research.(2) Reflect how capital structure influence corporate performance comprehensive.(3) Specific the research on the impact of capital structure of the company’s performance to tourism services, and consider the degree of similarity company operates when selecting companies, which will more accurately reflect the impact of tourism services in the capital structure of the company’s performance.Through theoretical analysis and empirical analysis we study the influence of the capital structure of China’s tourism services listed companies on the corporate performance and the direction and extent of the influence, and on basis of this, we build an optimization model successfully to the impact of financing structure on corporate performance. The main conclusions of this study are as follows:(1) The status of China’s tourism services listed company’s capital structure and corporate performanceThrough data analysis this study get the following conclusions:A:The status of capital structure of China’s tourism services listed companies: Over the past three years, asset-liability ratio and average values remain between36-43%, up to about60%; current liabilities accounted for as a whole to maintain a high level, the mean of about80%, while the median value are keeping the state of growth in the nearly three years, and in2012nearly90%; actual control of the mean and median holdings of about32%, but overall are dispersed, actual control of the basic nature has no change, the proportion of state-owned is about70%.B. The status of China’s tourism services firm performance of listed companies:the listed company of China’s tourism services operating margin higher, ROE and operating net interest rate remains at10%, Overall profitability is stronger, but the overall profitability and no obvious growth; Most companies have a short-term solvency risk, and only a small number of companies have long-term solvency risk; Travel service industry in our country the listed company’s accounts receivable turnover rate is very high, this is due to the business accounts receivable is generally very low, From the current assets turnover and total asset turnover corresponding data can be seen that the operating ability of Chinese tourism industry is no good; China’s travel service industry in the development of the company ability is strong, its development prospect is good.(2) How capital structure influence corporate performanceIn the third part, this study analyzes the three aspects of the capital structure how to impact on five aspects of corporate performance.The fourth part is the empirical analysis.We get the following conclusions:financing structure’s impact on profitability and development capacity is relatively complex.It is basically a positive influence at first.With the improvement of asset-liability ratio, it turns into a negative impact.(3) Proposed optimization model of tourism services for the capital structure of listed companiesIn the fifth part of this study used factor analysis to quantity the corporate performance.Then this study established regression model and managed to find out the relationship between the function of the financing structure and corporate performance.Regression model shows that the optimal asset-liability ratio of listed companies of the tourism service industry in China is around25%.most of the company should try to reduce the debt financing ratio or improve the using efficiency of debt capital.Through theoretical analysis and the quantitative empirical research and the establishment of final optimization model, this study got the expected results. But there are some deficiencies that need to be improved in research methods and data processing.In future,we should add sample data and optimize the data processing and set priorities of the selection of variables.In addition,the applicability of the method of study should be considered... |
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