The Impact Of Ownership Structure On The Efficiency Of Internal Capital Market Of China's Tourism Listed Companies

Due to the transition period of China's external capital market is still not perfected, enterprises are limited by the external capital market financing constraints. Raising funds from outside is far short of the actual needs of enterprises, this will force the internal capital market become an important part of capital market. For the rapid development of tourism industry, tourism listed company's internal capital market evaluation can provide the basic experience for enterprise managers. As an important part of the company governance structure, equity structure supports the operate environment of internal capital market. Therefore, analyzing the influence of ownership structure to internal capital market efficiency is helpful for the listed tourism companies to improve the efficiency of internal capital markets by optimizing the structure of corporate governance. In view of this, the article is based on the existing research, selecting the data of 25 companies in the period of 2007-2014 that the reform of the shareholder structure had completed as the research sample, using the literature research method and the quantitative analysis method to research the effect of equity structure to the internal capital market efficiency.Research purpose of this paper:(1)To test the existence of the listed company's internal capital market and measure the efficiency of internal capital markets. (2)To analyze the feature of the ownership structure variable of listed tourism companies in China. (3)To research the effect of ownership structure to the internal capital market efficiency in listed tourism companies.Research contents of this paper:(1) A review of related literature and analysis to provide theoretical basis for the subsequent empirical research method and support. (2) Building the internal capital market existence test model by the method of Shin and Stulz to verify the existence of internal capital markets of tourism listed company. (3) Obtaining the excess value by using the method of Berger and Ofek to measure the efficiency of internal capital market of listed tourism companies. (4) Putting forward the theory about the relationship between the structure and the internal capital market of listed tourism companies on the basis of theoretical analysis and selecting the appropriate financial indicators to build a linear model. (5) Making the conclusions and putting forward the countermeasures to optimize equity structure.Research conclusions of this paper:(1)The different attributes of tourism listed companies have different internal capital market efficiency. Comprehensive company's internal capital market efficiency is optimal and the scenic spot class is the worst. (2) The tourism listed companies equity is relatively concentrated. The top1 shareholder is higher, the lower the efficiency of internal capital market. Top 5 large shareholder shareholding listed tourism companies and the sum of internal capital market efficiency is inverted u-shaped relationship. When the current 5 big shareholder shareholding ratio is 55.56%, the highest the efficiency of internal capital market is. Top 10 shareholders ownership combined with tourism listed company's internal capital market efficiency is positively related to relationship, but not dramatically. (3) Top2 to top 10 shareholders holdings and topi big shareholder shareholding ratio and tourism listed company's internal capital market efficiency is significantly positive correlation. The lower the top2 to top 10 big shareholder shareholding is, the lower the tourism listed company's internal capital market efficiency is. (4) The proportion of state-owned shares of listed tourism companies and the proportion of legal person share proportion are significantly less than the social public offering. In the case of other conditions unchanged, when the proportion of state-owned shares is 34.65%, the internal capital market efficiency is highest. Legal person share proportion of the impact on the efficiency of internal capital market is not significant. Proportion of social public offering in listed tourism companies has inverted u-shaped relationship with the internal capital market efficiency. In the case of other conditions unchanged, when the social public offering is 53.36%, the efficiency of tourism listed company's internal capital market is highest. (5)The shareholding of manager is positively correlation with internal capital market efficiency. (6) The institutional investors holding of listed tourism companies is low, so its impact on tourism listed company's internal capital market efficiency is not significant.The innovation of this study:(1)Research the internal capital market efficiency of listed tourism companies from the perspective of ownership structure, which extends the research field of the tourism listed company. (2)Excessing EV model for reference to multi-index model of tourism listed company's internal capital market efficiency, which is constructed to estimate the internal capital market efficiency and the result can directly reflect the efficiency of the internal capital market of listed tourism companies.