A Study On Financing Efficiency Evaluation And Optimization Strategy Of China's Listed Tourism Companies

Financing is one of the core issues of enterprise development.It is an important activity of capital operation of the listed companies and has a strategic guiding role in the long-term development of tourism enterprises.However,there are few literatures in the current academic field to study"tourism listed companies" and "financing efficiency" directly.Therefore,through combing relevant documents,it constructs the financing efficiency evaluation system and impact factor inspection system that meets the operating characteristics of tourism companies.It has a certain theoretical significance for enriching the research system of tourism listed companies;it also has a practical role in finding strategic ways to optimize the financing efficiency of tourism companies,so as to further stabilizing the strategic position of tourism in the national economy.The article makes an empirical analysis on the financing efficiency of 27 tourism listed companies from 2011 to 2016.The empirical results show that:(1)Using the DEA method to evaluate the financing efficiency of China's listed tourism companies,the technical efficiency(0.653)and pure technical efficiency(0.711)of tourism enterprises financing is low,but also has a lot of room for improvement;and the scale efficiency(0.902)is high,we should strive to continue to be stable,so that enterprises maintain a good scale of remuneration.(2)There are some differences in the financing efficiency among different categories of tourism enterprises.If we compare the value of the financing efficiency of these three categories,we can safely make a conclusion that the financing efficiency of comprehensive enterprise is the highest(0.707),the second one is scenic spot(0.628)and the lowest class is accommodation(0.608).(3)By analyzing the slack variables of the non-effective tourism enterprises,to find out the direction and extent of improving the allocation level of China's listed tourism companies.(4)Using the Tobit model to regress analysis the influencing factors of financing efficiency of China's listed tourism companies,it is found that the financing efficiency of listed tourism companies has nothing to do with the scale of the enterprises;and has a significant positive correlation with the quality of the enterprises;and has a significant negative correlation with the asset-liability ratio,the ownership concentration and the financing cost.This paper puts forward some reference strategies for optimizing the financing efficiency of China's listed tourism companies.From internal the enterprise point of view:The first one is to broaden the financing channels and adjust the financing structure.The second is to reduce the concentration of ownership and improve the company's governance structure.The third is to improve innovation capacity and increase the main business income.The last one is to moderately diversify business and cultivate the core competitiveness of enterprises.From outside the enterprise point of view:the first one is to improve the financial service system;and the second is to increase government support for tourism enterprises.