The Impact Of Capital Structure Of Listed Tourism Enterprises On Enterprise Value Assessment Under EVA Model

At present,the income of domestic tourism industry has jumped to the first place in the world.At the same time,listed companies in domestic tourism industry have developed rapidly by deepening corporate governance mechanism,promoting merger and reorganization,and encouraging equity reform.While enjoying the benefits of development,the tourism industry has also brought about changes in capital structure.The value composition and proportion of all kinds of capital in an enterprise are called capital structure.The change of capital structure will lead to the change of the enterprise's ability to earn profits,which will lead to the change of enterprise's value.The study of the relationship between capital structure and enterprise value has always been a hot topic and key research object in the field of economics.The study of this relationship not only promotes the development of enterprises,but also has great significance for the promotion of enterprise value and future development.The research object of this paper is listed enterprises in domestic tourism industry.Firstly,the published domestic and foreign literature is analyzed and sorted out.Secondly,it elaborates the related theories of capital structure theory,enterprise value theory and EVA model.Then,through the analysis of the domestic tourism market and the basic situation of Listed Companies in the tourism industry,it is determined to use the EVA evaluation model to evaluate the corporate value of Listed Companies in the domestic tourism industry,and its applicability is analyzed.Finally,the paper chooses 26 listed companies in domestic tourism industry,and establishes a multiple linear regression model based on the financial data of the five years from 2013 to 2017.It uses SPSS software to carry out multiple regression analysis,and according to the fitting degree of relevant variables,it analyses how the capital structure of Listed Companies in domestic tourism industry affects their enterprise value.Through multiple regression analysis,it is concluded that the capital structure of listed enterprises in domestic tourism industry is negatively correlated with enterprise value.The ratio of assets to liabilities is inversely proportional to the value of the enterprise,while the concentration of shareholders with the highest shareholding ratio and the quick ratio are positively proportional to the value of the enterprise.At the end of this paper,through the results of regression analysis,combined with some problems of Listed Companies in the domestic tourism industry,some suggestions to enhance the value of enterprises are put forward.