Study On The Determinants Of Capital Structure From Chinese Tourism Listed Companies

The study of capital structure shows that capital structure is a centralized reflection of shareholder's rights and obligations which determines the cost of capital and the value of corporations, and has further influences on the managing structure of them. Then there were many experts who were concentrating on analysis of factors affecting capital structure of corporations, as the conclusions presented, the capital structure of different profession has the significant difference. In order to expel the interference of many professions admixture, this paper analyzes the affecting factors of tourism listed companies of china thoroughly.At first, the article retrospected the classical capital structure theories, including Tradeoff Theory, Agency Theory, Asymmetric Information Theory and Corporate Control Theory. It also reviews and evaluates the theoretical and empirical literatures on the determinants of capital structure home. The theories and empirical literatures provide theoretical background for the research of capital structure of the tourism listed companies and give us some hint.In the next part, the capital structure characteristics of tourism listed companies is described and analyzed. The study shows that the debt structure of the tourism listed companies is unreasonable. Finally, I concluded that the tourism listed companies should increase their long term debt and optimize their capital structure.On the basis of capital structure theory models and the capital structure characteristics of tourism listed companies, author analyzed theoretically how macro-economy factors , institutional environment, firm characteristics and corporate governance structure affect capital structure choice. This paper further empirically researched the theory about the firm characteristics and the corporate governance structure factors. Based on the analysis, the author then gave the further explanations on the influence mechanism combining characters of tourism listed companies of china.At the last part, the author sums up the whole dissertation on the basis of previous chapters and gives some suggestions on optimizing the capital structure of tourism listed companies, which concerns two parts. One is for the single company concentrating on how to choose the proper capital structure considering the characters of its own. The other is for government departments, emphasizing on how to establish a good institution environment for corporation's financing.