Listed Tourism Companies The Relationship Between Capital Structure And Growth Of The Research

The company’s growth will be able to reflect the company’s future value, it is being attention to by the company managers, investors and other stakeholders every moment. At present, our country as the first big tourism country in Asia, developing tourism industry vigorously has become the inevitable choice under the current situation, the tourism enterprises being as the main body of the tourism industry whose growth reflect the development situation of the whole industry. Therefore, the study on the company’s growth has become the development trend of China’s listed tourism companies’related research. Debt financing as the one of the listed company’s financing instruments which not only influence the company’s development, but also is influenced conversely by the company’s growth. This paper selects tourism listed companies from the Shanghai and Shenzhen stock markets as the research samples, investigates scientifically the relationship between capital structure and the growth with using the literature research method, factor analysis and regression analysis method, to provide some effective evidences for establishing the optimal capital structure of tourism listed companies.The purpose of this paper is to explore how the capital structure of tourism listed company affects the growth, as well as how the growth of tourism listed company affects the capital structure reversely. The specific contents are as follows:(1)Under the control of the growth’s influence variables, this paper analysis what is the relationship of the capital structure on the growth in the whole sample of tourism listed companies, with existing a linear or the two nonlinear relationship? If there is a linear relationship, is the relationship a positive one or a negative one, whether significant; If there exists a quadratic nonlinear relationship, then what is the optimal value? In which interval the relationship of the capital structure on the growth a positive one, and in which interval, the relationship is a negative one?(2)Under the control of the capital structure’s influence factors, this paper analysis how the growth affect reversely on the capital structure on the whole sample of tourism listed companies, if there is a significant relationship, positive or negative?(3)Dividing the whole sample of tourism listed companies into the landscapes, hotel and the integrated companies, this paper analyzes how the capital structure of every types listed companies affects the growth, as well as how the growth affects the capital structure reversely. The research process of this paper is:(1)to make a literature review and theoretic analysis in three aspects, which is including the influence factors of the capital structure, the influence factors of the growth and the researches about the relationship between the capital structure and the growth in the study of listed companies and tourism listed companies;(2)On the basis of organizing and reviewing the literature about growth evaluation on domestic and foreign companies and the listed tourism companies in our country, Using SPSS based on the method of factor analysis, this paper selects the appropriate financial indicators to build the growth index system of enterprise, at the same time selects a representative indicator which is Debt to asset ratio to measure the capital structure;(3) Using EVIEWS5this paper establishes the unbalanced panel data, sets up the growth being as the explained variable, and constructs the fixed effect model to analyze the linear and nonlinear relationships between the capital structure of tourism listed companies and the growth with controlling of company size, assets structure, rate during the cost rate and risk; at the same time, setting up the capital structure being as the explained variable,this paper analyzes the linear relationship of the growth in tourism listed companies and the capital structure with controlling of company size, asset structure, unique products, non debt shield tax and risk.(4) According to the regression results between the capital structure and the growth of tourism listed companies, at last this paper find the optimal capital structure, and put forward some relevant suggestions to provide decision-making reference for the tourism industry.The conclusions of this topic:(1)The capital structure of tourism listed companies have a negative impact on the growth;(2)Further studying the nonlinear relationship, this paper finds a significant U type structure existing between the capital structure of tourism listed company and the growth, and the fitting effect of the nonlinear model is much better than the linear model. The result show that maintaining the company’s capital structure which is asset-liability ratio at37.76%, that is the most beneficial to the growth of the listed tourism companies;(3)Selecting the growth as the independent variable, there is an significant negative impact between the capital structure and the growth;(4)In both the integrated and landscapes companies, no matter the capital structure or the growth is being explained variables, there exists the significant negative impacts between the capital structure and the growth, but the impact is significantly higher in the integrated companies, and positive impact existed for the hotel companies but not significant; at the same time, when the growth is being explained variable, only for the landscape companies there exists a significant inverted U-shaped structure between the capital and the growth. And remaining the asset-liability ratio at30.77%, that is the most beneficial to the growth of landscape companies.The innovation of this topic(1)Break the previous unilateral study of how the capital structure affects on the growth, this research starts analyzing the impact of the capital structure on the growth with company growth as being explained variable, capital structure being as the core of explanatory variables; at the same time, to make a more comprehensive research, this research analyzes the impact of the growth on the capital structure with the capital structure as being explained variable, the growth being as the core of explanatory variables;(2)This paper may try to select the second level indexes from three aspects which are profitability, stability and acceleration, then use factor analysis method to synthesize fifteen basic indexes which reflect the second level indexes, at last comprehensively construct the growth evaluation system of tourism listed companies;(3)From three dimensions of time, individual and index, this paper constructs the fixed effects models on the basic of unbalance panel data, and analyze the relationship between the capital structure and growth, to make the evaluation results more reliable.