The Empirical Study On Influencing Factors Of The Capital Structure Of Chinese Tourism Listed Companies

The capital structure theory is an important part of the financial theory. With therapid development, tourism has become the pillar industry of our national economy.To study the capital structure’s influencing factors of our tourism listed companies,will be conducive to optimizing the capital structure of our tourism listed companies,improving corporate governance level, and provide some reference for enterprises’financing and development in the future.The paper combines with characteristics of tourism listed companies, from theprofitability, the company size, growth ability, operation ability, debt paying ability,cash flow, non-debt tax shields and shareholding structure eight aspects to study theinfluence factors of capital structure of Chinese tourism listed companies, and analyzethe data of17tourism listed companies’ five years data from2009to2013bycorrelation analysis, multicollinearity test and stepwise regression method.Summarizing the annual results, the conclusion is that:(1) Negative correlationbetween the profitability and capital structure (2) Positive correlation between thecompany size and capital structure (3) Positive correlation between the growth abilityand capital structure (4) Positive correlation between the operating ability and capitalstructure (5) Negative correlation between the debt paying ability and capital structure(6) Negative correlation between the non-debt tax shields and capital structure (7)Negative correlation between the shareholding structure and capital structure.At last, the paper gives the suggestions about how to optimize the capitalstructure of the tourism listed companies in our country, including treating theprofitability as the top priority, resource integration, maintaining appropriateasset-liability ratio, assessing the company’s operating risks correctly, controllingaccounts receivable and increasing accounts receivable turnover ratio.Innovation and deficiencies of the paper: According to tourism companies’operating characteristics in our country, proportion of the accounts receivable is large.So the accounts receivable turnover ratio as a measure of operating ability isintroduced. Using the latest data, the analysis reflects the situation of capital structureof the tourism listed companies in our country at the present stage. The deficiency isthat due to constraints, the paper only select ten variables, is not comprehensiveenough. Also, the paper does not consider the Non-observable characteristic factors,such as managers’ investment preference, ability, and attitude to risk management andso on.