Debt Structure And Corporate Performance:the Emipirical Analysis Based On China's Tourism Company

In recent years,with the rapid development of our national economy,the tourism industry has gradually entered the golden age.2014 full year total revenue of 3.4 trillion yuan of total revenue,compared with the same period in 2013 increased by 15.29%.In the tourism industry has become a new pillar of the national economy,the new growth point of the conditions,a large number of qualified tourism enterprises began to seek listing in order to better development.However,the performance of the tourism enterprises listed is not satisfactory,the tourism industry is booming,the performance of the tourism industry has not been rapid,in most years,the performance of the tourism industry is not as good as other industries,individual years or even a decline in performance.In order to explore the causes of this phenomenon from the perspective of debt structure,this paper first draws on many of the western classical theory,in the premise of these theories,combined with the actual situation of our country to analyze the relationship between debt structure and corporate performance,and put forward 3 hypotheses.In the empirical part of this paper,we select 24 Sample Firms,2010-2014 year data of the listed companies in Shanghai and Shenzhen Stock Exchange as a measure of corporate performance,(ROE)as a measure of the performance of the company,(DAR)as a measure of the overall structure of the debt,(SD)and(LD)as a measure of the source structure of the variable,(BD)and(CD)as a measure of the source structure of the variable.The empirical results show that the total scale of the tourism listing Corporation is negatively related to the performance of the debt;Long term liabilities,short-term liabilities and performance of tourism listing Corporation are significantly negative correlation;Tourism listing Corporation bank loans and performance were significantly negative correlation,commercial credit and performance were significantly negative.Based on the empirical results,in this paper,it is concluded that the following policy Suggestions:appropriate to reduce the asset-liability ratio;actively introduce strategic investors;According to the asset structure is reasonable choice liability period;To speed up the audit method innovation of commercial bank credit;Improve the bankruptcy debt repayment mechanism,constructs the enterprise credit reporting system;Speed up the construction of the corporate bond market.