Research On Capital Structure Optimization Of GL Tourism Company

Since China's reform and opening up,with the sustained growth of our national economy,the increase of residents ' income level and the increasing support of national policies,the tertiary industry of our country has developed rapidly,in which the tourism sector has the most remarkable development speed.From the research of tourism development in recent years,the tourism industry has a strong comprehensive,and its associated industries have been developed rapidly.Tourism is playing a significant role in the improvement of the national standard of living and the growth of social economy.With the growing of tourism industry,it attracts many industries outside the tourism industry to join the investment in the tourism market,and the emergence of the new business model has also produced great shocks to the conventional industries.Because of the changes of the original capital structure and business environment of the tourism industry,the pressure of tourism enterprises is unprecedented.Therefore,it is of great significance to study the capital structure optimization of listed companies in the tourism industry.This article takes GL tourism company as the research object,based on the carding of domestic and foreign literatures and the existing theory achievements,using the method of combining theory and case to analyze the data of the capital structure of GL tourism company for nearly five years,and put forward the corresponding optimization measures according to the problems existing in the capital structure.First of all,the paper analyzes the capital structure related data from 2012 to 2016 from three aspects of debt ratio,liability composition and shareholding structure,and compares with the overall average value of 20 tourism listed companies in the same industry.Then,based on data analysis and research,it is found that GL tourism company has the problems of unreasonable liability composition,insufficient leverage effect,single financing channel and high ownership concentration.Finally,combined with the internal and external environmental factors that affect the capital structure and the current situation of the capital structure of GL tourism company,the paper puts forward that the management of GL tourism company should pay more attention to the problems of capital structure,and can widen the financing channel from two aspects of endogenous and exogenous sources,and introduce investors and management personnel to disperse the equity.and improve the rate of capital utilization of GL tourism company to optimize the capital structure,so as to maximize the value of enterprises.