Study On The Impact Of Financial Elasticity On Business Performance Of Cruise Enterprises

Since the 21 st century,with the development of economic globalization,competition among enterprises has become increasingly fierce.How to make enterprises stand out in the industry competition,improve business performance,and maximize enterprises value are core issues that business managers need to consider.Financial elasticity is an ability that enterprises acquire and allocate financial resources quickly at low cost.It can improve capital structure of enterprises,help enterprises cope with unexpected risks,and seize investment opportunities.Due to the long-term navigation of the cruise ship,the global operation and the capital intensive,the natural environment risk,market risk and financial risk are relatively large.It is necessary to study the impact of financial elasticity on business performance of cruise enterprises.It not only enriches relevant research on financial elasticity,but also enriches the research on cruise enterprises.This research can provide experience for domestic cruise enterprises to reasonably determine their capital structure and operation management.First,the paper sorts out relevant concepts of financial elasticity and business performance at home and abroad,the impact of financial elasticity on enterprise investment and business performance,the composition,sources and related theories of financial elasticity.Secondly,based on the existing research and theoretical analysis,the financial elasticity index system is constructed.Factor analysis is used to measure the financial elasticity composite index of listed companies in cruise.The current situation and related experience of the financial elasticity of cruise enterprises were analyzed and summarized.Thirdly,the paper introduces the operation status of domestic and international cruise enterprises,and uses the balanced scorecard model to construct a cruise enterprises performance evaluation index system from four dimensions: finance,customer,internal business process,learning and growth.The weight of each indicator is determined by the entropy weight method.The comprehensive performance of cruise enterprises are evaluated.Then,the paperanalyzes the relationship and the path of influence between financial elasticity and business performance.The research hypothesis are put forward: the financial elasticity can improve the investment and business performance of cruise enterprises,and the financial elasticity affects the business performance of cruise enterprises through investment.Research models are established.The median effect test method is used to conduct empirical analysis on the data of listed cruise enterprises from 2000 to 2017.Finally,suggestions for improving the performance of cruise enterprises are proposed.The financial elasticity study of the cruise enterprises shows that from 2000 to2017,Carnival Cruise enterprise,Royal Caribbean Cruise enterprise,and Genting Hong Kong were identified as financially elasticity for 17 years,5 years and 2 years respectively.Carnival Cruise enterprise has the best financial elasticity,followed is the Royal Caribbean.Genting Hong Kong lacks financial elasticity.Based on the balanced scorecard research,the business performance of cruise enterprises show that,from the perspective of comprehensive performance,Carnival cruise enterprise has the highest overall performance,followed by Royal Caribbean cruise enterprise,and Genting Hong Kong has a big gap compared with the previous two enterprises.From the four dimensions of finance,customers,internal business processes,learning and growth,Carnival cruise enterprise is in a leading position in the financial dimension,customer dimension and internal business process dimension.Royal Caribbean Cruises enterprise ranks second in four dimensions.Genting Hong Kong has the best performance in learning and growth,but the other dimensions are much worse compared to the top two enterprises in cruise industry.The empirical results of the financial elasticity,enterprise investment and business performance of the cruise enterprises show that financial elasticity is positively correlated with business performance.Cruise enterprises with strong financial elasticity have better business performance.Financial elasticity is positively related to enterprise investment.Cruise enterprises with large financial elasticity have more investment spending.Financial elasticity affects the business performance of cruise enterprises through two paths.The first is direct impact,and the second is through enterprise investment spending.