中国旅游类上市企业融资结构与绩效实证研究的中期报告.docx

中国旅游类上市企业融资结构与绩效实证研究的中期报告
摘要：
本文以中国旅游类上市企业为样本，研究了它们的融资结构与绩效之间的关系。研究发现，旅游类上市企业的融资结构相对保守，资产负债率较低，资产结构比较合理。而且它们的绩效表现较为稳健，收益率与股价表现均优于整个A股市场平均水平。本文进一步将融资结构与绩效进行关联性分析，发现旅游类上市企业的债务比率与绩效表现之间呈现出倒U型关系，也就是说，债务比率适度增加可以促进企业的绩效表现，但是过度债务会影响企业绩效，并且这种倒U型关系在不同的行业具有一定的差异。最后，本文根据研究结果提出了旅游类上市企业融资决策的建议，包括保持适度的债务比率，优化资产结构，加强财务风控等。
关键词：旅游类上市企业，融资结构，绩效，债务比率，关联性分析
Abstract:
ThispaperstudiestherelationshipbetweenthefinancingstructureandperformanceofChineselistedtourismcompanies.Thestudyfoundthatthefinancingstructureoftourismlistedcompaniesisrelativelyconservative,withalowasset-liabilityratioandareasonableassetstructure.Inaddition,theirperformanceisrelativelystable,andtheirreturnsandstockpricesoutperformtheaverageleveloftheentireA-sharemarket.Thispaperfurtheranalyzesthecorrelationbetweenthefinancingstructureandperformance,andfindsthatthereisaquadraticrelationshipbetweenthedebtratioandperformance,thatis,anappropriateincreaseinthedebtratiocanpromotetheperformanceoftheenterprise,butexcessivedebtwillaffecttheperformanceoftheenterprise.Thisquadraticrelationshipisdifferentindifferentindustries.Finally,basedontheresearchresults,thispaperputsforwardsuggestionsforthefinancingdecision-makingoflistedtourismcompanies,includingmaintaininganappropriatedebtratio,optimizingtheassetstructure,andstrengtheningfinancialriskcontrol.
Keywords:listedtourismcompanies,financingstructure,performance,debtratio,correlationanalysis