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《Journal of Anhui Normal University(Natural Science)》 2013-01
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An Empirical Study on the Correlation between Capital Structure and Operational Performance of Listed Tourism Companies

HUO Shou-hua,LU lin(College of Territorial Resources and Tourism,Anhui Normal University,Wuhu 241003,China)  
This article has analyzed the relationship of capital structure and operational based on the data of 18 listed tourism companies in Shenzhen and Shanghai stock exchange centers.Using paneldata of listed tourism companies from 2006 to 2010 to make an empirical study.Moreover,a descriptive statistics and a regression analysis has been done.The analysis results indicated that the tourism companies’ capital structure is not clearly correlated with the operational performance.There are some reasons responsible for the phenomenon,such as few stockholder master the power of governance,the agency problem,the government control and the development of tourism influenced by external environment easily.In conclusion,the tourism companies should reduce the state-owned control proportion appropriately and establish an effective supervision and motivation system.In addition,according to their own characteristics,the tourism companies should evaluate and select the financing way reasonably.
【Fund】: 国家自然科学基金(40971083)
【CateGory Index】: F592.6;F224
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