投资战略、治理机制与旅游企业融资成本

中国旅游企业普遍存在融资难、融资成本偏高问题,这严重影响了旅游企业的生存、发展与扩张。为此,迫切需要科学探究旅游企业融资成本的影响因素,并采取相应治理措施以降低融资成本。文章以公司治理视角为切入点,立足于旅游业区别于其他行业的特殊性,利用我国旅游上市公司的财务统计数据,实证检验了旅游经营环境、旅游企业投资战略、治理机制对融资成本的影响效应。研究结果表明:旅游企业债务融资成本小于股权融资成本,旅游企业应充分利用经营权和用地使用权质押贷款等多元化债务融资方式。投资战略方面,旅游需求波动性和非旅游相关多元化战略会提高融资成本,旅游企业投资方向应为相关多元化/并购,投资项目应能降低旅游收益波动性。治理机制方面,信息披露与法律保护机制能降低融资成本,股权结构与融资成本存在倒"U"形关系,而高管激励机制则会提高融资成本,旅游企业应建立科学的股权结构和董事会治理机制,构建多层次高管薪酬体系和信息披露制度,完善品牌投资战略以实现品牌质押融资。

The Investment Strategy,Governance Mechanism,and Financing Costs of Tourism Companies

China＇s tourism enterprises have difficulty securing financing because of the high cost of finance. This issue seriously affects the survival, development, and expansion of tourism enterprises. Therefore, there is an urgent need to scientifically identify those factors that influence these high financing costs and to take corresponding measures to reduce them. This paper focuses on the perspective of corporate governance, and is based on the significant differences between tourism and other industries. We applied financial statistical data gathered from listed Chinese tourism companies between 2007 and 2012 to empirically measure the effect of business environment, investment strategy, and the corporate governance mechanism on financing costs in the tourism industry. The research conclusions in this paper are as follows. First, the companies studied had higher equity financing costs than financing costs for debt. The financing costs of companies that were based around scenic spots were lower than the financing costs of other tourism companies. Second, in terms of the tourism business environment, the geographical location advantage of tourism companies can significantly reduce financing costs, while tourism demand volatility can significantly increase financing costs. Third, in terms of their investment strategy, the unrelated diversification strategy of tourism companies can increase financing costs, while the non-state-owned property rights of tourism companies can significantly reduce their financing costs. Finally, in terms of the governance mechanism of tourism companies, the mechanism of information disclosure and the legal protection of tourism companies can significantly reduce financing costs. Moreover, there is a non-linear ＂inverted U＂ relationship between the control ownership structure of tourism companies and financing costs. The executive incentive mechanisms in place at tourism companies can also increase financing costs. These research conclusions have important implications for the financing decisions, investment strategies, and governance mechanisms of tourism enterprises in China. First, according to the first conclusion, tourism companies should make full use of a variety of debt financing channels, including the pledge loan financing of franchise rights and land use rights, to reduce their financing costs and to ensure the safety of their funds. Second, according to the second and third conclusions, tourism enterprises implementing diversification and/or expansion strategies should reduce the proportion of investment projects devoted to unrelated diversification. Investment projects devoted to tourism enterprises should be able to reduce tourism revenue volatility. Third, improving corporate governance capabilities of tourism companies is the simplest measure to reduce their financing costs. Tourism companies should set up a scientific mechanism for their equity structure and control rights competition. Moreover, tourism companies should introduce independent directors with tourism industry expertise or experience of political relations and they should enhance their supervision independence. In addition, tourism companies should establish a multi-level system of executive compensation, including monetary compensation, equities and options. Finally, tourism companies should improve their brand strategy and brand valuation mechanisms to achieve better brand pledge financing, which can broaden the financing channels of tourism companies and reduce their financing difficulties.