资本结构与公司绩效的相关性研究——来自中国旅游上市公司的经验数据

本文构建了公司绩效与资本结构间的多元线性回归模型，使用时间序列横截面数据，对我国典型旅游上市公司的绩效与资本结构之间的关系进行了实证检验。结果表明，旅游上市公司的资本结构与公司绩效间存在显著相关关系；资本化率与公司绩效呈稳定的显著正相关关系，但过高的财务杠杆水平却蕴含着巨大的财务风险，理应积极开拓多种提高业绩的路径。数据处理中分别采用托宾值和净资产收益率为因变量，比较回归结果显示后者更真实也更符合实际。

Demonstrative Study on Capital Structure Affecting Performance of Tourism Listed Companies in China

With crossection data, this paper creates a multivariate liner regression model of the correlation between tourism companies performance and their capital structures to test the relation between them. The positive result indicates that there is obvious relevance between the tourism companies performance and their capital structures, and long-term liabilities have an obvious influence on the companies structures although a high level of financial leverage may bring about a huge financial risk.We used Q and ROE as Variable, results show that ROE Regression is better in china.