上市櫃觀光產業資本結構之研究

Research on the Capital Structure of the Listed and OTC Firms in the Tourism Industry

陳正芳(Cheng-Fang Chen) ； 李素惠(Suh-Huey Li)

《休閒事業研究》 9卷3期 (2011/09) Pp. 1-15

https://doi.org/10.6746/LIR.201109_9(3).0001

摘要

本研究探討台灣上市、上櫃觀光產業之資本結構。實證結果發現：一、上市櫃觀光產業整體的負債比率為28.69%，資本結構尚健全。二、上市、上櫃觀光產業資本結構之差異，主要在短期負債比率呈現顯著差異。三、觀光產業依經營項目分類比較，經營主題遊樂園區產業的總負債比率及長期負債比率在產業中最高。四、以複迴歸模式探討影響觀光產業資本結構的決定因素：公司成長機會是促成觀光產業舉債能力提高的因素之一；總資產規模大，固定資產比率愈大，資產抵押價值愈高的公司，具有採用長期負債的融資優勢，而小規模公司的資金來源主要反映在短期負債上。觀光產業公司在獲利能力及自由現金流量的實證結果，分別支持融資順位理論及債務控制假說。

關鍵字

資本結構 ； 資產規模程度 ； 公司成長性 ； 獲利能力 ； 資產抵押價值

並列摘要

This study investigates the capital structure in the listed and OTC tourism industry. The empirical results show: First of all, the overall financial structure of tourism industry is sound. Second, the total debt ratios in the listed and OTC firms have no significant difference; however, the short-term debt ratios indeed have significant difference. Third, the tourism industry is categorized into the amusement theme park, the hotels for international tourism and other recreational industries. The amusement theme park has the highest total debt ratio and long-term debt ratios. Fourth, this study uses multiple regression analysis to investigate the determinants of capital structure in the tourism industry. The firm's growth opportunities facilitate to increase business borrowing capacity .The big firms have higher fixed assets ratio and the collateral value of assets. So they have used long-term debt financing advantages. And the small firms have used short-term debt financing in the main fund source .The empirical results of profitability and free cash flow support the pecking order theory and debt control hypothesis respectively.

並列關鍵字

capital structure ； assets size ； business growth ； profitability ； collateral value of asset