The Study About the Correlation Between Capital Structure and Corporate Governance Efficiency of China’s Listed Tourism Companies

Abstract

This article selected the panel data of tourism listed companies financial indicators, which continuing operations from the 2010Q1-2016Q4 in China's A share market as the study sample. All independent variables and control variables of were significantly affected on the two indicators of the dependent variables. Asset-liability ratio, long-term debt ratios are showed a significant positive correlation with Tobin's Q-value, while with a negative correlation of the total assets of the net profit margin as significant; ownership concentration, firm size are was significantly negatively correlated with Tobin's Q-value, but with total assets the net profit margin as a significant positive correlation; and the proportion of state-owned shares, both showed a significant negative correlation.