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本文运用典型相关分析方法,通过对我国旅游上市企业年度资产负债表项目的相关关系进行分析,探讨了我国旅游上市企业投融资行为的特点。实证研究结果表明,我国旅游上市企业投融资行为存在以下特点:(1)长期资产投资规模较大;(2)固定资产与流动负债之间存在一定的期限错配;(3)供应商信贷在长期资产融资过程中发挥着非常重要的作用。研究结果对于企业投融资战略决策具有一定的指导作用,同时也能为政府政策的制定提供一些参考。
By using the method of canonical correlation analysis, this paper analyzes the relationship between annual balance sheet items of China’s listed tourism enterprises and discusses the characteristics of investment and financing behavior of China’s listed tourism enterprises. The empirical results show that the following characteristics exist in the investment and financing behavior of China’s listed tourism enterprises: (1) the long-term assets investment scale is large; (2) there is a certain maturity mismatch between fixed assets and current liabilities; (3) Long-term asset financing plays a very important role. The results of the study have some guidance for the strategic decision-making of investment and financing of enterprises, and also provide some reference for the formulation of government policies.