Research on the Factors Influencing the Financing Efficiency of China's Tourism Listed Companies Based on Logit Model

Abstract

This paper takes 24 tourism listed companies in China as the research object, based on the panel data from 2011 to 2019, uses the super SBM model to measure the financing efficiency, further uses the Logit model to analyze the nine influencing factors of financing efficiency, and draws the following conclusions: (1) The financing efficiency of tourism listed companies in China is slightly low as a whole, and the development trend is stable; The ratio of efficient tourism listed companies shows an inverted U-shaped curve, with the peak of only 50%. (2) The financing efficiency of different tourism sectors is quite different. The average financing efficiency and the ratio of Effective efficiency are: Catering > comprehensive > scenic spots > hotels. (3) Among the nine influencing factors measured, consumer price index(CPI), main business revenue growth rate(MIGR), asset liability ratio(DAR) and total asset turnover(TAT) have different degrees of significant impact on the financing efficiency of tourism listed companies. Among them, consumer price index(CPI) and asset liability ratio(DAR) play a negative role, while main business revenue growth rate(MIGR)and total asset turnover(TAT) play a positive role.