Impacts of Financing Constraints on the Operating Performance of Listed Tourism Companies Based On Multiple Regression Model

Abstract

Under the influence of serious information asymmetry and agency cost, the financing situation of most listed tourism companies is not promising. Financing constraints have become the main factor restricting the investment development of listed tourism companies. Based on the sample data of 72 listed tourism companies in China from 2016 to 2020, this paper uses KZ index to measure the degree of financing constraints of selected listed tourism companies, and empirically exams the impact of financing constraints on the operating performance of listed tourism companies by establishing a multiple regression model. The research finds that financing constraints are negatively correlated with the business performance of listed tourism companies. The higher the degree of financing constraints, the lower the business performance of listed tourism companies. A robust conclusion is still obtained by replacing dependent variables and SA index to measure the degree of financing constraints. This conclusion is of practical significance for the listed tourism companies facing financing constraints in terms of improving their business performance.