An empirical study on the impact of listed tourism companies´ capital structure on Institutional Investors´ Stockholding

Quite a few of existing literatures focused on research the inner impact of capital structure on Institutional Investors´ Stockholding directly. In this paper, we have made an empirical research on this topic based on Chinese listed tourism companies´ data during 2005-2009. The results indicated: (1) institutional investors were willing to hold listed tourism companies´ shares with lower asset-liability ratio and current ratio; (2) Long-term debt ratio and equity concentration had a significant impact on IIS.