中文摘要：

我国上市公司普遍面临着一定程度的融资约束。通过多元化经营构建内部资本市场被认为是缓解融资约束的一种重要方式,并得到了广大学者的认可。而与一般制造业上市公司相比,旅游业上市公司在多元化的行业选择及业务类型方面有着其独有特征,不同的多元化类型、不同类型旅游企业的多元化经营方式之间存在着一定程度的差异。那么,旅游企业的多元化类型是否会对缓解融资约束的作用产生影响？这是具有非常强现实意义的问题,值得深入思考。本文以2005~2013年国内的23家A股旅游业上市公司作为研究对象,系统地检验了不同类型的多元化经营战略、不同类型旅游企业的多元化经营对融资约束产生的影响,研究显示：我国旅游业上市公司的多元化经营可以显著地降低融资约束,其中相关多元化水平的提升可以显著地降低融资约束,非相关多元化水平的提升无法显著地降低融资约束;景区类、酒店类上市公司多元化水平的提升可以显著地降低融资约束,但综合类上市公司多元化水平的提升不能显著地降低融资约束。基于上述研究结论,本文最后从缓解融资约束的角度对旅游业上市公司的多元化经营提出相关建议。

英文摘要：

Nowadays, tourism industry has been playing an increasingly important role in the economic growth. With the support of the government,tourism enterprises need to optimize their business and find new growth points. All the adjustment will cost plenty of money. According to the research of the achievement of previous scholars,listed companies in China are generally facing the problem of ＂financing constrains＂. Establishing internal capital market by diversification is considered to be an important way to ease the financing constraints. This paper discussed the relationship between the diversification,internal capital market and the financial constraints of the listed tourism companies.Furthermore,a test was made to see whetherdifferent diversification types and different business characteristics had different effects on the remission of financing constraints. It found that diversification could significantly reduce the financing constraints, ascension of related diversification could significantly bring down the financing constraints, unrelated diversification couldn ＇t do that.Diversification of scenic area company and hotels could significantly lower the financing constraints,but diversification of comprehensive companies couldn＇t get the same effect. Our research supported the hypothesis of internal capital market＇s ＂More Money Effect＂. In the end,the importance of internal financial intermediaries was highlighted and some suggestions were put forward on how to relax financing constraints by diversification.