我国旅游产业是对外开放最早、引进外资程度最高的行业之一。随着经济全球化的到来和全球范围内经济体系综合化的不断加深,旅游企业同样面临着日趋激烈的国际化竞争。为了积极有效地应对来自旅游企业国际化竞争的巨大压力,通过境外上市实现对外的投资扩张已经成为越来越多旅游企业集团的选择。本文系统研究了境内旅游企业集团选择境外上市时的资本市场选择问题。研究发现,境外上市时选择合适的境外资本市场能够有效克服融资约束、改善财务结构、完善公司治理,提高公司价值。 China’s tourism industry is one of the industries with the earliest opening to the outside world and the highest level of foreign investment. With the advent of economic globalization and the deepening of economic globalization in the world, tourism enterprises are also facing increasingly fierce international competition. In order to deal with the huge pressure of international competition from tourism enterprises actively and effectively, foreign investment expansion through overseas listing has become the choice of more and more tourism enterprise groups. This article systematically studies the choice of capital markets when domestic travel enterprise groups choose to list overseas. The study finds that choosing the appropriate overseas capital market when listing overseas can effectively overcome the financing constraints, improve the financial structure, improve corporate governance and enhance the company’s value.