| This dissertation aims to study the influence of industry-finance integration on the development of aviation industry,and explore the characteristics of industry-finance integration in the aviation industry.Aviation industry,as a strategic emerging industry,is an important embodiment of national comprehensive strength.The Action Plan for Building a Powerful Civil Aviation Country in the New Era proposes to build China into an all-round world aviation power by the middle of this century.At the same time,the development of aviation industry is faced with a realistic dilemma: the characteristic of large-scale economy and frequent impacts of sudden risks(such as COVID-19)require a large amount of capital investment and to deal with cash flow crisis.Relying on external financial institutions to supply funds,it is easy to be hampered by them,affecting the stability and sustainability of production and operation.The integration of industry and finance,the internalization of financial institutions and the development of financial industry can alleviate this realistic dilemma,obtain a lower cost of capital,and provide new means for building the world-renowned enterprises.However,there are significant differences in the implementation effects of the integration of industry and finance in practice,and even bring huge risks(such as the bankruptcy reorganization event of HNA Group).This requires us to first research and solve the problem of how the integration of industry and finance affects the development of aviation industry,only then can we effectively promote the development of aviation industry.Although existing literature has conducted research on the integration of industry and finance,more emphasis has been placed on measuring and evaluating its efficiency,and the exploration of its mechanism of action is not sufficient.In addition,the integration of industry and finance is a dynamic evolution process,affected by the existing technical conditions and institutional framework.Therefore,heterogeneity should also be considered.In particular,the aviation industry is different from other industries in terms of these two aspects,so it needs more to consider the heterogeneity.Based on the characteristics of aviation industry,this study established a research and analysis framework of the integration of industry and finance of aviation industry based on the logic of “mechanism of action” →“heterogeneity”.The former examines the effectiveness and mechanism of the integration of industry and finance of aviation industry in general,which can be divided into financing ability optimization and operating ability optimization.The latter discusses the heterogeneity of industry-finance integration in the aviation industry in specific scenarios,which can be divided into technological innovation environment and institutional framework influence.Through the above research and analysis framework,this dissertation hopes to enrich this literature,and provide inspiration and basis for accurate policies.First of all,the content and structure of this study are as follows:The first part,the basic research work,puts forward the question.It includes Chapter 1 introduction and Chapter 2 theoretical basis.According to the development practice of industry-finance integration,relevant research questions are put forward,then historical literature is sorted out and the theoretical analysis framework is established to lay the analysis foundation.The second part,empirical analysis and normative analysis,analyses the issuess.It includes Chapter 3 and Chapter 4 on the study of financing capacity and operating capacity optimization mechanism of industry-finance integration to promote the development of aviation industry,and Chapter 5 on the study of the heterogeneity of industry-finance integration on the development of aviation industry.Chapter 3 and Chapter 4 are about the research of “mechanism of action”.For the parallel relationship,the empirical econometric model is used to analyze.In general,from the perspectives of financing channels,financing structure,financing constraints,innovation and development,scale expansion,the rate of capital circulation and management ability optimization,the panel model with fixed time effect is used to carry out the empirical analysis on the mechanism of industry-finance integration to promote the optimization of financing capacity and operating capacity of aviation industry.Chapter 5 is a research of “heterogeneity”,which complements Chapter 3 and Chapter 4 by discussing the heterogeneity of industry-finance integration in the aviation industry in specific scenarios,including the impact of industry-finance integration on the development of aviation industry under the influence of different technological innovation environments and different institutional frameworks.In the part of technology innovation environment,interviews and investigations are adopted,the deductive analysis method is used to verify and revise the hypothesis of the evolution path of industry-finance integration of aviation industry through the cross analysis and demonstration of theory and practice,analyze and demonstrate the heterogeneity of industry-finance integration under different technology innovation environments,and find the path breakthrough to break the constraints,so as to promote the upgrading of the integration of industry and finance.In the part of the influence of institutional framework,the author adopts the method of visiting and researching and the comparative analysis method to discuss the heterogeneity of industry-finance integration under the influence of different institutional frameworks from the perspectives of property rights system,regulatory system and governance mechanism,so as to promote institutional change and continuously optimize the integration of industry and finance.The third part,conclusions and suggestions,solves the issues.It is mainly Chapter 6 that summarises the conclusions and proposes some countermeasures and suggestions.Then,the following main conclusions are drawn:1)The industry-finance integration promotes the optimization of financing capacity and operating capacity of aviation industry.The implementation of the integration of industry and finance promotes the development of aviation industry by broadening financing channels,optimizing financing structure,alleviating financing constraints,improving the level of innovation and development,improving the rate of capital circulation and optimizing management ability.Improving the integration of industry and finance can promote the development of aviation industry by broadening financing channels,alleviating financing constraints,improving the rate of capital circulation and optimizing management ability.Generally speaking,the implementation of industry-finance integration has the strongest promotion effect on the development of aviation industry,followed by the depth of industry-finance integration,and the breadth of industry-finance integration.2)Technological innovation drives the continuous upgrading of the integration of industry and finance,however path lock-in needs to be avoided.Technological innovation and capital expansion evolve in coordination,and their equilibrium state forms constraints on the integration of industry and finance,which must break the established constraints and achieve path breakthroughs;otherwise,it will fall into path lock.Different from general industries,it is found that the unique military-civil integration mode of aviation industry is easier to form path breakthroughs,and its technological innovation shows the characteristic of phased transition development.3)Institutional changes promote the continuous optimization of the integration of industry and finance,however it is necessary to balance efficiency and risk.With the advance of institutional change,the integration effect of industry and finance shows a process of gradually rising and then gradually declining,that is,an inverted U-shaped;When the equilibrium boundary of the integration of industry and finance is exceeded,the risks increase,and the effects of the integration of industry and finance begin to show negative values until it is eliminated by the market or reaches a new equilibrium,that is,it shows a U-shape.Different from general industries,the public attribute of aviation industry makes the mode and effect of the integration of industry and finance of enterprises more obviously affected by the environment of property rights system and regulation system(for example,China’s aviation industry alone has a bankruptcy protection line representing the ability to resist risks);The high cash flow characteristic and risk attributes of aviation industry also increase the difference in the market behavior of the integration of industry and finance of enterprises,and the heterogeneity of the integration of industry and finance of aviation industry also expands,so it is more necessary to regulate it.4)Generally speaking,the industry-finance integration plays an extensive and effective role in the development of aviation industry.Considering the heterogeneity,compared with general industries,the unique technological innovation environment,institutional environment and market behavior of aviation industry lead to greater heterogeneity differences in the integration of industry and finance of aviation industry,showing the characteristic of phased transition development.When the technical conditions and institutional constraints make a breakthrough,the aviation industry enterprises are in the stage of increasing returns to scale,and the integration of industry and finance can also promote the development of aviation industry through the path of scale expansion.The main innovations of this study are as follows:1)A comparatively comprehensive research and analysis framework for the industry-finance integration in the aviation industry has been established.On the one hand,the current literature on the integration of industry and finance mostly focuses on the measurement and evaluation of the efficiency of the integration of industry and finance,and the discussion on its mechanism of action is still insufficient.On the other hand,the effect size of industry-finance integration is quite different,and even has a negative effect,especially in the aviation industry,so heterogeneity should be considered.Based on the logic of “mechanism of action” → “heterogeneity”,this study uses econometric models,as well as interview survey methods to investigate the effects of the integration of industry and finance in the aviation industry from the perspectives of overall and heterogeneity respectively,and builds a research and analysis framework of industry-finance integration in the aviation industry that is supported by objective data and suitable for economic practice.2)In general,A more systematic discussion was conducted on the “mechanism of action” and path of industry-finance integration in the aviation industry.In the theoretical analysis part,based on the existing literature and relevant theories,the mechanism of industry-finance integration to promote the development of aviation industry are summarized into two categories: financing capacity and operating capacity optimization,and the action paths of financing channels,financing structure,financing constraints,innovation and development,scale expansion,the rate of capital circulation and management ability optimization are systematically analyzed.In the econometric empirical part,combined with the characteristics of aviation industry,hypotheses are put forward according to the above action paths,and more targeted and systematic econometric empirical conclusions are obtained.3)Through field research and dynamic analysis,the impact of industry-finance integration on the development of aviation industry is discussed from the perspective of “heterogeneity”,and the effect curve of the integration of industry and finance in the aviation industry is more in line with practice.The study finds that the unique technological innovation environment,institutional environment and market behavior of aviation industry lead to greater heterogeneity differences in the industry-finance integration in the aviation industry,showing the characteristic of phased transition development.Further analysis shows when the technical conditions and institutional constraints make a breakthrough,the enterprises in the aviation industry are in the stage of increasing returns to scale,and the integration of industry and finance can also promote the development of aviation industry through the path of scale expansion.The study also finds that the unique military-civil integration mode of aviation industry is more likely to form a path breakthrough;Our country aviation industry alone has a bankruptcy protection line that represents risk resilience. |
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