Financing Model Of China's Civil Airport Construction

With the development of the times and social progress, the civil aviation industry has played an increasingly important role in the production and daily life. As the most important infrastructure in the aviation industry chain, a growing attention has been paid to the airport's construction and development, so the financing problem of the airport construction has become an important subject in socio-economic life.After the founding of new China, civil aviation industry has achieved remarkable accomplishments in our country. However, because of the low starting point, the weak foundation and tension capital, coupled with the unbalanced status of the national economy, there is still a big gap between China and advanced countries in civil airport construction and development. It's hard to adapt to the rapid development of aviation industry in recent years, and can not meet the economic and social development needs. Therefore, the government has proposed a 140 billion yuan construction tasks in the "11th Five-Year" Plan.In recent years, scholars at home and abroad has made some research on financing for civil airport construction, the main contents are as follows: characteristics of financing model in different countries and all of the pros and cons; BOT project financing in the civil airport construction; the 'Public-Private Partnership' (PPP) in civil airport construction. All of those made a useful impetus on the development of financing practice and theory of the civil airport construction. However, these theories are lacking with the reality of China's system. As for research methods, the use of financial management theory is inadequate, and the cash flow analysis of typical airport is not enough.Based on the research of airport financing at home and abroad, detailed analysis the current airport management system and the financing environment, compare with the developed countries and advanced experiences, in the background of the current system, proposal China's civil airport construction financing model as: a government-led multi-channel financing model should be set up in civil airport construction, with the increasing of throughput scale, the government-led ratio change from high to low, and the ratio of the multi-channel market financing from low to high.