Reasonality Of Financing Structure For The General Aviation Listed Corporates

Recently, under the support of national policy, great progress has been made in the general aviation industry in China. General aviation has been included in the national strategic emerging industries and the current priority to the development of high technology industrialization of key areas.Significant improvement policy environment for the development of general aviation in China, China's general aviation industry usher in unprecedented development opportunity. General aviation listed companies as the industry leader, its healthy development is not just about the whole general aviation industry development strategy's smooth implementation. The development of general aviation listed companies largely depends on the rationality of its financing structure. Although the domestic and foreign research on the theory of financing structure has been very mature, the study of general aviation listed companies financing structure rationality is still rare. So,in this paper,the general aviation listed companies financing structure is inspected, seeking influence factors on the rationality of its financing structure. It provides theoretical guidance to widen the financing channels, optimize the financing structure, reduce the financing cost and formulate financing strategy. Thus it has the important theory value and practical significance.This paper takes the general aviation listed companies as the research sample, to study the general aviation listed companies financing structure systematically. First of all, this paper reviews the research status at home and abroad and introduces the related theories of financing structure. Second, under the relevant theoretical guidance, it analyzed general aviation listed companies current situation, problems and their causes in detail. Then the paper selects the data of general aviation listed companies form 2012 to 2014 and use the factor analysis method to build financing structure evaluation index for the general aviation listed companies, to examine the rationality of the financing structure. On this basis, the paper used multiple regression analysis, researched enterprise level factors influencing on financing structure of listed companies. The results show that nearly half of the general aviation listed companies financing structure is unreasonable and the general aviation listed companies financing structure reasonable range is roughly between 30% and 50%. And the main influencing factors of general aviation listed companies financing structure were debt paying ability, growth, profitability, non-debt tax shields and mortgage assets value. Among them, debt paying ability affects the rationality of financing structure largest and most stable. Finally, the main conclusions and lack of the research were summarized. And corresponding countermeasures were put forward form the enterprise level and the external environment level to realize financing structure rationalization.