Research On Financing Model Of Airport Listed Corporations In China

The airport listed corporation,as an important financing platform,is the channel to face the capital market and reach the goal of financing by making the use of the open capital market.With the flexible and abundant methods of financing,the airport listed corporations shall not only get financial diversification,and optimize their capital structure,but improve the capital utilization efficiency as well.This article reveals the background of the existence of the airport listed corporations by analyzing the economic attributes and characteristic of the airport,and also summarizes the characteristic and formation cause of their financing model through the analysis of the financing situation of the airport listed corporations in our country.On this basis,focusing on the financing model of Beijing Capital International Airport Co.,Ltd.(BCIA),this article analyzes the financing model and financing structure of BCIA,and summarizes its trends and characteristics-external financing accounts more for the financing structure;the company's financing structure and financing model shows significant difference due to the financing demand of large-scale asset injection.Therefore,this article chooses the use of the financing model when the company acquiring the Phase ? Target Assets as a typical case study,and combined with the optimal capital structure theory,as well as the use of EBIT-EBT analysis method to evaluate the rationality of the use of its financing model,so as to reveal the characteristics of the airport listed corporation's financing mode.Thus,the problems existing in the financing model of airport listed corporations in our country are further summarized as below-the proportion of internal financing is small,highly depending on financial financing,less debt financing,and equity financing accounting for relatively more proportion.Especially in a certain stage of development,once facing with large financing demand,these corporations will relatively rely more on debt financing to solve the immediate problem,which might bring significant impact on the company's capital structure,and be lack of long-term dynamic optimization of the financing model.Finally,starting from the root of the problem – the economic attribute of airport,based on the hypothesis in two ways of market oriented guidance and governmentoriented guidance respectively,proposed suggestions on optimizing the financing model of airport listing corporations in China are put forward.Furthermore,with the gradual development and improvement of China's market economy environment,selection on market driven is more likely to realize the dynamic adjustment and optimization of the financing model of the airport listed corporations,so as to help the airport listed corporations to achieve the virtuous cycle on positive development of their financing and capital structure.