Empirical Research On The Impact Of Airlines Aircraft Trading Announcements To Stock Prices

In recent years,airlines have been buying aircraft,increasing the number of aircraft in the aviation market.Statistical data of the Civil Aviation Authority shows that air transport market net introduced 300 aircrafts in 2016,20 more than 2015,and the number of the introduction of crafts is still in a growth trend.For market investors,whether the airlines' aircraft trading announcement can provide useful information,and how the investors deal with it,whether this information is taken by the market investors into the consideration as important factors of their investment policy adjustment.These questions are unknown yet.This article will focus on these issues,theoretically explain the path of that the airline aircraft trading on the impact of stock price,and then collect relevant data for empirical analysis.The purpose of the research is to enrich the research of airlines stock price and provide reference advices for relevant subjects to make their best choices.First of all,combs the relevant literatures,and bases on the relevant theoretical basis,expounds the influence of industry cycle and supervision mode on aircraft transaction and the relationship with investors' decision.This part explains the restriction factors of airlines' aircraft trading behavior from the theoretical level,and how investors interpret the airlines company development information disclosed by their aircraft transaction behavior.Then,the article collects the 2002-2017 China's listed airline's aircraft trading announcement,and corresponds with the stock price,uses the event research method to carry on the demonstration to the influence on the airplane trading announcement works on stock price.The research result discovers that the airline aircraft trading announcement has the remarkable positive influence on the stock price fluctuation.However,the regulatory environment plays a little important role in the impact of the aircraft trading announcement on the fluctuation of stock price.This shows that the market investors of the airlines in general how to deal with the introducing aircraft behavior.At the same time,uses multivariate regression method to analyze the influence factors of the airlines stock price fluctuation because of the aircraft trading announcement,and the result shows that the transaction scale has a significant impact on the stock price fluctuation.The larger the transaction scale is,the more positive information is conveyed to the market investors and the stronger the market reaction is.Finally,sums up the conclusion of the research and gives some suggestions to the regulators,the airlines,the investors and the supervisors of the capital market.