Research On The Value Of Airport Franchise From The Perspective Of Game Theory

With the rapid development of China's economy,China is becoming an emerging market in the world's aviation industry and playing a vital role in the global market.According to the strategy of the "Two Stages",by 2020 China will have taken initial shape of China's civil aviation power,composed of six major airport groups:North China,Northeast China,East China,Central South,Southwest and Northwest.At that point,there will be more than 50 brand new air carrier airports and the total number of the air carrier airports will be around 260,the number of the new-built general aviation airport will be more than 500 and the national civil airports will exceed 800.Therefore,the airport operation efficiency,management level and profit ability will have a significant impact on the construction of China's civil aviation power,and even on the national economy and the whole society.Thus,the key problem for the airport operator is how to deepen the airport management reform,propel the airport management transformation and enhance the core competition of the airport.Throughout the global civil aviation industry,franchising has become the universal choice of foreign advanced airports,and has played an important economic and management benefits in airport operation.But in China,the airport franchise has not been widely applied and thoroughly implemented,especially in civil aviation industry.A large amount of infrastructure construction still relies on the airport operator's investment.Therefore,how to play an active role of the franchise in promoting the transformation of airport and the sound development is an important problem worthy of research and attention.Hence,this paper mainly focuses on the three main contents of airport franchising,namely the theoretical foundation and legal logic of airport franchising,the practice analysis of airport franchise and building game models to analyze the realization of airport franchise value.Starting with the theoretical study of franchise,this paper summarizes the relevant theories of franchise at home and abroad and clarifies the connotation,characteristics and classification of franchise.Simultaneously,based on the public serving property and economic characteristics of civil airports,this paper analyzes the origin of airport franchise,and then provides the definition and the level of airport franchise.Secondly,this paper discusses the feasibility and advantages of airport franchise by combining the theories with the practice of franchise of domestic and foreign advanced airports such as Hongkong Airport,Changi Airport of Singapore and American airports.Finally,by building static and dynamic game models with complete information,analyzing and studying the action strategies of the franchised airport and the franchiser under the condition of equilibrium,and deducing airport franchise value maximization model,this paper analyzes its franchise in Hangzhou airport from the angle of empirical analysis,and puts forward policy suggestions and decision-making basis of the wide implementation and application of franchise at Hangzhou Airport in the future by using the game models.