Research On Financing Structure And Performance Of Airlines In China

Capital is a key factor in the development of business operations,in recent years,China's civil aviation industry has shown a rapid development trend.The average annual growth rate of passenger turnover and passenger traffic in the whole industry has exceeded 10% in the past five years.China's airlines have proposed future fleet planning,and expanding the fleet size has become a popular choice for Chinese airlines,which has brought huge capital needs.However,the introduction cost of passenger aircraft is extremely high.It takes up a large amount of funds and has a long period of time.It is affected by various factors such as interest rates and exchange rates.The choice of financing channels and methods will greatly affect the performance of airlines.Studying the impact of financing structure on corporate performance is of positive significance for optimizing financing decisions,improving the performance level of Chinese airlines,and improving the international competitiveness of Chinese airlines.Firstly,we expound the related theories and performance evaluation methods of financing structure,summarizes the research status of scholars at home and abroad,defines the conceptual connotation of financing structure and performance,and then analyzes the mechanism of financing structure impact on performance,and explains the financing structure from the theoretical level.The impact of performance;thirdly,we empirically test the impact of China's airline financing structure on corporate performance,empirical results show that: the internal financing rate and corporate performance showed a significant positive correlation,equity financing rate and corporate performance has no significant correlation,the debt financing rate and corporate performance showed a significant negative correlation;the proportion of stateowned equity and short-term debt financing were significantly negatively correlated with corporate performance.There was no significant correlation between long-term debt financing ratio and corporate performance;finally,suggestions for optimizing the financing structure of China's airlines are proposed from the national,industry and enterprise levels.