An Empirical Study On Equity Structure And Operating Performance Of Chinese Airlines

Equity structure is the core of corporate governance,the composition of equity structure is different,it will have different effects on corporate governance,corporate governance will have an impact on business performance,therefore,it has a good theoretical and practical significance to study the equity structure and business performance of Chinese airlines.This paper first summarizes and analyzes the relevant literature at home and abroad,and summarizes the impact mechanism of equity structure on business performance.Then,it analyzes the current situation of equity structure and business performance of Chinese airlines.Then,according to the characteristics of airlines,case study and empirical research,finally,according to the results of case and empirical research,put forward some suggestions on the optimization of equity structure of Chinese airlines.In the research part of the current situation of Chinese airlines,six airlines in China,China Eastern Airlines,China Southern Airlines,HNA,auspicious and Spring and Autumn 2016 to the Spring and Autumn period financial data for 3 years 2018 as a study sample.In the case study part,according to the characteristics of the airline "civil aviation safety" first,select the Okai aviation "stop" incident to analyze.In the empirical research section,the financial data of four airlines in China,China Eastern Airlines,China Southern Airlines and HNA from2009 to 2018 are selected as the research samples.The results show that the airline's equity structure should not be changed significantly,but in the equity structure has a large change,such as being acquired,before cooperation,need to clear the division of responsibilities.The proportion of the first largest shareholder,the proportion of the top ten shareholders,the square sum of the top ten shareholders,the proportion of foreign capital shares and the operating performance are positively correlated.The proportion of the first five shareholders,the ratio of the first largest shareholder to the second largest shareholder,the proportion of circulating shares and the operating performance are negatively correlated,and the proportion of state-owned shares has no obvious correlation with the operating performance.