Analysis Of Financing Efficiency Of Listed Companies In China's General Aviation Industry

Since the reform of low altitude airspace management system in 2010,China's general aviation industry,as one of the strategic emerging industries,has made rapid development,and its research has become increasingly rich.However,compared with the booming public transport aviation in China,as one of the "two wings" of civil aviation,general aviation is still in its infancy,and the total value of the whole industry only accounts for about 10% of the civil aviation industry.Besides the management system,policy measures,technology,market demand and other factors,the capital problem is also very prominent.Therefore,this paper focuses on the financing part of general aviation and studies the financing efficiency of the listed companies in China's general aviation industry.In this paper,through literature research,qualitative analysis and quantitative analysis,the financing efficiency as a starting point to carry out a systematic study of China's general aviation industry.First,it defines the concept of general aviation industry and corporate financing efficiency,summarizes some financing efficiency theories and efficiency evaluation methods after combing domestic and foreign literature;Secondly,from the perspective of financing demand and financing supply,this paper analyzes the financing demand in seed stage,start-up stage,growth stage,expansion stage and maturity stage as well as some financing supply modes of current general aviation enterprises.This paper holds that the mismatch of financing supply and demand will produce many problems,which will affect the financing efficiency of enterprises;thirdly,in order to construct the evaluation index system of financing efficiency,this paper expounds the internal and external factors that affect the financing efficiency of general aviation industry from the perspective of financing supply and demand,among which the external factors are external binding force,capital market maturity,and the internal factors are enterprise regulations Fourth,using DEA-BCC model and DEA Malmquist model to calculate the financing efficiency of 19 listed companies in the general aviation industry in the five years 2014~2018 from both static and dynamic aspects.From the static analysis results,more than 70% of the sample companies are in DEA non effective state,and the overall financing is not effective Capital efficiency is low;from the dynamic analysis results,the financing efficiency of general aviation listed companies in 2014~2018 is in a declining state as a whole.Finally,according to the above theoretical and empirical analysis results,this paper gives suggestions to improve the financing efficiency of the general aviation industry from the three levels of government,financial market and enterprises,mainly including improving the guiding force of policy guidance fund,promoting the perfection and perfection of credit guarantee system,promoting the development of the general aviation financial leasing market,broadening financing channels,and improving capital utilization and management level,etc.