Research On The Influence Of China’s Airport Financing Structure On Operational Efficiency

With the development of China’s capital market and the deepening reform of the civil aviation administrative system,the financing structure of the airport will be further broadened.The financing structure directly affects the financial status and governance structure of enterprises,and then affect the operational efficiency of enterprises.This paper studies the impact of airport financing structure on its operational efficiency,which can provide some reference for airport construction and operation.The main research contents are as follows:Firstly,the paper defines the research object,analyzes the mechanism of financing structure on operational efficiency and the deep reasons of financing structure on operational efficiency by combing the theoretical development of financing structure.Using the data of 9 listed companies in China and abroad from 2009 to 2018,this paper constructs dea-mqiust index analysis and fixed effect model regression analysis,this paper makes an empirical analysis on the influence of airport financing structure on its operating efficiency.Malmquist index analysis calculates whether the enterprise is due to technological progress or management level,scale efficiency brought about by the increase in operational efficiency.This paper analyzes the internal driving force of improving the operational efficiency of the listed enterprises in airport dynamically,and analyzes the operational efficiency of the decision-making unit in combination with the financing structure.Fixed-effect regression model studies the effect of financing structure on operating efficiency,and defines the contribution of internal financing,equity financing and debt financing to operating efficiency.Then,the paper uses the step-by-step analysis method to calculate the operating efficiency potential of listed domestic airport enterprises under the existing financing structure,and finds out a better airport that combines the financing structure with the operating efficiency,and based on the results of empirical research,in-depth study of Zhengzhou Xinzheng International Airport financing and operating models,operating efficiency,to provide policy recommendations for its financing model.Based on the above analysis results,to provide reference advice for airport financing.In the process of airport management,we should continuously pursue the progress of management technology and improve the management ability.At the same time,we should broaden the financing channels,increase the proportion of the sources of debt funds,and combine the effective governance model to give full play to the role of debt funds on the operational efficiency of airport.