The Comparison Study On Financial Performance,Financial Policy And Financial Strategy Between SIA And GBIAC

Civil airports are the leading basic industries of the national economy,and are an important part of the national comprehensive transportation system and the construction of a strong civil aviation country.In particular,the construction of airport hub capacity is related to the implementation of the transformation of "large civil aviation country"to "strong civil aviation country".Although China is already the world’s second largest aviation country and the country with the largest increase in passengers,the hub’s international competitiveness still has a lot of room for improvement.Therefore,the construction of hub airports is a key measure to promote the high-quality development of civil aviation and build a strong civil aviation country.At the same time,the hub airport has a "multiplier effect" on the construction of the city group where it is located and is a source of power to promote regional economic development.Shanghai Airport and Guangzhou Airport are the international gateway hubs of the two major economic circles of the Yangtze River Delta and the Pearl River Delta that China’s civil aviation focuses on represents the highest level of hub airport construction in China.This thesis selects these two major airport companies as the most research object,through the analysis of the financial statements and financial indicators of the two companies,and then comparatively studies the financial performance,financial policies and financial strategies of the two companies,and summarizes the success of the two airport companies And the current issues that need to be paid attention to,further put forward substantive suggestions conducive to corporate improvement.For other companies in the airport industry,through in-depth financial performance analysis and evaluation of financial indicators carried out by benchmarking companies in the industry,they can learn from and learn from the successful experiences of others,and then adjust and optimize their own business strategies.For investors,by analyzing and discussing the business and financial conditions reflected in the financial statements of the two airport companies,it is helpful to help investors make investment decisions for the two companies from a more rational perspective.This thesis is mainly divided into three major modules and nine major parts.The first module(Chapter 1 and Chapter 3)is mainly for background introduction,including the status and development trend of the airport industry,the development history of the two hub airport companies,and financial data in recent years.The second module(Chapter 4 to Chapter 6)is mainly for the three-table "three-dimensional" analysis of two hub airport companies,the financial analysis of the financial indicator system,and the business model.The third module(Chapter 7 to Chapter 9)is a comparison of the financial policy and strategy matrix given for the above analysis results,and gives overall evaluations,conclusions and recommendations.Through research,the following basic conclusions can be drawn:In terms of financial indicators and business models,Shanghai Airport performs better than Guangzhou Airport in terms of profitability,liquidity management,debt management,and capital market performance,but its asset utilization ratio and The two indicators of cash creation ability performed worse than Guangzhou Airport.Overall,the performance of Shanghai Airport is better than that of Guangzhou Airport.In the past five years,its operation and management level and risk management and control level have surpassed that of Guangzhou Airport in the same period.In terms of financial policies and financial strategies,Shanghai Airport’s working capital management capabilities,debt efficiency and efficiency of investment policies are better than those of Guangzhou Airport,and it is a priority to transform into a value-creating enterprise.Based on the above conclusions,combined with the current downward industry environment,this thesis proposes the following development recommendations:For Shanghai Airport,it is recommended to appropriately increase the proportion of interest-bearing liabilities to use financial leverage.At the same time,using abundant cash reserves,increasing investment in smart facilities and equipment,and continuously improving its own service competitiveness;for Guangzhou Airport,it is recommended to focus on the control of operating costs in order to increase gross profit,specifically to simplify the business organization structure and increase personnel labor Efficiency,optimize management level.At the same time,increase the construction of the international air route network,especially the level of international transit services,and increase the proportion of international passengers,thereby enhancing the company’s profitability.