| In recent years,the civil aviation industry,which has been paid more attention by the state,has taken on a sigh of stabilization and good development.On November 26,2018,the Civil Aviation Administration disused the essentials named "action outline for building a powerful civil aviation country in the new era",which to define the direction of civil aviation industry and plan the entailed method of being a powerful civil aviation nation.Civil aviation industry has become an important national strategic industry for its rapid development in aircraft safety,fleet service,industry scale and status.It’s a strong support for the development of national economy and people’s livelihood,and plays a leading role in the new rise of national construction.It has to scientifically considerate the characteristics of the industry evaluation system and reasonably allocates the limited market resources,which benefits from the relaxation of investment access standards for civil aviation industry,the continuous optimization of investment environment,and the actual demand for investment between state-owned,non-state-owned entities and aviation enterprises.Due to the diversity and complexity of the construction of the evaluation index system of airline investment value,the key is how to select real demand when judging the investment value.Referring to the existing literature research at home and abroad,combined with the China’s airline,under the guidance of index system design principles,this study preliminarily divides the investment value evaluation indexes of airlines into two categories: financial and non-financial,and selects 15 financial evaluation indexes that can reflect the investment value of enterprises.These include operational capability index,development capability index,profitability index,and risk index.There are 11 non-financial evaluation indexes that can reflect the investment value of enterprises,including operation efficiency index,green environment index,aviation safety index,service level index.This paper uses the improved factor analysis model based on TOPSIS method to study the investment value of airlines.Finally,the airline investment value ranking is: Juneyao airlines,China Southern Airlines,China Eastern Airlines,Spring Airlines,Air China,Shandong Airlines,HNA holdings.And this study puts forward the improvement of each airline from the perspective of financial analysis. |
