An Empirical Study On The Capital Structure, Ownership Structure And Performance Of Listed Firms From Aviation Industry Of China

Enterprise is both a main body of product market and capital market; it not only plays an important role in product market, and also in capital market. In China, we have paid more attention to its behavior and role in the former for a long time, but ignored them in the latter.One of important enterprises'behaviors is financing, which in broad sense includes raising and betaking of enterprises'funds. Here we mainly analyze the former, namely that by which way an enterprise wins its necessary funds, what consideration this selection is based on, and how capital structure affects corporate performance? In fact, as early as in fifties last century, western capital structure theory began to focus on it, since Modigliani and Miller brought forward the proposition of"capital structure is irrelevant to corporate value", as being a hotspot in the field of corporate finance, economists have made a lot of canonical and empirical studies and have got abundant results. Literature we already have show: selection of capital structure is based on cost, risk, expected income, market expectation and competitive characteristics in product market and so on, what'more, conclusions both in canonical and empirical studies indicate that the relation between capital structure and corporate value is ambiguous. Recently, how ownership structure affects capital structure and the relation between them are more and more becoming a hotspot of corporate finance.As we know, our country had been carrying out planned economy system for the passed long time, capital market has developed rather late compared to other countries, which makes Chinese capital market magnificently different from mature capital markets and emerging markets, therefore, it seems very important that we analyze capital structure, ownership structure and firm performance of Chinese listed companies by using the analytic framework of western capital structure theory and ownership structure theory, up to now, domestic scholars have made a lot of studies and made some results. At present, many empirical studies have spilled over into the specific industries or fields. As a strategic industry of China, Aviation industry has exerted a very important role in domestic economy and defense construction. This thesis attempts to validate capital structure theory and ownership theory by using statistic analysis and normal financial analysis, at the same time to probe into determinants of capital structure of listed firms from aviation industry and the relation between capital structure, ownership structure and firm performance, and on the basis we provide some countermeasures and suggestions expecting to realize harmonious development between production operation and capital operation and inter-promotion between product market and capital market, also we expect more and more scholars pay attention to the actuality and future of this field from theoretical view.