Theoretical And Empirical Study Of Aircraft Introduction-Way Of Domestic Airlines

The civil aviation industry is an important part of our national economy, and the role in our transportation system is becoming increasingly important, played a significant strategic role unmatched by other modes of transport. In the1980s, with the accelerated pace of reform, China’s civil aviation weak foundation became one of the bottlenecks restricting the development of the national economy. To meet the capacity demand of the air transport market, the domestic airlines began to use foreign finance leases and operating leases to acquire large number of large and medium-sized trunk aircraft. In the past30years of reform and opening up, the air transport industry has been rapid development. Since2001, China’s civil aviation industry accelerated the pace of market-oriented, formally entered the elements of the input, the output scale and market demand of high-speed growth in the growing stage of accelerated development, the average annual growth rate of15.12%in the total transport turnover. At present, China’s civil aviation transportation total turnover ranking ICAO Contracting States from9in2000to2in2011, China has become the world’s second largest civil aviation and ICAO first class members.The aircraft is the most important assets of the airline and aircraft financing airline is the most important financing behavior. As the aircraft gives huge financial pressure to the airlines, the airline’s aircraft financing not only belongs to the scope of the general corporate finance, but also has its unique features. Finance lease is a common domestic airlines aircraft procurement and the introduction of the major domestic airlines aircraft financing with Chinese characteristics in the context of the end of the twentieth century. However, this interest rate risk is smaller, longer financing terms of financing, while the use of export credits to lower financing costs for aircraft operators the right to, but also because of its cash flow larger, fully paid in foreign currency rental properties airlines, so that was extremely vulnerable to the ups and downs of the exchange rate. The introduction of different aircraft demand characteristics of their own funds and a different cost structure, domestic airlines is due to a higher proportion of the finance lease, loan purchase and operating lease ratio is too small, making the debt burden heavier, the capital structure is irrational potential financial risk.The main content of this paper is divided into five parts:The first part is an introduction, includes the proposed research background and significance, a brief overview of the modern theory of corporate finance, research ideas and research framework proposed in this article.The second section describes Airlines aircraft financing characteristics and aircraft introduced way. There are three ways to introduce aircraft:finance leases, operating leases and loans. We make an introduction of a comparative analysis that the airlines should be read in conjunction with the business situation, financial situation, market conditions and contrast, trade-offs and scientific evaluation of the development prospects and other factors, and flexible use of loans to buy, finance lease, operating lease three aircraft introduction, scientific and reasonable to expand its fleet size, and ultimately form a suitable the airlines current operations and long-term development of optimal introduction of a combination of ways.The third part describes the impact of the aircraft introduction of airline solvency, profitability, business turnover capacity and cash flow, and to provide a reference for the airline to improve its financial position.The forth part of is an example of Shandong Airlines, elaborated the financial analysis of the process of the introduction of the aircraft, the airlines and to introduce aircraft decision-making for domestic airlines loans provide a basis for the introduction of B747-800aircraft.The last part is the conclusion. Considering the conclusions of the B737-800technical and economic performance, financial analysis and prospects for the development of the aviation market in Shandong, the company introduced the B737-800aircraft is entirely feasible.