Research On The EVA-oriented Key Value Drivers Of Aviation Enterprises

Since reforming and opening, China’s civil aviation industry is developing rapidly and has become the world’s second largest aviation transportation system, ranking second only to the USA.Our country’s aviation transportation industry has played an important role both at home and abroad. But big civil aviation country does not mean power.The majority of China’s airline companiesare in a state of loss, and greatly influenced by economic fluctuations.Compared with foreign aviation enterprises, the overall competitiveness is relatively weak. In addition, in recent years the rapid development of high-speed railway in China has taken some market share from the aviation enterprises. It poses a threat to the latter. In the severe environment of attack from both inside and outside, to identify aviation enterprise value drivers and to improve aviation enterprise value from the perspective of value management seems particularly important.The contents are as follows:Firstly, based on the characteristics of aviation enterprises, the thesis studies stakeholders, the source of aviation enterprises’value. Different stakeholders have different effects on aviation enterprises and ultimately determine the value of the aviation enterprises. Secondly, with the help of EVA index, using the method of DuPont analysis, the thesis makes up the constitutive of EVA. Then it constructs the value-drivers model with the "aviation enterprise characteristics". Finally, the thesis makes an actual case study based on the preceding theoretical analysis. The research describes the basic situation of South Airlines Company, then applies the historical data of former six years to analyze its operation situation, and made it clear that how the layer of EVA changes. From the operation situation of China Southern Airlines, we find out the key factors of value driving layer, and puts forward the improving suggestions on promoting China Southern Airlines value. Four points can be taken, namely promoting industry value, controlling of fuel cost and labor costs, and paying attention to the relationship between investment and benefit.This thesis mainly adopts Statistical analysis method and the combination of theory and practice, drawing conclusions as follows:(1) we point out the decisive stakeholders of aviation enterprises,(2) and we summarize the key value drivers by various stakeholders,(3) and we clarify the relationship between stakeholders and the growth of enterprise value.