Research On Aircraft Acquisition Of Chinese Airlines

With the rapid growth of the economic aggregate in our country,the air transport industry is developing rapidly.As a result,the carriers need to expand their fleet and capacity.Therefore,An appropriate way to introduction aircraft ensures the flexibility of airline funds,helps to reduce operation costs,improves the economic efficiency and competitiveness of airlines,and is conducive to the efficient and healthy development of China's civil aviation industry.At present,the main form of aircraft acquisition are loan purchase,financing lease and operating lease.All of them have its advantages and disadvantages,and the carriers' decisions are restricted by a lot of factors.At present,there are few related studies about the aircraft acquisition,The qualitative research is emphasized.However there are nearly no quantificational research about it.Therefore,the in-depth study and analysis of the constraints are of great significance for the airline to make a correct decision in the introduction of the aircraft.In this context,this paper studies the influence of various factors on the airline's aircraft introduction strategy from the following aspects:Firstly,introduce the background,significance and methods of this study.Secondly,introduces the theory at home and abroad,including the introduction of the research status,the discrete plane the choice of capital structure,theory and research status,the theoretical model of aviation.Thirdly,combined with the existing literature,the influence of airline aircraft introduction decision related factors on Airlines aircraft seats,aircraft age,current oil prices,asset liability ratio,liquidity ratio,operating activities net cash ratio,return on net assets,fixed assets turnover,the current market value of the plane variables one by one,according to the airline's fleet and financial data,analysis of the factors above influence with selected factors,using discrete choice methods,construct the multivariate logit model aircraft acquisition decision.Fourthly,in view of the above models,the four airlines introduced in 2016 were selected as the test subjects,and the empirical analysis of the model was carried out to verify the validity of the model.Finally,the paper summarizes the impact of airlines and operating data on airline airline import decisions.