A Research On The Influence Of Financing Structure Of Chinese Listed Airport Companies On Performance

With the continuous development of national economy and the further deepening of the administrative system reform on the civil aviation industry,airports,as an important infrastructure of civil aviation and transportation,still have a lot of demand for new construction and expansion,resulting in huge demand for funds.At the same time,the huge investment amount of the airport construction also puts forward certain requirements for its operation and profitability.However,in recent years,the operation of Chinese airport industry is not optimistic.The cost of investment has been increasing year by year.Most airports,especially new airports,have suffered serious losses.The problems of inadequate financing structure and unclear business objectives have become increasingly obstacles to the operation of the airport.Therefore,through theoretical analysis and empirical analysis of the relationship between various aspects of financing structure and corporate performance,this dissertation explores the impact of financing mode,equity structure and debt structure on the performance of Chinese listed airport companies.Firstly,the development of the financing structure theory are sorted and described,combining with the modern theory of corporate governance,for all aspects of the financing structure,including financing,equity structure and debt structure,makes the theoretical analysis for the mechanism of the enterprise performance.Then this dissertation analyzes the current situation of financing structure and performance level of Chinese listed airport companies by combining relevant data,and explains the change of financing preference of airport industry.Finally,the theory and practice are combined to put forward the research hypothesis,and the empirical test is carried out.In the design of the empirical model,considering the dual characteristics of public welfare and profitability at the airport,in order to explore the different effects of financing structure on airport profitability and overall performance levels,this dissertation selects the relevant financial performance indicators and the productivity indicators to calculate the overall performance level of the listed airport companies using the principal component analysis.At the same time,feasible generalized least square method(FGLS)for long panel data is selected for regression.The empirical results show that the proportion of state-owned shares and equity concentration has a negative influence on overall performance level,equity financing is beneficial to the improvement of comprehensive performance,while the debt financing have a significant effect on improving airport profitability.Both of long-term liabilities and short-term liabilities have a positive effect on corporate profitability,but the short-term liabilities are more important in terms of coefficient.