Research On The Optimization Of Debt Financing Strategy Of Airline A

The air transport industry is a strategic leading industry in China.China's huge air transport market demand provides a vast space for the development of private aviation.In the context of building a powerful transportation country in the new era,airlines need a lot of financial support to enhance their own strength.Among the diversified financing methods,debt financing occupies the main position.However,the debt financing strategy of China's listed airlines is still insufficient at this stage.The debt financing of private aviation mainly depends on on bank loans and government funds,and fails to make full use of the diverse financing channels provided by the market.At present,private aviation have large capital demand and high financing costs.Therefore,it is of practical significance to study the debt financing strategy of private airlines.For this reason,this article takes Airline A as the research object,and studies the optimization of its debt financing strategy.The related concepts and financing theories of debt financing is reviewed firstly.By analyzing the debt financing environment,scale,source and maturity structure of Airline A,the company has formed a debt financing strategy composed of three financing methods: bank loans,commercial credit,and financing lease.Further analysis shows that the company's temporary liabilities are greater than the volatile current assets,and a more radical debt financing strategy was formed in 2018.The specific problems of this debt financing strategy are mainly manifested as follows: the debt financing channel is relatively simple,the term structure is not reasonable,the pressure for repayment in a specific period is greater,and the overall plan for financing is lacking.Secondly,based on the optimization design principle and financing purpose of debt financing strategy of Airline A,combined with the internal and external debt financing environment to explore,according to the specific financing requirements of enterprises to build a gray linear programming model.According to the grey linear programming model,the optimal debt financing strategy of Airline A is obtained:short-term bank loans,corporate bonds,and financial leases.At the same time,compare with the actual debt capital cost in 2019 to verify the feasibility of the optimization plan.Finally,the guarantee measures for the implementation of this optimization plan are proposed.The purpose is to meet the debt financing needs of Airline A in the future development,reduce the financing cost,optimize the term structure of debt financing and realize the diversification of financing channels.The characteristic of this study is to introduce the grey linear programming model to optimize the debt financing strategy of Airline A.The proposal of the optimal debt financing strategy has a a certain reference for Airline A.At the same time,the analysis ideas and model selection of this paper also provide decision-making references for other civil aviation companies with similar debt financing situation.