Research On Financial Performance Evaluation Of Civil Aviation Enterprises Based On Super-efficiency DEA-malmquist Model

The civil aviation industry is an important basic,leading and strategic industry in my country,and it has become an important supporting force to promote the high-quality development of the regional economy.As the actual carrier of civil aviation transportation,airlines are the main component of the air transportation industry and play an important role in promoting the optimization of regional and urban industrial structures.However,in recent years,under the pressure of fierce market competition,especially when the current COVID-19 epidemic has caused a huge impact on the operation of the civil aviation industry,airlines generally face problems such as low profit margins and urgent need to enhance profitability.The development environment is becoming increasingly severe.As a representative of my country’s private airlines,Juneyao Airlines is no exception.In recent years,it has shown problems such as poor anti-risk capability,gradually weakened competitive advantage and need to enhance profitability.Therefore,it is of great research value and practical significance to scientifically evaluate the financial performance of civil aviation companies,grasp the problems existing in their development,and then put forward suggestions for improvement and optimization.Based on the overview of the development of my country’s civil aviation industry,the challenges it faces,the development status of Juneyao Airlines and its financial performance in recent years,this paper selects 8 domestic civil aviation listed companies as research samples,and takes Juneyao Airlines as a specific case.The correlation analysis method(GRA),the super-efficiency DEA model and the Malmquist index model were used to evaluate and analyze the financial performance of civil aviation companies from multiple perspectives,and put forward countermeasures and suggestions for optimizing the financial performance of Juneyao Airlines.The research conclusions are as follows:(1)Overall,the overall financial performance of my country’s civil aviation listed companies from 2016 to 2020 has reached the relatively effective DEA level,and the overall financial performance of my country’s civil aviation listed companies is relatively good.Among the 8 listed civil aviation companies,Shandong Airlines,Spring Airlines,and China Airlines have achieved DEA effective,and Juneyao Airlines,China Southern Airlines,Hainan Airlines,Air China,and China Eastern Airlines have relatively low financial performance in the past five years.2020.Except for Spring Airlines and China Airlines,the financial performance of the other six airlines has experienced a significant decline,which is closely related to the significant decline in air traffic volume and revenue due to the new crown epidemic in2020,which has caused the entire industry to suffer a serious impact.(2)From 2016 to 2020,the overall operational management efficiency and financial management level of listed civil aviation companies reached DEA effective,and the management efficiency was high,but the overall pure technical efficiency of the industry showed an overall downward trend.China Airlines,Shandong Airlines,Spring Airlines and China Southern Airlines,the four civil aviation companies,have strong management capabilities and high level of technological innovation,and can achieve greater output with lower input.(3)On the whole,from 2016 to 2020,the industry as a whole did not achieve scale efficiency,the scale efficiency of the industry is not high,and the efficiency of input and utilization of production resources is low.Five companies,including China Eastern Airlines,Shandong Airlines,China Southern Airlines,Hainan Airlines,and Air China,have experienced diminishing returns to scale for five consecutive years.It is necessary to properly control the investment in corporate asset acquisition,operating costs and management expenses to improve corporate financial performance.The two airlines,Spring Airlines and China Airlines,have shown increasing returns to scale for five consecutive years,failing to achieve scale efficiency.The scale of production input should be appropriately expanded to enhance scale efficiency,thereby improving the level of corporate financial performance.(4)The financial performance level of Juneyao Airlines among listed civil aviation companies is at a moderate level.Compared with Spring Airlines and China Airlines,both of which are private airlines,Juneyao Airlines has a lower level of financial performance and is far behind the two companies.The difference in financial performance is mainly caused by the large gap in pure technical efficiency.The reason is that although Juneyao Airlines has invested more in management,the company’s operating income and profit have not increased accordingly,resulting in a large gap in financial performance between the two companies..(5)The evaluation results based on the Malmquist index model show that during2016-2020,the overall financial performance of civil aviation companies has declined.The growth of the financial performance of listed civil aviation companies mainly depends on the technological progress of the industry and the growth of scale efficiency.The financial performance of Juneyao Airlines is in a downward trend,and the decline will be the largest in 2020.The new crown epidemic in 2020 will have a significant impact on the financial performance of Juneyao Airlines.Compared with Spring Airlines,which has been deeply engaged in regional airlines and low-cost airlines for a long time,both the scale of resource investment and the level of internal operation and management need to be improved.