Comprehensive Performance Evaluation Of Listed Airlines In China

As an important pillar industry of the country,the aviation industry has strongly supported the sustained,rapid and healthy development of China’s national economy.Building aviation powerful country is one of China’s important development strategies.Building a number of high-performance air transport industry groups is the way to achieve aviation powerful country.The performance evaluation of aviation enterprises is of great significance for monitoring the operation of aviation enterprises,monitoring business risks and judging the effect of strategy implementation.Timely and accurate evaluation of the performance of aviation enterprises can seize advantages in the game of strategy formulation and international market.However,accurate and scientific quantification of performance is a difficult problem for enterprises,especially for aviation enterprises with fierce competition and obvious industry characteristics.On the basis of referring to relevant literature,this study constructed a comprehensive performance evaluation system with the characteristics of the aviation industry,selected the financial data and production data of six major listed Chinese airlines from 2015 to 2021,evaluated their comprehensive financial performance by using factor analysis method,and conducted horizontal and vertical comparative analysis of the results.Then,multiple linear regression model is constructed to study the factors affecting the comprehensive performance level of airlines,find out the key factors affecting the comprehensive performance level,and put forward corresponding suggestions on the management and operation of airlines,so as to better improve the comprehensive performance level of airlines and enhance the overall competitiveness.The study found that the comprehensive index evaluation system established by combining financial indicators with non-financial indicators from multiple dimensions such as profitability,solvency,operational capacity,development capacity,production capacity,operational efficiency and service quality can objectively evaluate the comprehensive performance of listed airlines in China,basically in line with objective facts,and factor analysis method can be applied to the performance evaluation of airlines.Based on the analysis of comprehensive performance score results,it is found that during 2015-2021,the comprehensive performance level of private airlines is higher than that of state-owned airlines,especially during 2020-2021 when the epidemic is affected,the performance level of Spring Airlines and Juneyao Airlines is much higher than that of the three state-owned airlines,which also proves that,In the situation of downward external economic environment and market turbulence,low-cost airlines can survive and develop better,and fine cost control management can bring better economic benefits.The strategy of blindly diversifying development of Hainan Airlines eventually led to bankruptcy reorganization,which also revealed that airlines should be alert to the harm of blind reorganization from the main business.The research on the factors affecting performance shows that the flight punctuality rate does not significantly affect the comprehensive performance score,the asset-liability ratio and the number of aircraft are significantly negatively correlated with the comprehensive performance score,and the return on equity,total assets turnover and passenger load factor are significantly positively correlated with the comprehensive performance score.Based on the above conclusions,the study believes that airlines should fully learn from the experience and lessons of Hainan Airlines,and formulate realistic development strategies in line with their own development.It should also fully learn from the excellent experience of private airlines in the company’s operation management,reasonably control the level of assets and liabilities and the size of the fleet,and fully combine the number of aircraft with the airline’s own route planning.At the same time,increase the research on improving the load factor level,and explore targeted methods to achieve a reasonable load factor level.