基于成长周期理论的民营航空融资结构优化

民营航空公司的融资困境源于其融资结构不合理,而改善融资结构并非追求一个理性的最优化函数。优化融资结构的目标应伴随着民营航空成长周期不同发展阶段而变化,以寻求不同的融资策略。基于此,本文首先梳理公司成长周期融资结构理论,接着解析民营航空融资结构,并分析现阶段融资结构基本特征,而后探讨我国民营航空不同成长周期的融资结构优化问题,最后总结我国民营航空当前所处的发展阶段并提出政策性建议。

The financing difficulties of private airlines result from their unreasonable financing structure,but the improvement of financing structure does not mean to pursue a rational optimal function.The goal of optimizing financing structure should change according to the different stages of private airline growth cycle to seek different financing strategies.Accordingly,this article starts with sorting out the theory of financing structure of company growth cycle,and then analyzes the financing structure of private airlines,and analyzes the primary characteristics,explores the optimization of financing structure of the private airlines in different growth stages,and finally,summarizes the current stage of private aviation development and makes policy recommendations.