通航上市公司融资结构影响因素分析

Analysis of impact factors of general aviation listed companies financing structure

通用航空作为民用航空的重要组成部分,为经济建设、社会公益事业和人民群众生活水平提高做出了巨大贡献,通航上市公司的融资结构影响着通航产业的发展。融资结构是企业融资决策的一个核心问题,在很大程度上决定着企业的偿债能力、再融资能力、盈利能力,一个合理的融资结构不仅有助于优化公司治理结构,还能够提高企业效益与企业价值。利用2011～2013年我国22家通航上市公司的财务数据,建立了通航企业融资结构分析模型,运用分析模型对通航企业融资结构影响因素进行因子分析和多元回归分析。研究表明：偿债能力及企业规模、成长性、资产抵押价值、第一大股东持股比例与融资结构呈正相关性,而盈利能力与融资结构呈负相关性。

The financing structure of general aviation listed companies affects the development of general aviation industry. Financing structure is the core issue of enterprise financing decision. To a large extent,it determines the enterprise＇s solvency,refinancing ability,and profit ability. A reasonable financing structure not only helps to optimize corporate governance structure,but also improves the performance and value of the enterprise. In this paper,by using 2011- 2013 financial data of 22 general aviation listed companies in our country,the structure analysis model is established. Factor analysis and multiple regression analysis of impact factors of the general aviation enterprise financing structure are carried out. Research has shown that debt paying ability,enterprise scale,growth,asset collateral value and the dominant shareholder＇ s stake are positively correlated with financing structure,while there is a negative correlation between profitability and financing structure.