上市航空类企业现金持有水平研究

On the Cash Holding Level of Chinese Listed Aviation Companies

新冠肺炎疫情重新使人们认识到现金对企业的重要性。航空业运营成本巨大,持有一定量现金对维持航空企业运营具有重要意义。本文利用1998~2019年间沪深两市航空类上市公司的数据,研究了我国航空业现金持有水平。研究发现:航空业现金持有水平较低,航空公司更是呈逐年下降的趋势,低现金持有水平可能是投资挤压导致的;近几年,航空类企业持有的现金最多仅能维持5个月;企业债务融资与固定资产投资等密切相关;航空公司和机场利用商业信用的程度较弱。对此,我国民航企业应改变单一的投融资方式,加大对商业信用的利用。

Covid-19 outbreaks make people recognize the importance of cash holdings to companies again.The operating costs of aviation industry are very high,and thus it is crucial for stable operation to hold a certain amount of cash.Using the data of A-share listed aviation companies in Shanghai and Shenzhen stock markets over the period 1998-2019,this paper studies the cash holding level of Chinese aviation companies.The results show that cash holding level of aviation companies is low which possibly results from investment extrusion,and especially for airlines cash holding level basically declines over the years.In the recent years,the cash savings cannot maintain more than 5-month operation.The further evidence shows that debt financing is positively related to fixed assets investment,and both airlines and airports use little trade credit.Thus,Chinese aviation companies should change simple investment and financing mode and utilize more trade credit.