中国上市航空公司多元化扩张风险指数研究

Study on Risk Index in Diversification Expansion of Chinese Listed Airlines

航空运输业的收入具有较强的市场波动性和季节性特点,为分散经营风险,航空公司普遍采取多元化经营战略,以平衡由市场波动对公司经营产生的负面影响。受全球范围的新冠疫情冲击,人们对于航空公司多元化战略分散企业经营风险的有效性产生疑问。本研究运用中国7家上市航空公司2015-2020年公开披露的面板数据,通过实证分析验证理论假设,基于实证模型的回归系数,构建航空公司多元化扩张风险指数,进一步量化航空公司因多元化扩张带来的财务风险,为航空公司有效评估多元化扩张风险水平提供了有效工具。

Due to strong market volatility and seasonality of air transportation revenue,airlines generally adopt diversification strategy to disperse business risks and to offset the negative impact of market volatility on operation.Aviation industry was hit by the COVID-19 pandemic,which causes doubts about the effectiveness of airline’s diversification strategy aiming at dispersing business risks.This paper studies panel data disclosed by seven listed airlines in China from 2015 to 2020 and verifies theoretical hypotheses through empirical analysis.Based on the regression coefficient of the empirical model,risk index in diversification expansion of airlines is created to further quantify the financial risks caused by diversification expansion,providing airlines a tool to effectively evaluate the level of diversification expansion risk.