CE民营支线航空公司融资创新研究

发布时间：2018-09-13 12:46

【摘要】：作为航空运输体系的重要组成部分,支线航空是航空网络的毛细血管,也是城市经济发展的重要保障。随着经济发展水平和人民生活水平的不断提高,支线航空的重要性越来越突显。但相比干线,支线航空仍差距明显。由于受制于民营支线航空本身力量薄弱、国家政策导向以及资本市场等诸多内外因素,“融资难”问题成为制约民营支线航空公司做大做强的一大桎梏。目前对航空公司融资理论的的研究多集中在对飞机融资租赁、债券融资、固定资产抵押贷款等传统的融资模式上,对其创新融资模式研究,特别是民营支线航空融资较少。本文对民营支线航空公司融资渠道、融资方式创新进行探索,对丰富民营航空公司融资理论,为民营支线航空融资实践可提供决策参考。本文运用文献研究和案例分析结合的方法对所选课题展开研究。首先,对航空公司融资渠道、融资方式等理论相关性进行综述,为后文提供理论支撑。之后,在实地了解案例公司CE民营支线航空并获取资料后,引入该公司案例,分析了制约支线航空发展的诸多因素,并指出融资问题对支线航空所形成的重大制约;其次论述了目前支线航空公司融资的主要模式,并对现存主要的融资模式进行了对比分析,提出了现行融资模式的主要问题;再次,根据前人的研究理论,提出了公司债券、资产证券化、IPO这三种可能的创新融资模式,并以CE民营支线航空为例,结合CE民营支线航空的基本情况、现行融资模式、融资需求,对比分析了发行公司债券、发行ABS、IPO这三种模式应用,以及可能存在问题及难点;最后,通过对照分析等方法,得出了通过BSP票款证券化进行融资创新,是较好的解决方案的结论,并提出了这一融资方式推广到其他民营支线航空公司的可行性和需要解决的主要问题及障碍。本文为如何进行民营支线航空公司的融资创新,提供一条新的解决途径,对更好地进行民营支线航空公司融资具有一定的实践价值。
[Abstract]:As an important part of air transportation system, regional aviation is not only the capillary of aviation network, but also an important guarantee for the development of urban economy. With the development of economy and the improvement of people's living standard, the importance of regional aviation is more and more prominent. But compared with the trunk line, regional aviation is still a significant gap. Because of many internal and external factors, such as the weakness of private regional airlines, the guidance of national policies and the capital market, the problem of "difficult financing" has become a great shackle to the private regional airlines. At present, the research of airline financing theory focuses on the traditional financing modes, such as aircraft financing lease, bond financing, fixed assets mortgage loan, etc. This paper probes into the financing channel and financing mode innovation of private branch airlines, which can enrich the financing theory of private airlines and provide a reference for the private branch airline financing practice. This paper uses the method of literature research and case analysis to study the selected topics. Firstly, this paper summarizes the correlation of airline financing channels and financing methods, and provides theoretical support for the following articles. Then, after knowing the case company CE private branch aviation and obtaining the data, this paper introduces the case of the company, analyzes many factors restricting the development of branch aviation, and points out that the financing problem has great restriction on the branch aviation. Secondly, it discusses the main financing modes of the current regional airlines, and compares the existing main financing modes, and puts forward the main problems of the current financing model. Thirdly, according to the previous research theory, the paper puts forward the corporate bonds. The three possible innovative financing modes of asset securitization, and taking CE private branch airlines as an example, combining with the basic situation of CE private branch airlines, the current financing mode and financing demand, are compared and analyzed. The application of the three modes of issuing ABS,IPO, as well as the possible problems and difficulties. Finally, through comparative analysis and other methods, the paper draws the conclusion that financing innovation through BSP securitization is a better solution. The feasibility of extending this financing method to other private regional airlines and the main problems and obstacles that need to be solved are also put forward. This paper provides a new solution for how to carry out the financing innovation of private branch airlines and has certain practical value for better financing of private regional airlines.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F562.6;F560.5

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