基于EVA的航空企业价值驱动因素研究
发布时间：2018-12-18 09:45
【摘要】：自改革开放以来,我国民航业发展迅猛,成为了继美国之后的世界第二大民航运输系统,在国内外的舞台上均占据了重要的作用。但民航大国并不意味着民航强国,我国绝大多数航空企业都是处于亏损状态,并且受经济波动的影响很大,与国外航空企业相比,整体竞争力比较薄弱。另外,近年来高速铁路的快速发展也对我国航空企业产生巨大的影响,抢占航空公司市场,对其形成较大的威胁。在这样内外夹击的严峻环境下,从价值管理的角度找出航空企业价值驱动因素进而提高航空企业价值显得尤为重要。 本文首先结合航空企业的特点,从航空企业价值来源的利益相关者着手研究,各利益相关者对航空企业的影响不同,并最终共同决定了航空企业的价值。其次,借助于EVA指标,使用杜邦分析的方法对EVA指标进行层层分解,明确了航空企业EVA指标的构成,在此基础上构建了具有“航空企业特色”的价值驱动因素模型。最后,在理论分析的基础上进行实际案例研究。在明确南方航空基本面基础上,使用其历史六年的数据对其运营状况进行分析,得出南方航空价值表现层EVA的变化过程。再从运营状况着手,找出南方航空价值驱动层的关键因素,并有针对性地提出了提高南方航空价值的建议。具体包括四点,即提升行业价值、控制燃油成本、控制人力成本和注重投资与效益的关系。 本文采用统计分析、理论与案例分析相结合的研究方法,得出了如下的结论：(1)确定了航空企业的主要利益相关者；(2)总结了各利益相关者对航空企业价值的影响,构建了具有鲜明航空业特征的价值驱动因素模型；(3)梳理了利益相关者与航空企业价值的关系,即利益相关者的行为通过作用于关键价值驱动因素影响了企业EVA的增长水平,进而决定了航空企业未来价值的增长。
[Abstract]:Since the reform and opening up, China's civil aviation industry has developed rapidly, and has become the second largest civil aviation transportation system in the world after the United States, and has played an important role on the stage at home and abroad. However, a large civil aviation country does not mean a strong civil aviation power. Most aviation enterprises in China are in a state of loss, and are greatly affected by economic fluctuations. Compared with foreign aviation enterprises, the overall competitiveness is relatively weak. In addition, the rapid development of high-speed railway in recent years has had a great impact on the aviation enterprises in our country, and it has become a great threat to the airline market. Under the severe environment of internal and external attack, it is very important to find out the driving factor of aviation enterprise value from the angle of value management, and then to improve the value of aviation enterprise. Based on the characteristics of aviation enterprises, this paper starts with the study of the stakeholders of the value source of the aviation enterprises. The influence of the stakeholders on the aviation enterprises is different, and finally the value of the aviation enterprises is decided together. Secondly, with the help of the EVA index and the method of DuPont analysis, the paper decomposes the EVA index layer by layer, defines the composition of the EVA index of the aviation enterprise, and on this basis, constructs the value driving factor model with the "aviation enterprise characteristic". Finally, on the basis of theoretical analysis, an actual case study is carried out. On the basis of clarifying the fundamental aspects of Southern Aviation, this paper analyzes its operation condition by using its data of six years' history, and obtains the changing process of EVA in the performance layer of Southern Aviation value. Then the key factors of the driving layer of Southern Aviation value are found out from the point of view of operation condition, and some suggestions to improve the value of Southern Aviation are put forward. It includes four points, that is, to enhance industry value, to control fuel cost, to control labor cost and to pay attention to the relationship between investment and efficiency. In this paper, the statistical analysis, theory and case analysis are combined to draw the following conclusions: (1) to determine the main stakeholders of aviation enterprises; (2) the influence of stakeholders on the value of aviation enterprises is summarized, and the value driving factor model with distinct characteristics of aviation industry is constructed. (3) combing the relationship between stakeholders and airline enterprise value, that is, the behavior of stakeholders affects the growth level of EVA by acting on the key value drivers, and then determines the future growth of airline value.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F562.6
本文编号：2385667
[Abstract]:Since the reform and opening up, China's civil aviation industry has developed rapidly, and has become the second largest civil aviation transportation system in the world after the United States, and has played an important role on the stage at home and abroad. However, a large civil aviation country does not mean a strong civil aviation power. Most aviation enterprises in China are in a state of loss, and are greatly affected by economic fluctuations. Compared with foreign aviation enterprises, the overall competitiveness is relatively weak. In addition, the rapid development of high-speed railway in recent years has had a great impact on the aviation enterprises in our country, and it has become a great threat to the airline market. Under the severe environment of internal and external attack, it is very important to find out the driving factor of aviation enterprise value from the angle of value management, and then to improve the value of aviation enterprise. Based on the characteristics of aviation enterprises, this paper starts with the study of the stakeholders of the value source of the aviation enterprises. The influence of the stakeholders on the aviation enterprises is different, and finally the value of the aviation enterprises is decided together. Secondly, with the help of the EVA index and the method of DuPont analysis, the paper decomposes the EVA index layer by layer, defines the composition of the EVA index of the aviation enterprise, and on this basis, constructs the value driving factor model with the "aviation enterprise characteristic". Finally, on the basis of theoretical analysis, an actual case study is carried out. On the basis of clarifying the fundamental aspects of Southern Aviation, this paper analyzes its operation condition by using its data of six years' history, and obtains the changing process of EVA in the performance layer of Southern Aviation value. Then the key factors of the driving layer of Southern Aviation value are found out from the point of view of operation condition, and some suggestions to improve the value of Southern Aviation are put forward. It includes four points, that is, to enhance industry value, to control fuel cost, to control labor cost and to pay attention to the relationship between investment and efficiency. In this paper, the statistical analysis, theory and case analysis are combined to draw the following conclusions: (1) to determine the main stakeholders of aviation enterprises; (2) the influence of stakeholders on the value of aviation enterprises is summarized, and the value driving factor model with distinct characteristics of aviation industry is constructed. (3) combing the relationship between stakeholders and airline enterprise value, that is, the behavior of stakeholders affects the growth level of EVA by acting on the key value drivers, and then determines the future growth of airline value.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F562.6
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