【作者】 汪本强；

【导师】 江可申；

【作者基本信息】 南京航空航天大学 ， 管理科学与工程， 2007， 博士

【摘要】 航空工业与现代社会虚拟经济体系具有密切的关联性。“借力”资本市场提升公司价值是中国航空工业发展的路径选择。航空工业上市公司是虚拟资本与实体资本融合的载体,社会资本的代表形式,其发展问题越来越受到人们的关注。论文借鉴现代产业组织理论和融资结构理论的最新研究成果,对中国航空工业上市公司产业集中度、融资结构与产业绩效及其三者之间的关系问题进行了实证研究,借以探索中国航空工业民品产业发展的资本化道路。论文首先对航空工业的产业特征及其发展状况进行一般性经济分析,这是全文的研究背景和理论基础。其次,从产业和行业的角度考查航空工业上市公司的产业集中度、各个公司所属行业的市场集中度及其集中度的影响因素。再次,考查航空工业上市公司融资偏好行为、融资结构现状和变动趋势、以及融资结构对产业集中度的影响作用。最后,研究航空工业上市公司产业绩效及其产业绩效与集中度、融资结构的关系;并综合评价其经营绩效及其竞争力。研究发现,中国航空工业集团模式的出现与世界航空工业产业组织的发展趋势具有内在一致性,公司上市是资本运营主流的客观反映。基于航空工业在国民经济中所处的特殊地位,其上市公司具有明显的资源“易得性”特征。在研究时限内,航空工业上市公司市场结构表现为高集中寡头垄断型,经营绩效较为稳定,不存在压倒优势的行业领导者。同时,航空工业上市公司没有显现出规模经济的行业特征,非航空产品在所属行业中处于“拾遗补缺”的尴尬地位,市场竞争力较弱,对航空产品发展的“支撑”能力不足。航空工业的产品市场地位与其寡头垄断身份不对称。航空工业上市公司既没有表现出强烈的股权融资偏好,也没有改变中国上市公司偏好于股权融资的特有秉性。股权再融资的制度环境和资源“易得性”特征是导致其具有这种“悖论”融资偏好行为的重要原因。研究表明,因上市公司负债水平偏低而强调其具有股权融资偏好的流行观点是缺乏理论根据的。股权结构和股权集中度是影响航空工业上市公司融资结构的显著性因素,优化股权、产权和法人治理结构仍是其努力追求的目标;负债期限结构是影响其集中度的显著性因素,而资产负债率对其影响效果有限;这表明,航空工业上市公司资本运营对资源整合的作用没有得到应有发挥,实体资本与虚拟资本融合的深度不够,资源整合的力度有待加强。在研究时限内,航空工业上市公司资本运营绩效一直呈递增趋势,而生产经营绩效呈现先增后降之势,产业绩效总体运营较为平稳,波动幅度较小。这说明,上市公司在注重资本运营的同时,却存在“偏废”生产经营的倾向。对上市公司来说,生产经营是实,资本运营是虚,二者应相辅相成、虚实相济。航空工业上市公司集中度与绩效之间没有表现出显著的相关性,这既有产业特征、企业性质、产业结构与产品结构不匹配等方面原因,深层次的原因在于其受传统计划经济体制和政府规制政策的影响。考查发现,扩大负债融资规模能够提升航空工业上市公司资本运营绩效,却不能提高生产经营绩效;扩大企业规模能够提升生产经营绩效,却不能提高资本经营绩效。这说明,航空工业上市公司实体资本与虚拟资本融合度的“缺失”已成为影响其绩效水平的重要因素。考查还发现,提高航空工业上市公司产业规模、领导型厂商规模以及降低短期负债融资规模可以显著提升其产业绩效水平。采用因子分析并结合考虑时间因素的动态方法对航空工业上市公司经营绩效进行综合评价,结果表明,以洪都航空为代表的飞机制造上市公司,其经营业绩要明显好于其它公司。更多还原

【Abstract】 The aviation industry is closely related to the fictitious economy system of modern society. The promoting of companies’ value through capital market has represented the path selection of the development of China’s aviation industry. Listed aviation companies are the vehicles of the combination of virtual and tangible capitals and the representation of social capital. Their development has been drawing more attention. Based on the latest results of the researches on modern industrial organizations and financial structure theories, this treatise makes an empirical analysis of the concentration ratio, financial structure and the performance of the companies to inquiring into the capital integration path of China’s aviation industry.The treatise first makes a general economic analysis of the characteristics and development of China’s aviation industry, which is the background and theoretical basis of the research. It then examines the industry concentration of listed aviation companies and the market concentration of their products in the specific sub-industries they come from, and studies the factors affecting the concentration of the industry. It further examines listed aviation companies’ financing preference and behaviors in capital market, financial structures and their fluctuation trends, factors affecting financial structures, and discusses the influences of their financial structures on their concentration from theoretical and empirical perspectives respectively.It later discusses the relationships between listed companies’ performance and concentration ratio, performances and financial structures respectively, and between their performances and concentration ratios together with financial structures. Finally, a synthetic evaluation is made on the companies’ operational performances.The study results showed that the emergence of the pattern of China’s aviation enterprise-groups is inherently consistent with the development trend of international aviation industrial organizations, and the listing of companies honestly represents mainstream capital operation. Thanks to the special status that the aviation industry enjoys in national economy, China’s aviation companies show the characteristics of remarkable availability for resources.Within the studied time span, the market structure of China’s listed aviation companies shows highly concentrative oligopoly: stable operation performances, low operation risks, similar company sizes, a lack of overwhelming leading companies, the absence of the effects of large-scale economies, the compatibility of companies of same sub-industries, the low competency of their non-aviation products, and inability to support the development of the aviation industry as a whole. Thus, the paradox is of the mismatching both the place among non-aviation products in the market and the market structure of highly concentration.China’s listed aviation companies have neither shown strong equity financing preference nor changed the country’s listed companies’pertinacity for equity financing preference which has been shaped by the institutional environment of additive issued shares and rationed share and the availability for resources.Therefore, A point of view of focused equity financing has no theoretical basis through the lower asset-liability rate of listed companies.The study shows ownership structure and concentration are the two significant factors affecting the financial structures of listed aviation companies; and the optimization of stock ownership, property rights and company management structure are still goals pursued by the companies. The study also finds that debtor-in-possess in structure is still a factor affecting listed aviation companies’product market competition and concentration ratio while asset- liability ratio shows little impacts on them, which shows that the capital operation of listed aviation companies does not have enough impact on their integration of industrial resources and the combination of virtual and tangible capitals in them is inadequate.Within the studied time span, the capital operation performances of aviation companies were improving, while their production operational performances first improved but then worsened; their general industry performance operation remains stable, showing few fluctuations.The companies’concentration ratio and performance show a paradoxical relationship: relevant but at the same time irrelevant. The paradox is a result of the mismatching among certain industry characteristics, natures of the enterprises, industry and product structure but the influence of traditional planned economic system and government regulation are deeper reasons. The study also finds that listed companies, by increasing debt financing, are able to improve capital operation performances but unable to improve production operation performances; on the contrary, by expanding the scales of enterprises, they are able to improve production operation performances but unable to improve capital operation performances. This finding to some extent demonstrates the universal theory that the deficiency of the combination of virtual and tangible capitals affects performance. It is therefore necessary to pay due attention to the problem in China’s listed aviation companies.A comprehensive evaluation on the operational performances of listed aviation companies is inevitably solicited in a study of their industry performances. Using factor analysis and taking the time factor into account, this treatise makes a dynamic analysis of China’s listed aviation companies’ operational performances. The study results showed that the companies’performances in aircraft manufacturing are better than others’.更多还原