【作者】 钱晓晨；

【导师】 谢永珍；

【作者基本信息】 山东大学 ， 工商管理， 2007， 硕士

【副题名】以山东航空公司为例

【摘要】 在上世纪80年代，随着改革步伐的加快，中国民航因基础薄弱，一度成为制约国民经济发展的瓶颈之一。为满足航空运输市场对运力的需求，国内航空公司开始利用国外融资租赁和经营租赁等方式，大量添置了大中型干线飞机，在改革开放的近30年里，航空运输得到快速发展，目前中国的航空旅客运输量已经排名世界第2名，各项运输指标均位居前列。但直到目前，仍存在航空公司众多、规模偏小的现象。一方面导致成本的居高不下，无法取得规模效益；另一方面造成各公司不计成本，恶性竞争，不利于行业发展，更重要的是无法与国外航空公司竞争。近几年随着国航、南航和东航三大集团的联合重组，规模做大，但除国航上市、资产负债率和经营业绩有提高外；南航和东航加速发展，机队快速扩张，资产负债率却大幅上升，同时资金成为制约各公司发展的最大障碍。在这样的形势与背景下，本文针对国内航空公司所面临资金短缺对发展的制约及成本高企问题，通过资本结构理论和租赁以及成本习性分析理论，力图在不同条件下运用恰当的租赁融资方式，解决航空公司资金不足问题，并从一定程度上降低航空公司租赁成本，确保发展进度；同时拟从国内航空飞机租赁业的现状和发展趋势，探讨组建国内飞机租赁专业公司的可行性，进而充分保障航空公司发展的资金需求，打破国外租机公司独占中国航空租赁市场的垄断局面，利用竞争降低航空公司租机成本，给航空公司创造更为宽松的环境，促进航空公司的发展。本文以山东航空公司飞机租赁方式为案例，提出了适合高负债率、资金制约明显的航空公司的飞机租赁方式。运用资本结构理论、成本习性理论、租赁理论对航空公司选择飞机引进方式进行分析，提出国内航空公司选择飞机引进方式的主要依据及影响，重点分析了各种租赁形式对航空企业的成本结构、资本结构的影响，经过运用现值计算方法，对不同租赁方式进行了对比分析，提出了选择不同租赁方式降低租赁成本的思路。通过对比国内外航空租赁业务的优劣，提出适合国内航空公司的长期发展战略——参股建立国内飞机租赁公司，最后提出了国内航空公司飞机租赁业务发展对策与未来发展方向。更多还原

【Abstract】 With the rapid step of reform, civil aviation of China became the bottle n eck that restricted national economic developments in 1980’s. To fill the requir ement of aviation transportation market, civil aviation purchase lots of large and middle scale airplanes by using of financing leasehold and management lease hold. Over 30 years, aviation transportation developed rapidly. At present, the aviation passengers of China ranked 2^nd in the world. The entire transportation index keeps ahead. At present, the number of aviation companies is still much more but the scale is so small. One side, it leads the cost so high cannot acquire the benefit. Another side, the companies run into the vicious competition and make against to the industry development. The more important is they can not compete with overseas aviation companies. With the recombination of Air of China Company, South of China Company and East of China Company recently, the scale is enlarged than before. But except the rate of asset debt and outstanding achievement of Air of China Company improved after it lists in the market, the rate of asset debt of South of China Company and East of China Company rose highly after the development. Meanwhile the funds become the largest obstacle to restrict the development of companies.The paper according to the lacking fund restriction of development and high cost problem, analysis the theories of capital structure and leasehold and cost character. It uses the suitable financing leasehold methods in different situati on to work out the problem of deficient funds of aviation companies. It can reduce the leasehold cost to assure the development speed. With the actuality and trend of civil airplane leasehold industry, the paper still discuss the feasibility of build the civil airplane leasehold companies and assure the funds demand of companies development. It use the competition to reduce the leasehold cost and break the form that overseas companies occupied the Chinese aviation leasehold market to promote the companies development with the better environment.The paper uses the airplane leasehold of Shandong Airline as sample to put forward the airplane leasehold method to fit the high debt rate and obvious capital restriction. It analysis the selection of introduction into airplane with the theories of capital structure, cost character and leasehold list the main reasonand infection of selection. It still analysis the influence of different leasehold form to aviation enterprises cost structure and capital structure. From the valuecalculation to analysis the different form, it put forward the idea to reduce the leasehold cost. By contrast the strength and worse of overseas companies and civil companies, it takes the long term development strategy to build and share civil airplane leasehold company that suitable the civil aviation companies. It still put forward the strategy and trend in the future for the airplane leaseho Id industry of civil aviation companies.更多还原