Empirical Analysis of the Impact of Airport Financing Structure on Operational Efficiency
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摘要: 利用数据包络法分解出Malmquist 生产力指数,对2003—2012年期间国内外9家上市机场公司的运营效率进行比较分析,并应用面板数据回归模型考查了机场融资结构与机场运营效率二者的关系。实证结果表明国内机场的运营效率要好于国外国际机场,而中国香港国际机场的运营效率最高;机场运营效率与债务外源性融资比重存在正相关关系,与股权内源性融资比重存在负相关关系,即机场的债务融资占比的增加可以促进机场运营效率的提高,适度降低股权性融资比重可以提高机场运营效率。
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关键词:
- 融资结构 /
- 运营效率 /
- Malmquist生产力指数 /
- 民用机场 /
- 数据包络法
Abstract: Using Malmquist productivity index, the paper compares the operating efficiency of 9 listed airports during the period of 2003—2012. The paper applies panel data regression model to examine the relationship between airport financing structure and efficiency of airport operations. The empirical results show that the operating efficiency of the domestic airports is better than international airports with the highest operational efficiency coming from Hong Kong International Airport. It is found that there is a positive correlation between the efficiency of airport operations and debt proportion of exogenous financing. There is also a negative correlation between endogenous financing in the equity proportion, that is an increase of airport debt financing can facilitate airport operational efficiency and moderately reducing the proportion of the equity of the financing can improve the efficiency of airport operations. -
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