An Empirical Study on the Impact of Airport Financing Structure on Operational Efficiency
Publication: ICCREM 2021
ABSTRACT
Based on the panel data of financing structure and operating efficiency of nine listed companies in China and abroad from 2009 to 2018, this paper constructs a fixed-effect regression model to study the influence of financing structure on operating efficiency. The results show that endogenous financing and equity financing have significant positive effects on operational efficiency, and the contribution degree to operational efficiency is 0.289 and 0.303, respectively. The contribution of debt financing structure to operational efficiency is 0.012, but the effect is not significant. In the process of airport financing, we should widen the financing channels, increase the proportion of debt sources, combine the effective governance mode, and give full play to the role of debt funds to the operating efficiency of airport.
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ICCREM 2021
Pages: 944 - 950
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© 2021 American Society of Civil Engineers.
History
Published online: Dec 9, 2021
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