中国民航企业“走出去”与绩效关系研究——基于上市企业的经验数据

A Study on the Relationship between the "Going out" Behaviors and Performance among Chinese Civil Aviation Companies

摘要:

本文选取国内民航上市公司年报数据,运用超越对数成本函数测算出2002年-2012年各公司技术效率和规模效率。再利用静态面板模型研究民航企业兼并重组和加入国际联盟等市场化行为对企业经营绩效的影响。研究结果表明,中国民航企业还没有达到最小有效规模；提高技术效率能显著改善绩效；在宏观环境波动下,企业兼并重组显著提高绩效,但加入国际联盟不能显著改善绩效。政府应当提倡民航企业间进行以市场为导向的重组,并且支持企业海外并购。

Abstract:

The paper selects the data from the annual report of domestic civil aviation listed Companies, and estimates each company’s technical efficiency and scale efficiency during the year 2002-2012 by using the logarithmic cost function. On this basis, we apply static panel data model to estimate how the market behaviors, such as merger and reorganization, and affiliation of the international alliance among civil aviation companies, have impact on their business performance. The results show that, Chinese civil aviation companies has not yet reached the minimum efficient scale; to improve technical efficiency can significantly enhance performance; under the macro environment fluctuations, the merger and reorganization within companies can significantly enhance performance, while to join the international alliance can not. The government should advocate market-oriented merger and reorganization within civil aviation companies, and even support their overseas acquisitions.