Research On The Debt Risk Management Of TG Group Company

As one of the important contents to prevent systemic financial risks,corporate debt,especially the debt risk of state-owned enterprises,has become an important field to win the battle of risk prevention.For a period of time,especially at the end of the 12 th Five Year Plan and the beginning of the 13 th five year plan,in order to hedge and offset the impact of the global economic recession brought about by the US subprime mortgage crisis,we should adopt fiscal policy incentives to stimulate the country With enterprises as the main carrier and platform,we have implemented the appropriate fiscal expansion policy for four years,and achieved the effect of phased high-speed economic growth.During this period,banks and other financial and quasi financial institutions,by means of releasing liquidity,reducing financing costs and accelerating the enrichment of financial derivatives,have greatly stimulated the investment of enterprises,especially state-owned enterprises,in fixed assets,production and capacity expansion,and terminal market development.At the same time,they have also brought unreasonable assets and capital institutions,as well as low-end production capacity caused by too fast scale expansion And the problem of excess supply,formed the problem of enterprise scale,asset structure and enterprise production efficiency,quality mismatch or even hang upside down.The lack of solvency caused by the decline of internal financing ability directly leads to the current situation of frequent financial risks and possible systemic risks.In the study of debt risk management of TG group,first of all,it starts from the identification of debt risk,and gets rid of the traditional research mode that only studies the capital market or the way of capital supply channel and seeks to avoid risk in the previous debt risk research process.From a more macro level,in particular,it divides the liquidity support of secondary capital market and financial and similar financial institutions into broad direct financing and indirect financing Then,from the perspective of the scale and cost of the two kinds of financing methods,the main composition of the so-called corporate debt is made clear.In the process of debt risk identification,according to the difference of debt subject and fund platform,this paper creatively brings other types of debt that are expected to flow out of corporate income into the scope of indirect financing,making the classification of corporate debt closer to the actual situation of corporate financing,avoiding the omission of debt stock and cost calculation caused by the unclear classification of debt,and carrying out debt risk measurement On this basis,we use Z-score Model of Altman to judge and define the risk degree of the enterprise.Starting from the debt risk measurement and evaluation of TG group,referring to the relevant index system of performance evaluation of state-owned enterprises,on the basis of scientific measurement and calculation of relevant index values,it can be divided into five aspects: enterprise profitability,operation,debt repayment,development and financing ability.It can describe the single index dispersion and analyze the organic whole of the five elements,fully considering the comparability and vertical of the index For the continuity of the analysis,Pearson test is used to determine the relevant financial indicators in line with the development of the enterprise,and entropy method is used to determine the weight of each indicator,which is compared with the relevant indicator values of the industry of TG group,so as to clarify the positioning of the enterprise debt risk indicators and the development quality of the enterprise.Through the trend analysis of the same index for five consecutive years since 2014,the current development trend of the enterprise is clear,the problems in the operation process of the enterprise are comprehensively analyzed and judged,and the improvement direction is clear.Finally,according to the analysis results,the main aspects and specific contents of risk composition are clarified,and the causes of risk are analyzed in combination with the actual situation of the enterprise,and solutions and suggestions are put forward to form a relatively complete research loop.TG group has a special position in the regional economic and social development because of its industry and historical evolution,and its development quality has a global impact in the regional scope.It is urgent to rely on debt risk management and control to achieve the development of turning around losses and improving quality and efficiency.Therefore,taking this enterprise as the research object,it puts forward risk prevention measures,which has a strong reference significance for the relevant types and development situation of enterprises,the content of the paper has certain operability,which is in line with the training purpose of MBA.