On The Development Of The Creativity Of Postgraduates

Since 2016,the credit default event in China's bond market has started to increase,the total amount of bond default has continued to grow,and the number of defaulting bonds has continued to increase.The region in which default events have occurred has continued to expand,and the industry in which the bond defaulting entity is located has continued to spread,and the corporate nature of defaulting entities has continued to increase.The cost of debt financing is also gradually increasing,and the spread of bond issuance spreads.Debt financing costs are also rising,and bond spreads have widened.With the continuous expansion of airlines and the replacement of old aircraft,major airlines are increasingly demanding funds,and the scale of liabilities is also continuously expanding.The asset-liability ratio has remained high and the financing risks have also shown an upward trend.Therefore,this paper chooses Eastern Airlines as the research object to explore the financing risks and risk control measures faced by aviation companies.Based on the theories of MM theory,preferential financing theory,risk management theory,and enterprise early warning theory,this paper uses risk identification-risk factor analysis—risk control as the logical main line,and combines theoretical analysis and case studies to elaborate The status of China Eastern Airlines financing and the types of risk performance were analyzed.The reasons for the financing risks of East China Airlines were analyzed.The related suggestions on the control of financing risks were also proposed.First of all,this article starts with the development background of the aviation industry,the capital structure,and the credit risk of the bond market.It also sorts out and evaluates research literature on aviation financing and financing risk management at home and abroad,which explains the necessity of this study.Secondly,this article defines the related concepts of financing risk,and states the theory of MM theory,preferential financing theory,risk management theory,enterprise early warning theory and so on,which lays the foundation for the follow-up case analysis.Again,based on the Eastern Airlines 2012-2016 financial report and other historical data,this article briefly introduces the company's profile;through the analysis of China Eastern's financing structure and financing sources,it explains the current status of China Eastern's current financing management;Analysis and other methods elaborated on the type of financial risk performance of Eastern Airlines.Then,the paper analyzes in detail the causes of the financing risks of the Eastern Airlines.Among them,the analysis of external causes includes:the global economic situation is not optimistic,the appreciation of the renminbi,rising interest rates,expected cash inflows and insufficient liquidity.The analysis of causes includes:the rapid expansion of asset size,irrational capital structure,and improper maturity structure of liabilities.Finally,based on the current status and causes of the management of the Eastern Airlines financing risk,this paper proposes practical and feasible financing risk control suggestions from the following aspects:the use of financial tools to prevent market risks;reasonable arrangements for cash flow of financing activities;optimization of capital structure and increase of internal sources Financing scale;Broadening financing channels to reduce the proportion of short-term liabilities;Strengthening risk prevention awareness and improving the financing risk early warning mechanism.This article carefully and deeply analyzes the influencing factors of China Eastern Airlines financing risk,which lays the foundation for the establishment of a scientific and reasonable financing risk assessment system for Eastern Airlines,enriches the theory of financing risk for civil aviation companies,and proposes a policy for promoting the healthy development of Eastern Airlines.The proposal also provides reference for civil aviation companies to strengthen their own risk control,and promotes the application of relevant theories of financing risk management in the field of civil aviation.