Research On Debt Financing Risk Of Private Enterprises

In the context of deepening supply-side reform,China's economy has entered a new stage of development.In recent years,under the influence of monetary easing policies,the rapid expansion of Chinese companies has led to the continuous expansion of debt scale,and financial risks have also increased.In this context,the State Council and the "Three Commissions of the NPC Standing Committee" Since October 2016,other regulatory agencies have successively issued guidance documents to implement the "deleveraging" policy at the national level to reduce macro leverage and avoid a "hard landing." However,with the proposal of deleveraging,it is increasingly difficult for private enterprises to raise funds in the capital market.Compared with state-owned enterprises,private enterprises have natural disadvantages in financing.Therefore,it is particularly important to analyze the financing situation of the company.identify and control financing risks to reduce losses.Enterprises must take the initiative to adapt to market development and policy changes,and strive to optimize the level of risk prevention and control and management,so as to effectively avoid risks and promote the healthy and stable development of the company.This article through the consult literature material about the financing risk and the research of scholars at home and abroad with the theory of financing risk control,standing in the perspective of private enterprises,through the theoretical analysis and case study to study of debt financing and its risks,through the case analysis to study the risk control of Orient Landscape present situation and main problems,then compare other private enterprises under the background of big problem summing rules and solutions.Orient Landscape as a garden industry leading enterprises occupy a large market share,in2016 before the government support for the PPP project financing under the background of the rapid expansion of the tender to a lot of projects,but as the change of policy,the PPP project began to cool,the Orient Landscape bid a lot of the PPP project to make the enterprise funds,to leverage the backdrop of the tight credit in May 2018,has experienced "the worst case of bond issuance to the Orient Landscape" in 4 days 10 billion shares evaporation and suspension,enterprise capital chain problems triggered a series of chain reaction,By analyzing the debt financing situation of Orient Landscapefrom 2013 to 2018 and analyzing the status of debt financing through Z-Score,this paper finds that the current financing structure of Orient Landscape is unreasonable and the financing efficiency is low due to the weak debt paying ability.Moreover,the risk control level,internal and external environment,solvency and other aspects of the enterprise are analyzed,and corresponding solutions are proposed according to the current situation of Orient Landscape to reduce risks and losses,strengthen capital management and market risk early warning to gradually improve the risk control level of corporate debt financing.Finally,according to the optimization measures of debt financing risks related to Orient Landscape,the countermeasures are proposed to improve debt financing risks through the proposed problems,and according to the case inspiration,the relevant debt financing risk prevention countermeasures are also proposed for similar listed private enterprises from the three aspects of government agencies,financial institutions and private enterprises themselves.From the perspective of research,Orient Landscape debt,as a typical private listed enterprise,is also representative to some extent.The case analysis of it can be extended to most private listed enterprises from point to point.In particular,it has a strong reference significance and value for many highly indebted PPP private enterprises to optimize financing risk.