| With more and more supervision and control imposed by national financial sectors as well as the fully tightening of financing environment,it has been increasingly tough for the real economies to obtain finance.Hence,the debt risk of enterprises with high debt ratio is increasing accordingly,accompanied by the news of debt default arising one after another in many enterprises.Under this background,how to identify,evaluate and control the debt risk has become an important issue in the operation of enterprise.Identifying enterprise debt risk coupled with working out reasonable and efficient control measures can provide enterprises a relatively secure and stable condition for production and operation,which is indispensable for enterprises in progress.After reviewing the literature on debt risk at home and abroad,this paper takes the debt crisis of HNA Group as an example,in which relevant indicators and models are used,and comparative analysis method is implemented to make a comparison between HNA Group and other enterprises.Thus the debt risk of HNA Group is identified.After analyzing the causes of the crisis,it can be found that it is the deleveraging environment with external credit crunch together with its own unreasonable M & A and the lack of corresponding debt risk control system that caused the accumulation of debt risk in HNA Group,which finally evolved into the debt crisis.Then,this paper analyzes and evaluates the crisis response mechanism adopted by HNA Group together with their effects.In light with the previous efforts,four suggestions are put forward for HNA Group to deal with debt crisis and put debt risk under control.Firstly,it is necessary to make a reasonable plan for disposal of assets and restoration of core business.Secondly,it is necessary to improve the profitability of the core business.Thirdly,a sound risk control system should be instituted,and fourthly,it is necessary to strengthen the budget management about funds.Finally,through the case study of HNA Group,five pieces of advises are listed for other enterprises to take: Set up financial forewarn system and improve risk control system;Make reasonable plans for diversification;Set up financing channels of various kinds;Attach importance to debt management and maintain a reasonable debt structure and stock;Upgrade asset management and enhance the enterprise’s capacity of making profit. |
