| In recent years,the phenomenon of excess output in traditional heavy chemical industries such as steel and coal has been very serious.Therefore,the state has carried out supply side reform and determined five economic tasks of "three elimination,one reduction and one compensation".Among them,the government has formulated a series of steady and effective deleveraging measures,such as promoting market-oriented debt to equity swap and developing channels for social funds to join debt to equity swap.For high debt and highly leveraged iron and steel enterprises,the above reform methods not only bring opportunities,but also full of challenges.The next few years are particularly critical for the transformation and quality improvement of iron and steel enterprises,and the enterprise’s control and proper use of financial leverage are also very important.However,from the current situation,most enterprises ignore the negative effects it will bring in order to seek the additional benefits under high leverage.Therefore,the research on enterprise financial risk under financial leverage effect has high theoretical and practical value.Taking H company,a listed company in the iron and steel industry,as the research subject,this paper studies the financial risk of the company from the perspective of financial leverage effect.The research idea is: firstly,sort out and summarize the literature on leverage effect and financial risk,understand its research status,and then study the financial risk of H company under the condition of leverage,and give corresponding prevention and control opinions in combination with the risk warning system and literature research formed by case and entropy method and efficiency coefficient method.At the beginning,this paper expounds the basic situation of H company and the financial situation under the leverage effect,uses the internal financial data of H company to explore its debt raising,cash flow and operating efficiency,identifies and analyzes its existing debt scale risk,investment risk,short-term debt repayment risk and capital recovery risk,and then uses the entropy method to analyze its profitability,debt repayment ability,operating ability From the four aspects of development ability,the most representative financial indicators related to the financial situation of H company are selected and objectively weighted,and then combined with the efficacy coefficient method to help H company create a financial risk early warning model,combine the warning conclusion of the model with the financial leverage effect,warn and analyze the financial risk of H company,and formulate valuable prevention and control and risk response strategies.The discussion on the financial risk under the leverage effect of H company can speed up the pace of optimizing the risk prevention mechanism,strengthen the control of internal funds,carry out a variety of transformation activities,help high leverage and high debt enterprises give full play to the positive function of financial leverage in their daily operation activities,reduce the loss caused by the negative function of financial leverage,and provide a reference for other iron and steel industries to prevent financial risks in the future. |
