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论文编号：	14702
作者编号：	2320213791
上传时间：	2024/6/6 11:36:16
中文题目：	海南航空公司财务风险管理优化研究
英文题目：	Research on financial risk management optimization of Hainan Airlines
指导老师：	齐岳
中文关键字：	海南航空公司；财务报表分析；Z-score模型；F分数模型；因子分析法
英文关键字：	Hainan Airlines; financial statement analysis; Z-score model; F-score model; factor analysis method
中文摘要：	近年来，随着我国居民消费能力不断提高，居民的出行需求也逐渐增加，这使得中国民用航空运输业呈快速发展之势，时至今日已成为我国重要产业之一。但与其他大多数行业相比，航空业是典型的高负债低利润产业，并且容易受到经济环境、宏观政策、突发公共安全事件等方面的影响，其财务风险的问题逐渐凸显。随着2021年海南航空公司的破产重组备受大家关注，航空公司要如何控制财务风险就成为研究的热点。 本文以海南航空公司作为研究对象，通过财务报表分析，结合海南航空公司披露的经营数据，从筹资风险、投资风险、营运风险和现金流量风险四个方面，对财务风险进行识别，发现其存在偿债能力和盈利能力不足、资产负债率过高、资产利用效果不佳、资产流动性差和经营活动不稳定等问题，且受外部环境的影响较大。同时分析海南航空公司的财务风险成因，探究其财务风险的来源。之后利用Z-score模型、F分数模型和因子分析法，构建海南航空公司的财务风险评价模型，结果表明海南航空公司的财务风险最高，盈利能力和偿债能力在行业内均处末位，三个模型所得出的结论较为一致，侧面验证了模型的准确性。最后根据以上研究结果，基于财务风险的四个方面，对海南航空公司的财务风险控制提出优化措施，包括要维持合理的资本结构、选择多元化融资方式、合理控制投资规模、明确投资方向、增加资产流动性和加强资金管理和对外部风险的抵御能力等，以期降低海南航空公司的财务风险，使其日常经营和发展能顺利展开。 本文结合航空业的自身特点以及海南航空公司的财务状况，对其财务风险进行识别和评价，并针对性地提出财务风险控制优化措施。这有助于海南航空公司深入了解自身存在的财务风险，从而加强对财务风险的控制与防范，也为航空业的财务风险管理提供一定的建议。
英文摘要：	In recent years, with the continuous improvement of Chinese residents' consumption power, residents' travel demand has also gradually increased, which makes China's civil air transport industry has a rapid development trend, and has become one of our important industries today. However, compared with most other industries, the aviation industry is a typical industry with high debt and low profit, and is easily affected by the economic environment, macro policies, public security emergencies, etc., and the problem of financial risk has gradually become prominent. With the bankruptcy reorganization of Hainan Airlines in 2021 attracting much attention, how airlines should control financial risks has become a hot topic of research. Taking Hainan Airlines as the research object, this paper identifies financial risks from four aspects: financing risk, investment risk, operating risk and cash flow risk through the analysis of financial statements and the operation data disclosed by Hainan Airlines. It is found that there are some problems such as insufficient solvency and profitability, too high asset-liability ratio, poor asset utilization effect, poor asset liquidity and unstable business activities, and it is greatly affected by external environment. At the same time, it analyzes the causes of Hainan Airlines' financial risks and probes into the sources of its financial risks. After that, Z-score model, F-score model and factor analysis method were used to construct the financial risk evaluation model of Hainan Airlines. The results showed that Hainan Airlines had the highest financial risk, and its profitability and solvency were at the bottom in the industry. The conclusions obtained by the three models were relatively consistent, which verified the accuracy of the model. Finally, according to the above research results, the paper proposes optimization measures for Hainan Airlines' financial risk control based on four aspects of financial risk, including maintaining reasonable capital structure, choosing diversified financing methods, reasonably controlling investment scale, clarifying investment direction, increasing asset liquidity, strengthening fund management and resisting external risks. In order to reduce the financial risk of Hainan Airlines, so that its daily operation and development can be carried out smoothly. Based on the characteristics of the aviation industry and the financial situation of Hainan Airlines, this paper identifies and evaluates its financial risks, and puts forward targeted measures to control and optimize financial risks. This will help Hainan Airlines to have a deep understanding of its own financial risks, so as to strengthen the control and prevention of financial risks, and also provide certain suggestions for the financial risk management of the aviation industry.
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