【作者】 谢涛；

【导师】 汪宜霞；

【作者基本信息】 华中科技大学 ， 工商管理， 2020， 硕士

【摘要】 随着经济快速崛起,我国拟已成长为全球第二大经济体。伴随着国家综合实力的跃升,越来越多的中国大型企业开始扬帆出海,利用财务杠杆开展大规模的海外并购。海南航空集团公司依靠高杠杆扩张模式迅速发展壮大成为一家业务分布广泛的跨国企业。但是,财务杠杆具有两面性,财务杠杆运用得当,会促使企业不断发展;但如果企业财务杠杆运用过度,则会导致企业偿债能力降低,继而影响企业的信誉,最终影响到企业的筹资能力,这样一来企业的财务状况变回不断恶化,直至陷入财务困境。随着全球经济环境的变化和行业竞争加剧,海航集团高杠杆快速扩张模式的弊端也日益显现,2017年陷入了严重的财务困境。海航集团主业之一的民用航空业,与国内的民生息息相关,如果对目前深陷财务困境的海航集团置之不理,将会影响到整个国家的民用航空网络。此外,海航集团旗下上市公司众多,而资本市场的利益相关者甚众,如果对其财务困境处理不当,很可能会影响到政府的税收、损害各大投资机构及中小投资者的利益综上,研究海航集团的财务困境具有很强理论和现实意义。论文拟研究海航集团财务困境的成因及经济后果,以警示准备或正在运用高杠杆的企业。本文先介绍了海航集团所处的行业背景,国内民航业虽然蓬勃发展,但业内竞争日趋激烈。然后概述了海航集团自身的发展历程,海航集团借助高杠杆,快速扩大了自身规模,继而实现了全球范围内的多元化扩张。接下来又描述了海航集团财务困境的现状,并进行了财务困境归因分析和基于Z-Score模型的财务困境预警研究。紧接着再介绍了海航集团此次财务困境的经济后果(主要是信用评级下降和股票市值下跌)和其应对措施(抛售优质资产改善自身流动性)。最后介绍了本次危机对于海航集团和其他企业的启示。更多还原

【Abstract】 With the rapid rise of its economy,China has become the second largest economy in the world.More and more big Chinese enterprises start to carry out overseas M&A,while the comprehensive strength of China jumps.Initially,these commercial activities are acquiesced by the government.However the policy direction began to change in 2007.Those enterprises which finish large quantity of buyout began to face unprecedented financial risk.With the help of high leverage expansion model,HNA Group,originating from a regional airline in Hainan Province,has rapidly developed into a multinational enterprises with wide business distribution.Especially in recent years,HNA Group has finished a large number of buyout overseas.Leverage has its two sides.With the slowdown of China’s economic growth in recent years,the disadvantages of HNA Group’s rapid expansion which relies on high leverage are increasingly revealed.The HNA Group,which is over indebted,has to face the risk of capital chain breaking.As is known to us,the civil aviaton industry is closely related to the people’s daily life at home.If HNA Group,which is currently in financial crisis,is ignored,it will affect the civil aviation network of the whole country.In addition,HNA Group has a lot of listed companies and there are many intrested parties in the capital market.In the financial crisis is handled improperly,it is likely to affect the government’s tax revenue and damage the interests of major investment institutions and small and small and medium investors.To sum up,it is of great theoretical and practical significance to study the financial crisis of HNA group.This paper take the financial crisis of HNA Group which started in 2017 as the research object.The main content is divided into four parts.The first part is an overview of the case.The second part is the cause analysis and financial early-warning.The third part,economic consequences.The fourth part is the case revelation.更多还原