| With the development of our country's economy and much more open to the world, in the transportation field, air transportation becoming to be the most quickly one. Along with the high increase speed in aviation industry based on the leasing are improper capital construction and high rate of asset to debit. Though high increase speed in air transportation, as a result of the high cost, high debit, tough governing, the air industry does not benefit from the high increase in aviation transportation, but paint on terrific fluctuation. From 2002, industry effectiveness is decreasing, what is the worse, until the first half 2006, loss is coming. Yes, many factors result in the loss in this industry, such as single income field, high direct cost, high debt ratio, and much affection from exchange, unexpected change in fuel price. However, fail in evaluating financial risk and taking effective measure to avoid the risk is an important reason. So, how to evaluate the financial risk and control and manage the risk effectively is the aim of this paper.Firstly, this paper introduces the concept, character, measure of risk on the basis of primary financial theory, and explains three primary risks that have affection on the air transportation development in detail. Then, this paper apples a factor analysis to financial risk of the four air corporations, and from the point of Hai'Nan air Corporation, this paper analyze the reason that why his score is lower than other three air corporation, and propose that ability in financial risk management is vital factor that have an important effect on the develop and core competition ability.In the end, this paper proposes the main methods that avoid exchange risk, debit risk and fuel price risk. And, based on the study, we suggest that hedge is the most effective method in avoiding the fuel price risk, this method can slowdown the profit fluctuation that result from change in fuel price. The above suggestions may give some help to the management. |
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