Research On Financial Risk Management Of Aerospace Enterprises Based On Derivative Financial Instruments

In modern business management,financial risk management is one of the key processes of enterprise management,financial management level will directly determine the development of enterprises.Derived from the rapid development of financial tools,aerospace enterprise face the new challenge in enterprise financial risk management,due to the importance of the industry particularity and strategic position,enterprises financial management situation is highly regarded by state.Under the background of rapid development of derivative financial instruments and full of risks,it is very important to study the application of derivative financial instruments and financial risk management in China's aerospace enterprises.This paper expounds the influence of derivative financial instruments on the enterprise financial risk management through systematic discussion.On the basis of consulting the literature about the research status and development process of derivative financial instruments at home and abroad,this paper reviews the Markowize portfolio theory,asset pricing theory,ERM theory and other theoretical research,and complete the definition of corporate financial risk.This paper takes an investigation and makes analysis of past four years financial data comes form 10 Aerospace listed companies of Chinese aerospace enterprises.The problems in financial risk management of China aerospace enterprises are summarized as follows: the asset-liability ratio and accounts receivable is too high,the inventory is too large,and the return on net assets is too low.The reasons are summarized as follows: Macro-environmental impact,corporates' financial management institutions and risk control is too weak,the scale of financing is unreasonable,the investment channel is single and the lack of experience when using financial derivatives.Finally,on the basis of analyzing the causes of the problems,the methods of using derivative financial instruments to manage the financial risk are put forward from several angles.The paper put forward the overall recommendations of financial risk management,which can help aerospace enterprises to enhance the level of financial risk management,such as perfecting financial riskevaluation and early warning mechanism,hedging and adjusting the structure of corporate assets and controlling asset liability ratio.