| As one of the three main airlines in China,China Eastern Airlines can be said to constantly optimize the fleet structure by introducing aircraft,and strive to expand its routes to the international direction.Currently,China Eastern Airlines plans to introduce 15 planes a year in 2021 and beyond,usually through operating leases,financial leases and self-purchases.It can be said that operating lease is an important way for China Eastern Airlines to introduce aircraft.From 2013 to 2017,it can be seen that the total number of aircraft introduced by China Eastern Airlines through operational leasing is on the rise.It should also be seen that China Eastern Airlines reduces the asset-liability ratio and long-term liability ratio through operating lease,and gradually improves its long-term solvency.Therefore,in practice,China Eastern Airlines gradually enhanced the company’s financing capacity and operating capacity by operating leasing the introduction of aircraft.However,there is no denying that China Eastern Airlines faces certain risks in many aspects when expanding the fleet size and operating leasing,such as shipping market,rental payment,related transactions and leasing contracts.How to control these risks has become an urgent problem to be solved.Therefore,this paper chooses China Eastern Airlines as a case to specifically discuss the risk control problems in its operation and leasing process.In the first chapter of this paper,the author summarizes the relevant literature on airline operating lease,operating lease risk and operating lease risk control at home and abroad.In the second chapter,on the basis of understanding the research status at home and abroad,the related theories of operating lease,risk identification and risk control are expounded,and the concept,purpose and type of lease are introduced.In this chapter,the author tries to divide the risk of operating lease into shipping market risk,rent payment risk,related transaction risk and lease surrender and maintenance contract risk,and expounds the relevant theoretical basis to pave the way for the following chapters.In addition,this chapter also introduces the theory of risk control from four aspects: the procedure of risk identification,the principle of risk control,the strategy of risk control and the flow of risk control.In the third chapter,it first introduces the general situation of China Eastern Airlines,and then introduces the basic situation of China Eastern Airlines operating lease.In addition,the reasons for the decision of operating lease are analyzed from three perspectives: the company’s strategy,shipping market and the company’s financial situation.In the fourth chapter,it analyzes the operating lease risk of China Eastern Airlines.In addition to the classification of the second part,the author also divides the shipping market risk into macroeconomic risk,competitive risk,aviation fuel price fluctuation risk,financial risk and policy and legal risk.This paper also introduces the cause of risk and the possible consequences,and puts forward the corresponding control measures.The fifth chapter is a summary of this article,which expounds the relevant enlightenment.This paper analyzes the operating lease risks of China Eastern Airlines,and concludes that the risks the company will face in the process of operating lease include shipping market risks,rent payment risks,related transaction risks and lease surrender and maintenance contract risks.Among these risks,the shipping market risk is mainly the external risk of operating lease.The fluctuation of shipping market will affect the financing ability and daily operation ability of enterprises,and thus affect the rental payment ability of operating lease.In addition to the fluctuation of the shipping market,it cannot be ignored that any factor affecting the daily operation of the company will lead to the difficulty in paying the operating rent,affect the reputation of the company,and even cause the aircraft to be taken back.In addition,China Eastern Airlines also has a series of risks in its operating lease,such as related party transactions,which may lead to corresponding tax risks,legal risks and capital asset risks.In addition,the lessor has strict requirements on the maintenance of the aircraft when the lease expires.If the maintenance condition of the aircraft returned to the lessee is better than that at the beginning of the lease term,the lessee spends more time on the maintenance and reduces the opportunity to use the aircraft,thus affecting the normal operation of the enterprise to some extent.Corresponding to these risks,ChinaEastern Airlines also adopted some control measures,including changes in the macroeconomic situation attention,the development of derivatives and further optimizing the company’s proportion of floating rate debt,grasping the opportunities brought about by the relatively low price,wary of policies and regulations change brought by the uncertainty,improving service quality,upgrading the governance structure,clear cut with related parties,etc.,so as to achieve the purpose of risk control in operating leases.Through the research on the operating lease risk of China Eastern Airlines,the author believes that China Eastern Airlines should strengthen the control of the company’s operating lease risk externally and internally.It should not only strengthen market analysis and avoid the negative impact of market risks,but also improve its own comprehensive management level,so as to more effectively control the risks in the process of operating lease.Based on the research on the risk and control measures of operating lease,this study hopes to bring some inspiration to Chinese Airlines,and help them to enhance the management awareness of operating lease risk and strengthen the management of operating lease risk.In addition,airline companies should consider various factors comprehensively when controlling operating lease risk,so as to achieve more effective control effect. |
