Research On Financial Risk Management Of Hr Wind Power In The Context Of "Cutting Overcapacity"

For resolve the overcapacity in the wind power industry,the state has successively promulgated the "de—capacity" policy of the wind power industry in 2009,which is manifested in strict project access,support for grid integration and adjustment of feed—in tariffs.All of the policies are conducive to the production,operation and profitability of enterprises and other aspects of the impact.The impact of the policy on the industry led to the different financial risks that in the past,which eventually came to a standstill.So how to identify which financial risks arise in the context of "de—capacity",how to analyze which factors have risks in this context,and how "de—capacity" affects the corporate financial risk need us to analyze the actual situation.Therefore,HR wind power is selected as the research object to evaluate the financial risk of enterprises in the context,which provides the basis to reduce and control financial risks.In this paper,HR wind power is selected to conduct a case study.By studying the relationship between industry environment and corporate financial risk,we explore the sources of financial risk in the context of "going productive capacity." Firstl,on the basis of domestic and international literature analysis,combing the research on the excess capacity of wind power industry and the financial risk related research of wind power industry,making theoretical preparation;secondly,analyzing the industrial environment in the context of.Thirdly,using the factor analysis method to identify the enterprise financial risk.Finally,combining with the industry environmental risk and the financial risk,establish the financial risk evaluation matrix,evaluate the financial risk,draw the conclusion and take the risk prevention measures.Through the research,it is found that:(1)Under the "de—capacity" background,the main factors that trigger the financial risk of HR wind power include fixed assets investment,technology investment and bank loan policies.(2)The financial risks faced by HR wind power enterprises are mainly embodied in the management risks,profit risks and debt repayment risks,and the development capabilities of enterprises are indirectly exposed to risks.(3)HR enterprises blindly expanded their production in the first half of the year and already had potential financial risks.However,the "de—capacity" policy has accelerated the emergence of financial risks,further aggravating the business risk of lack of awareness of risk management,resulting in further deterioration of financial risks and eventually hindering the development of enterprises.