Financial Leverage Effect And Financial Risk Analysis Of SF Holdings

In a short period of one and a half years,the market value evaporated nearly 130 billion yuan.At the same time,the debt ratio of 48%of Shunfeng holding company has attracted much attention.Compared with the same level of express enterprises,the debt ratio of Shunfeng holding company is too high.In 2019,SF holdings issued bonds again,continued to improve financial leverage,further realized multi business line development through debt operation,and greatly increased financial risk of the enterprise.This first analyzes its financial leverage level,compares the pre-tax profit ratio of equity capital and the pre-tax profit ratio of total assets of SF holdings through calculation,at the same time,it makes a horizontal comparison with the same industry,and analyzes the financial leverage of SF holdings Compared with the same industry,the level of business leverage is unreasonable.Secondly,focusing on the financial risk of SF Holdings under high leverage,this paper mainly analyzes the financial data of SF holdings in 2015-2018,analyzes the risks faced by SF holdings from four aspects of solvency,operation ability,prattability and growth ability,and uses Z-value model to evaluate the bankruptcy risk of SF holdings as a whole through calculation It is found that its bankruptcy risk is very high;further analysis shows that there are the following reasons for its highly leveraged operation:the weak risk awareness,the lack of risk early warning mechanism,the need to improve corporate governance,the "natural disadvantage" of business model,and the high market positioning;finally,it puts forward suggestions on prevention and financial risk control,including:through debt to equity and convertible bonds,etc Actively optimize and make rational use of financial leverage,establish and improve financial risk early warning,risk management system and risk responsibility mechanism,so as to strengthen financial risk control and prevention.It is hoped that through the case analysis of Shunfeng holding,it will provide reference for other express companies to use financial leverage and control financial risks and provide reference for other listed express companies to solve their development problems.