Research On The Identification And Control Of Energy Enterprises Debt Risk

Since the outbreak of credit defaults in 2018,the number of debt defaulters in China’s credit bond market has continued to rise,and defaulters have gradually shifted from private enterprises to state-owned enterprises,and many high-rated state-owned enterprises have defaulted one after another.After Brilliance Group,Peking University Founder,China Fortune Land Development and other high-rated companies defaulted on their debts,Yongmei Group,a AAA-rated state-owned enterprise,defaulted again,causing market volatility.This study takes Yongmei Group as an example to study the identification and control of debt risk in energy enterprises.As an important local state-owned enterprise under the State-owned Assets Supervision and Administration Commission of Henan Province,Yongmei Group suddenly defaulted on the Super&Short-term Commercial Paper in November 2020,which exposed the company’s loopholes in debt risk management.Therefore,Yongmei Group was selected as the research object.This paper applies literature research method,case analysis method and comparative analysis method to quantitatively analyze Yongmei Group.On the basis of the existing literature and theory,the debt risk is identified by analyzing the debt-paying ability,operating capacity and profitability indicators of the enterprise,and compared with Shandong Energy,an enterprise in the same industry,to further explore the potential hidden dangers of debt risk.Finally,based on the current external policy background and internal factors of the company,the underlying reasons for the hidden dangers of energy companies’ debt are further analyzed.Through the above research,it is concluded that:First,from the perspective of the external macro environment,the implementation of supply-side structural reforms to"cut overcapacity" directly affects the scale of corporate income;the impact of COVID-19 on coal demand in downstream industries has hit companies hard;the virtual height credit rating level is the trigger for debt defaults.Second,from the internal aspect of the enterprise,a large number of restricted monetary funds affect the liquidity of the enterprise’s funds;the large-scale occupation of the enterprise’s funds by the related parties causes the enterprise’s capital turnover and the loss of flexibility in investment activities;the unreasonable debt structure increases the short-term realization pressure of the enterprise and further cause debt default.To sum up,this research suggests that from the perspective of corporate governance,enterprises should divest non-profit sector businesses as soon as possible and readjust their business layout;improve enterprise management systems;rationally optimize corporate debt structures;in the context of the "30·60" carbon target,energy companies should improve their profitability through strategic transformation.From the perspective of credit rating agencies,accelerate the pace of transition to the "investor pays" model.From the perspective of local governments,the principle of differentiated treatment should be adhered to,and corresponding debt control methods or credit support methods should be adopted according to the solvency of different enterprises,so as to control the debt risks of energy enterprises reasonably and effectively.