| Against the backdrop of rapid economic development and continuous improvement of national comprehensive strength in China,more and more enterprises are gradually expanding into overseas markets and using financial leverage to carry out large-scale overseas mergers and acquisitions.If financial leverage is used properly,in the context of economic growth,if financial leverage is greater than one,it will accelerate the development of the enterprise;However,financial leverage,as a means of financing,has a dual effect.If used improperly,it may have a negative impact on the financial condition of the enterprise,such as a decrease in debt paying ability,inability to repay principal and interest,poor financial operation,and even falling into difficulties.HNA Group is a typical representative among them.At the beginning of its development,it actively used financial leverage to acquire and gradually grew into an influential multinational enterprise.However,in the context of a declining economic environment,HNA Group faced a liquidity crisis and fell into financial difficulties.In the new development situation,in order to ensure the sustainable and stable operation of enterprises and promote economic development,studying financial difficulties can effectively help enterprises escape from difficulties and provide reference for other enterprises.At the same time,it also has strong theoretical and practical significance.This article selects HNA Group,a member of the civil aviation industry,as the research object to conduct an in-depth analysis of its financial difficulties.Firstly,an overview and development process of HNA Group will be introduced.HNA Group has adopted a radical expansion strategy in its development process,involving numerous industries.Secondly,based on financial indicators and cash flow,the financial situation of HNA Group was analyzed,and the performance of financial distress was analyzed using the Z-value model.Through analysis,it was found that HNA Group’s debt paying ability and profitability were poor,and large-scale investments did not create sustained and stable income,but instead brought about large-scale liabilities and faced high financial risks.Then,based on the financial situation and performance of financial distress,further analyze the reasons why HNA Group is in financial distress,and analyze the measures taken by HNA Group to address financial distress,and provide inspiration accordingly.Finally,summarize the reasons for HNA Group’s financial difficulties and corresponding measures. |
