| For a long time,private enterprises have been faced with the problem of difficult and expensive financing,and they make up for the vacancy with short-term funds when they cannot obtain sufficient long-term funds to support long-term investment activities.This has led to the widespread phenomenon of short-term loans for long-term investments in Chinese private enterprises,which is particularly serious in the private aviation industry.The air transport industry is a capital-intensive industry.In addition to its low profit margin,it needs continuous financing to solve the company’s daily operation problems,which leads to a generally high asset-liability ratio of airlines.It is difficult for the private aviation industry to obtain long-term funds due to many factors such as company size,subject credit,nature of property right and so on,so enterprises invest a large amount of short-term funds into long-term investment projects.In the period of stable economic development,it is not easy to find the potential risks of this phenomenon which is known as " short-term loan for long-term investment".but in today’s slowing economic growth,this kind of behavior can easily increase the risk of enterprise thunderstorm,and even lead to the bankruptcy of enterprises.Under the above background,this paper takes Hainan Airlines Holding(Hereinafter referred to as HNA Holding)as the case study object to study the financial anomalies of " short-term loan for long-term investment " of private airlines,and the research contents mainly include:(1)HNA Holdings’ present status of investment and financing and its current situation of short-term loan for long-term investment;(2)Causes of the phenomenon of short-term loan for long-term investment;(3)A series of economic consequences caused by the problem of short-term loan for long-term investment.Through the research,it is found that there is the financial anomaly of short-term loan for long-term investment in HNA Holding,and it’s prevalent in the whole industry,especially in state-owned enterprises.The main reasons for this phenomenon include: First,higher financing cost of private enterprises;Second,the downward trend of interest rates has led to enterprises’ preference for short-term borrowing in order to reduce financing costs to some extent;Third,the imperfection of the financial market,such as the mismatch between the supply and demand of financial funds and the single financing channel,is also the main reason why banks tend to issue short-term loans to enterprises and enterprises excessively rely on bank loans;Fourth,the nature of the industry is special;Fifth,excessive scale expansion in the early stage;Sixth,poor fund management.The economic consequences caused by the anomaly of HNA Holdings’ short-term loan for long-term investment mainly include the aggravation of financial risks,the increase of inefficient investment,the decline of enterprise performance and the decline of corporate value.Finally,from the perspectives of enterprises and financing institutions,some advice are proposed for improving the common short-term loan for long-term investment anomalies in private airlines.The specific suggestions are as follows: For enterprises,the debt maturity structure should be reasonably allocated to control risks;Strengthen the internal fund management of enterprises and improve the internal control system;Avoid excessive debt expansion.For financial institutions,adjust the long-term and short-term capital supply structure appropriately;Strengthen the management of short-term loan funds;Develop diversification of financial instruments.Considering that the case enterprise is representative to some extent,the research conclusions and advice of this paper have certain reference significance for other enterprises in the same industry. |
