Research On The Evaluation And Prevention Of Debt Risks Of Local State-owned Enterprises

In the past,the reform of state-owned enterprises mainly focused on "assets management".Under this management idea,the State-owned Assets Supervision and Administration Commission has too much power and too much management of state-owned enterprises,leading to the separation of government and enterprise,government assets,and unusually strong administrative color.Especially in recent years,the asset management of local state-owned enterprises is chaotic,and debt defaults occur frequently.And since the Third Plenary session of the 18 th CPC Central Committee pointed out that "improve the state-owned assets management system,strengthen the state-owned assets supervision based on capital management." Our country has begun to explore the reform of state-owned enterprises to manage capital,and all parts have gradually begun to explore the reform of state-owned enterprises to manage capital.Therefore,it is particularly important to study the debt risk of local state-owned enterprises in this context.Taking Ted Shares,an old state-owned enterprise in Tianjin,as the research object,this paper analyzes the debt situation and financial situation of the enterprise in the past five years,and studies the changes of its debt risk after the capital management reform.In addition,this paper also analyzes the micro and macro factors that may affect the debt risk of Ted Shares.In the study of risk model,this paper mainly adopts KMV model and Z-Score model.By modifying the KMV model to evaluate the debt risk of Ted shares,the research results show that the overall debt risk of Ted shares is larger.However,KMV model itself has certain limitations,so Z-Score model is adopted for secondary evaluation.The research results show that the current debt risk of Ted shares has decreased slightly in the past five years,but it is still at a high level,and the debt risk cannot be underestimated.Finally,according to the evaluation results and previous debt analysis,the corresponding risk prevention measures for Ted and Tianjin are proposed.