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Abstract： With the further development of the market economy， Chinese enterprises are facing increasingly complex financial risks in the process of reform and development. These risks have a major impact on the operation of the company， directly affecting the stability of the entire society and the country's economic development. Taking Shenyang Liming Aero Engine Co.， Ltd. as an example， this paper analyzes the current situation of the company's financial risks and the corresponding control measures to reduce the financial risks of the company.
Keywords： financial risk； risk management； preventive measures；
I. Introduction
Financial risk is actually one of the types of microeconomic risks. It is expressed in the form of money when the company faces all risks， and also as a reflection of the company's management of risk management. Generalized financial risk refers to the objective existence of the financial system of the enterprise. Since various factors are difficult or unpredictable and controllable， the actual profit of the company deviates from the expected return， so there is a possibility of loss. The financial risks studied in this paper are mainly general financial risks， including investment risks， internal financial relationship risks and financing risks.
II. Research on the current situation of financial risk of Shenyang Liming Aero Engine Co.， Ltd.
Shenyang Liming Aero Engine Co.， Ltd. （hereinafter referred to as “Shenyang LM Company”） is a large state-owned enterprise with a long history in manufacturing. The company was founded in 1954 and was the first officially established engine manufacturing enterprise in China. factory.
Shenyang LM Company borrows from financial institutions as the main way of financing， mainly short-term and long-term loans. Short-term loans are borrowed by Chinese commercial banks， Bank of Communications， Construction Bank and other state-owned commercial banks for three or six months. The needs of daily production operations and investment. Long-term borrowings are mainly from China Aviation Finance Corporation and China Development Bank， which are used for infrastructure technological transformation projects and supplementary production needs.
The company's long-term equity investment in 2017 was 2，552.89 yuan， an increase of 76.104 million yuan from 2016's 179 million， an increase of 42.5%. In 2017， the investment income was 9.27 million yuan， an increase of 990，000 yuan from the 8.73 million in 2016， an increase of 11.3%. Although the profitability of an investment is a long-term category， companies are less profitable in terms of investment. III.the research on the financial risk of Shenyang Liming Aero Engine Co.， Ltd.
（I）Reasons for financing risks
The products produced by Shenyang Liming Aero Engine Co.， Ltd.are characterized by long development cycles， long production cycles， high costs， severe inventory backlogs and long payback cycles， while subcontracting and international business and logistics industries are very vulnerable to domestic The impact of the macroeconomic environment has made LM's capital needs huge and the entire capital chain is long.And the company's asset-to-liability ratio fell from 73.53% in 2015 to 71.39% in 2017， but overall it is still at a relatively high level.
（II）Reasons for investment risks
Jinxi Chemical Machinery Factory， one of the subsidiaries， mainly produces large-scale petrochemical equipment. However， due to the overall consideration of the country， the production of large-scale petrochemical equipment has received strict restrictions， so the interests of Jinxi Chemical Machinery Plant have been greatly affected. These effects are beyond control.Jinxi Chemical Machinery Factory was in a state of serious loss before the investment， with a loss of 50 million yuan， of which workers' wages and pensions still exceeded 30 million yuan. After receiving the investment funds， it can only make up for the loss of the enterprise and the legacy of the arrears. It has not caused substantial changes in the company， and the investment income is not high.
IV.Shenyang Dawn Aviation Engine Co.， Ltd. financial risk control strategy
（I）Countermeasures for financing risk control
Optimize the company's capital structure by strengthening inventory management， rational use of debt management， and establishing reasonable financing methods.Speed up the turnover of products to reduce inventory backlog and improve capital utilization. Strengthen the approval of the purchase of non-current assets. For projects with large capital investment， it should be strictly reviewed and approved by all levels to ensure that the project truly serves the production， not just to maintain the image of the surface. In the finance department， the company should set up a fund management office to manage the company's monetary funds.
（II） Investment risk control measures
Before investing， the company must first predict the investment in the industry without the monopoly and competition， the degree of competition in the investment industry， and the prospects for market development. In order to avoid investment risks， the company has set up a financial， management， production and other departments responsible for project risk assessment for risk assessment. （III）Internal financial relationship risk control countermeasures
In order to achieve centralized control of subsidiaries and achieve unified allocation of resources， cash flow control is the most effective and direct way of fund management. This is also the organization established by the company， a member company dealing with cash income and settlement business， it is a department with independent functions. The company has established some basic evaluation indicators for finance， and constantly revised and improved the assessment and supervision system in practice to make it more reasonable and scientific.
V. Conclusion
Taking Shenyang Liming Aero Engine Co， Ltd. as an example， this article uses targeted financial means to maximize the company's potential financial risk. It gives readers a certain understanding of the company's investment and financing risks， investment risks， internal financial relationship risks and external risk control.
References：
[1 ]John Bosco Nnyanzi. Financial Openness， Capital Flows and Risk Sharing in Africa [J ]. Global Economy Journal，2015，15（1）.
[2 ]Soňa Jirásková. Financial Risk Management [J ]. Land Forces Academy Review，2017，22（4）.
[3 ]John M. Trussel，Patricia A. Patrick. Assessing and ranking the financial risk of municipal governments [J ]. Journal of Applied Accounting Research，2018，19（1）.
Keywords： financial risk； risk management； preventive measures；
I. Introduction
Financial risk is actually one of the types of microeconomic risks. It is expressed in the form of money when the company faces all risks， and also as a reflection of the company's management of risk management. Generalized financial risk refers to the objective existence of the financial system of the enterprise. Since various factors are difficult or unpredictable and controllable， the actual profit of the company deviates from the expected return， so there is a possibility of loss. The financial risks studied in this paper are mainly general financial risks， including investment risks， internal financial relationship risks and financing risks.
II. Research on the current situation of financial risk of Shenyang Liming Aero Engine Co.， Ltd.
Shenyang Liming Aero Engine Co.， Ltd. （hereinafter referred to as “Shenyang LM Company”） is a large state-owned enterprise with a long history in manufacturing. The company was founded in 1954 and was the first officially established engine manufacturing enterprise in China. factory.
Shenyang LM Company borrows from financial institutions as the main way of financing， mainly short-term and long-term loans. Short-term loans are borrowed by Chinese commercial banks， Bank of Communications， Construction Bank and other state-owned commercial banks for three or six months. The needs of daily production operations and investment. Long-term borrowings are mainly from China Aviation Finance Corporation and China Development Bank， which are used for infrastructure technological transformation projects and supplementary production needs.
The company's long-term equity investment in 2017 was 2，552.89 yuan， an increase of 76.104 million yuan from 2016's 179 million， an increase of 42.5%. In 2017， the investment income was 9.27 million yuan， an increase of 990，000 yuan from the 8.73 million in 2016， an increase of 11.3%. Although the profitability of an investment is a long-term category， companies are less profitable in terms of investment. III.the research on the financial risk of Shenyang Liming Aero Engine Co.， Ltd.
（I）Reasons for financing risks
The products produced by Shenyang Liming Aero Engine Co.， Ltd.are characterized by long development cycles， long production cycles， high costs， severe inventory backlogs and long payback cycles， while subcontracting and international business and logistics industries are very vulnerable to domestic The impact of the macroeconomic environment has made LM's capital needs huge and the entire capital chain is long.And the company's asset-to-liability ratio fell from 73.53% in 2015 to 71.39% in 2017， but overall it is still at a relatively high level.
（II）Reasons for investment risks
Jinxi Chemical Machinery Factory， one of the subsidiaries， mainly produces large-scale petrochemical equipment. However， due to the overall consideration of the country， the production of large-scale petrochemical equipment has received strict restrictions， so the interests of Jinxi Chemical Machinery Plant have been greatly affected. These effects are beyond control.Jinxi Chemical Machinery Factory was in a state of serious loss before the investment， with a loss of 50 million yuan， of which workers' wages and pensions still exceeded 30 million yuan. After receiving the investment funds， it can only make up for the loss of the enterprise and the legacy of the arrears. It has not caused substantial changes in the company， and the investment income is not high.
IV.Shenyang Dawn Aviation Engine Co.， Ltd. financial risk control strategy
（I）Countermeasures for financing risk control
Optimize the company's capital structure by strengthening inventory management， rational use of debt management， and establishing reasonable financing methods.Speed up the turnover of products to reduce inventory backlog and improve capital utilization. Strengthen the approval of the purchase of non-current assets. For projects with large capital investment， it should be strictly reviewed and approved by all levels to ensure that the project truly serves the production， not just to maintain the image of the surface. In the finance department， the company should set up a fund management office to manage the company's monetary funds.
（II） Investment risk control measures
Before investing， the company must first predict the investment in the industry without the monopoly and competition， the degree of competition in the investment industry， and the prospects for market development. In order to avoid investment risks， the company has set up a financial， management， production and other departments responsible for project risk assessment for risk assessment. （III）Internal financial relationship risk control countermeasures
In order to achieve centralized control of subsidiaries and achieve unified allocation of resources， cash flow control is the most effective and direct way of fund management. This is also the organization established by the company， a member company dealing with cash income and settlement business， it is a department with independent functions. The company has established some basic evaluation indicators for finance， and constantly revised and improved the assessment and supervision system in practice to make it more reasonable and scientific.
V. Conclusion
Taking Shenyang Liming Aero Engine Co， Ltd. as an example， this article uses targeted financial means to maximize the company's potential financial risk. It gives readers a certain understanding of the company's investment and financing risks， investment risks， internal financial relationship risks and external risk control.
References：
[1 ]John Bosco Nnyanzi. Financial Openness， Capital Flows and Risk Sharing in Africa [J ]. Global Economy Journal，2015，15（1）.
[2 ]Soňa Jirásková. Financial Risk Management [J ]. Land Forces Academy Review，2017，22（4）.
[3 ]John M. Trussel，Patricia A. Patrick. Assessing and ranking the financial risk of municipal governments [J ]. Journal of Applied Accounting Research，2018，19（1）.