Study on Financing Risk of Tire Project in China
|School||Ocean University of China|
|Keywords||financing risk of projects risk identification risk evaluation risk prevention|
With the development of our economy,the development of the transportation industry,automobile industry,wagon crane industry and family sedan industry make the tire industry in our country develop in high speed.In recent years,some famous foreign tire corporation have entered China,some domestic tire corporation raise new projects to enlarge their output.But because tire projects have some characteristics such as huge investment,long payoff period and during this period,lots of uncertainty exists,investors of tire projects have to bear lots of risks.In this paper,firstly it introduces the related concepts of the financing risk of projects and tire projects,including the concept,characteristic of the financing risk and the unique feature of the financing risk of tire projects.Then it identifies the risk in the process of financing from some different ways such as the performance of the risk,the stage of the tire project,financing techniques and types of property and so on. It studies on risk factors in during the financing process generally.After that,this paper evaluates the risk of financing.It adopts both qualitative and quantitative analysis,for example,it introduces the model of CAPM,sensitively analysis,AHP (Analytic Hierarchy Process) and fuzzy evaluation.On the grounds of the risk factors, it raises some relevant measures to defend the risk.In chapter 3,it introduces a tire project,including the background,investment,cash flow of this project.Then,using the methods referred in the paper it does empirical study according to an actual project.At last,it makes an summary of this paper.There are both theory research and empirical analysis in this paper.It adopts both qualitative analysis and quantitative analysis to analyze the financing risk comprehensively and systematically and evaluate it scientifically.It offers some reference to similar projects.In evaluating financing risk of the project,it adopts the CAPM model,sensitivity analysis AHP and fuzzy evaluation.In risk prevention,it introduces the general measures to defend financial risk.In a word,it gives an comprehensive analysis of tire projects.