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本文以东方航空股份有限公司为研究对象，探讨在持续低盈利状态下的债务风险防范策略。东方航空在2019年之前保持了超过5%的净资产收益率，但自2020年以来，由于全球经济波动加剧和行业竞争加剧，公司的盈利能力显著下降。国际油价的剧烈波动、地缘政治紧张局势以及全球经济增速放缓等外部因素，导致公司运营成本居高不下，收入增长乏力，财务基础削弱，过度负债持续居高不下，经营困境逐渐加深。在这一背景下，公司的资产负债率突破了85%，债务风险问题日益严峻。基于此，本文旨在探寻东方航空去杠杆的可行路径：通过剖析其债务结构特征、运营效率与投资收益表现，识别除盈利能力以外的关键风险因素，进而明确风险管理目标，并构建系统化的防范策略建议。

本文采用比较分析法与资料分析法相结合的研究方法展开研究。首先，在纵向分析方面，本文以2018年至2023年为研究时段，详细分析东方航空债务总额、债务结构、现金流量、利息保障倍数和资产负债率等关键财务指标的变动趋势，揭示其债务风险演变规律；横向比较方面，将东方航空与南方航空、中国国航以及春秋航空进行对比分析，深入研究不同航空公司债务结构、经营效率、资本投入强度以及债务风险管理策略方面的差异，以突出东方航空在高杠杆环境下的独特挑战与改进空间。同时，借助“杜邦”分析方法，从负债结构、经营效率和投资回报三个维度对财务指标进行拆解。为确保研究结论的可靠性，还系统收集并分析了公司财报、行业报告及学术文献等公开资料，综合运用财务分析工具，进而提出优化东方航空去杠杆的有效路径。

研究结果表明，东方航空资产负债率近年来始终高于合理水平，其进行债务融资后，经营效率却不断下滑，未来企业难以获取充沛的现金流来偿还该债务及其利息，甚至会陷入债务危机，严重限制了公司的财务灵活性与抗风险能力。研究提出，东方航空可以通过发行绿色债券、永续债等多元化融资工具，降低融资成本，合理优化短期和长期债务比例，增加经营性负债，减少融资性负债，从而降低整体债务风险。此外，数字化转型与精细化运营策略的实施，能显著提升航线收益管理效率和成本控制能力，并最终提高整体经营效率。同时，公司应优先减少短期难见效益的非核心项目，集中资源于在能迅速产生现金流和利润的领域，以缓解财务压力。上述债务风险防范措施的提出不仅为东方航空提供了有效的降杠杆路径，同时也对公司内部治理结构、资源配置效率和技术升级起到影响。本文的研究成果在实际管理中具有一定的借鉴价值，为其他重资产、高杠杆企业提供了有效的风险管理与财务稳健发展路径。

This paper examines China Eastern Airlines Corporation Limited to explore debt-risk prevention strategies under sustained low profitability. Before 2019, China Eastern maintained a return on equity (ROE) above 5%, but since 2020, intensified global economic volatility and fiercer industry competition have significantly eroded its profitability. External factors such as drastic fluctuations in international oil prices, geopolitical tensions, and a global economic slowdown have driven operating costs to persistently high levels, stifled revenue growth, weakened the financial base, and perpetuated excessive leverage, deepening operational challenges. Against this backdrop, the company’s asset‑liability ratio has surpassed 85%, exacerbating its debt-risk profile. Accordingly, this study aims to identify feasible deleveraging pathways for China Eastern by analyzing its debt-structure characteristics, operational efficiency, and investment returns, pinpointing key risk factors beyond profitability, clarifying risk-management objectives, and formulating a systematic set of preventive strategies.

The research combines comparative analysis with documentary analysis. From a longitudinal perspective, it covers 2018–2023, detailing trends in key financial indicators—total debt, debt structure, cash flows, interest‑coverage ratio, and asset‑liability ratio—to uncover the evolution of the company’s debt risk. From a horizontal perspective, it compares China Eastern with China Southern Airlines, Air China, and Spring Airlines to examine differences in debt structure, operational efficiency, capital intensity, and debt-risk management strategies, thereby highlighting China Eastern’s unique challenges and areas for improvement under high leverage. Additionally, employing the DuPont analysis framework, the study decomposes financial indicators across three dimensions—debt structure, operational efficiency, and return on investment. To ensure reliability, the research systematically gathers and analyzes publicly available data, including financial reports, industry studies, and academic literature, and applies financial-analysis tools to propose effective deleveraging pathways for China Eastern.

Findings indicate that China Eastern’s asset‑liability ratio has remained above reasonable levels in recent years; despite raising debt, its operational efficiency has steadily declined, and it may struggle to generate sufficient cash flow to service principal and interest, risking a debt crisis that would severely constrain its financial flexibility and resilience. The study recommends that the airline issue diversified financing instruments—such as green bonds and perpetual bonds—to reduce financing costs, optimize the short‑ and long‑term debt ratio, increase operating liabilities, and reduce pure financing liabilities, thereby lowering overall debt risk. Moreover, digital transformation and refined operational strategies can markedly enhance route-revenue management and cost-control capabilities, improving overall efficiency. Simultaneously, the company should prioritize cutting non‑core projects with limited short‑term returns and focus resources on areas that can quickly generate cash flow and profit to alleviate financial pressure. These measures not only offer China Eastern effective deleveraging paths but also positively impact its internal governance, resource-allocation efficiency, and technological advancement. The results provide practical insights and serve as a reference for other asset-heavy, highly leveraged enterprises seeking robust risk management and sustainable financial development.