| Pollution prevention and improvement of environmental quality have become one of the "three major battles" of the central government.The country is strengthening its ecological environment protection with unprecedented determination and efforts to support the vigorous development of industries such as ecological restoration and environmental protection.Since September 2014,the State Council,the Ministry of Finance and other departments have issued a number of documents to promote the PPP model.The field of ecological comprehensive management is one of the key development areas for the state to encourage PPP projects.The PPP model is rapidly developed in the environmental protection industry,and local governments have released a large number of environmental protection projects.Cross-border capital has poured in,and the environmental protection industry is booming.Since 2014,the oriental garden has been transformed from the garden industry to the ecological business.The company's performance and market value have continued to grow and become the leading enterprises in the environmental protection industry.The rapid development of the PPP model and the emergence of low-priced vicious competition and cover up local government debts are gradually exposed.In the second half of 2017,the PPP model policy will be adjusted to prevent risks and standardization.The central government will strengthen the investigation of local government debts and clear the non-compliant PPP projects.In the library,the financing channel of “big flood irrigation” suddenly tightened,and some environmental protection enterprises began to have a crisis of capital chain break.In May 2018,the 1 billion bonds of Oriental Garden finally ended with 50 million,and the stock continued to fall after 5 days.After the resumption of trading at the end of August,the stock price continued to fall for 6 days,with a drop of 41.56%.The collapse of the stock price of Oriental Garden not only disrupted the financial market order,but also damped investor confidence and exacerbated corporate financing difficulties.This article takes Oriental Garden as the case analysis object.Based on the relevant information and reading related literatures at home and abroad,this paper studies the impact of PPP policy adjustment in environmental protection industry on the stock market crash of Oriental Garden.This paper mainly analyzes the external investors' expectations and the enterprise's investment and financing behaviors.From the outside of the enterprise,the PPP model promotes the environmental protection industry to flourish,investors are optimistic about the future of the environmental protection industry,and social capital flows into the environmental protection industry;PPP The speed of policy adjustment is too fast and excessive.The uncertainty of policy will cause investors to hold negative emotions and attitudes,hinder the financing channels of environmental protection enterprises,and the “herd effect” of institutional investors' rapid withdrawal will aggravate the stock price collapse.From the inside of the enterprise,the intensive introduction of the PPP policy overlay industrial policy has made the management overconfident in the future development of the company,and through the radical financing method to meet the capital needs of frequent mergers and acquisitions and PPP project expansion,the Oriental Garden management is overconfident and not PPP.Policy adjustments have attracted attention.In order to seize market enterprises,PPP project investment has been increased,financing channels have been blocked,making it difficult for corporate financing to support corporate investment needs.Financing and investment mismatch have increased the risk of corporate capital chain breakage,which eventually led to the collapse of corporate stock prices. |
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