| With the rapid economic development of China,people's requirements for living environment and the natural environm ent have improved.The natural environm ent and the living environm ent of human beings are gradually being destroyed,and the pollution of living environm ent also affects people's quality of life.T herefore,in order to satisfy people' s living comfort and improve the quality of life of ordinary people,the Chinese governm ent gradually pays attention to the protection and construction of living environm ent.A nu mber of related policies have been introduced based on living conditions in diffe rent regions,in order to prom ote the process of ecological environm ental protection.Especially since the 19 th National Congress,General Secretary Xi advocated the idea of "clear water and green mountains" and the fight against pollution.Oriental Landscape,a leading enterprise in the gardening industry and ecological c onstruction industry,took the lead in industrial optimization.Its main business expanded from traditional landscaping to comprehensive management of water envi ronment,industrial hazardous waste disposal,and global tourism.With years of accumulated professional advantages and rich experience,the company actively par ticipates in the PPP projects for ecological environment construction.In the first half of 2018,Oriental Landscape won a total of 36 PPP projects,winning a total of a bout 33.948 billion yuan,increasing 18.65% compared to last year.These orders involve fields of water environm ent comprehensive management,municipal gardens,global tourism and rural revitalization,etc..The domestic operation mode of the PPP project is that the com pany works as the social capital,and establish the pr oject company in c ooperation with the government to carry out financing,investment,construction and operation of the PPP project.In addition to th e large am ount of capital required by the advanced investment,the project will start from the start-up to the construction and operation and generate profit,this circle takes a l ong time and usually takes several years.In this way,Orient Landscape undertaking th e PPP project will face long-term capital recovery.And as the leadi ng enterprise in the ecologi cal gardening industry,the company has a huge m arket share in c ooperation with the government in the ecological field,and also plays a m ajor part in the com pany's main projects.As everyone knows,the operation of a large number of PPP proj ects requires large capital.Oriental Landscape issued bonds in May 2018,with a target financing amount of 1 billion yuan,however the actu al issuance of bonds only raised 50 m illion yuan.This incident was called "the m ost miserable debt case in 2018" by people in the industry.After the debt was issued,the pr ice of the Oriental Landscape plumm eted.In just four days,the market value of the Oriental Landscape evaporated by 10 billion and was suspended.For Oriental Landscape,th is fund is mainly used to repay debts due and replenish working capital.The loss of bond issue m eans that there will be problems in the capital chain,and the liquid ity risk of the company will be f urther highlighted.Based on the Harvard analysis framework,this paper sys tematically analyzes Orient Landscape from the four dim ensions of strategy,accounting,finance an d prospects,focusing on analyzing the bus iness strategy,external environment,solvency,cash flow,etc.In terms of finding out the problems of the company and the reasons for the liqu idity risk,and giving corresponding solutions acco rding to the company's situation and prospects,to reduce the damage caused by the liquidity risk. |
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