A Study On The Risk And Performance Of Short-term Loan And Long-term Investment Of Listed Companies

Small and medium-sized enterprise is an important part of China's economic development,but the SME is also the most vulnerable enterprise in our country.SME,s safety is related to China's stable and healthy economical development.Therefore this paper select research object of a small and medium-sized enterprise in the pharmaceutical industry-the biochemistry of Zhenxing as the research object of short-term loan and long-term investment to explore the specific performance and factors of the short-term loan and long-term investment,and also the risks and economic consequences.The purpose of this paper is to study the risks caused by the short-term loan and long-term investment and whether the financial operation mode has bad effects.Finally this paper also put forward policy recommendations and management recommendations for short-term loan and long-term investment of SMEs.This paper takes the biochemistry of Zhenxing as a case study.First,we analyze the internal and external environment of the company.Secondly,we find out the signs of short-term loan and long-term investment through analyzing its financial statements.Then we quantify the measurement of Zhong Kai's short loan and long investment model.At the same time,a detailed analysis of the sources of short-term funds and the projects of long-term assets invested and the factors influencing the long-term investment and short-term loans are also explored.After that,we explore the financial risk of short-term loan and long-term investment from four aspects:financing risk,investing risk,operating risk and bankruptcy risk.And the market risk is also analyzed through product market and stock market.Finally,this paper introduces the average level of the industry to the biochemistry of Zhenxing as the biochemical comparison,and takes the biochemistry of Zhenxing of biochemical data of 2011-2015 years as longitudinal comparison,analysis the influence of short-term loan and long-term investment on corporate financial performance,and then by calculating the cumulative abnormal return(BHAR)to analyze the market performance.Finally,it is concluded that the short-term loan and long-term investment will aggravate the enterprise's financial risk and market risk,and bring adverse effects on the financial performance and market performance of the enterprises.