Motivation And Management Of The Growth Rate Of Listed Companies' Operating Income From The Perspective Of Financing Constraints

The World Bank report pointed out that except for financial listed companies in China,75% of non-financial listed companies believe that the main factor hindering the development of enterprises is financing constraints.This shows that the healthy development of listed companies in my country is generally constrained by financing capabilities.my country's new energy industry,as an emerging industry and a risky industry,has been strongly encouraged by the state to develop,relying on government subsidies and bank loans,and the industry has grown rapidly.At the same time,the gradual implementation of the state deleveraging,the continuous withdrawal of loans from financial institutions and the subsidy policies of the new energy industry have fallen or even disappeared.This has caused frequent capital ruptures in the new energy industry,causing widespread concern.Based on this,the core research problem of this paper is to explore the reasons for the changes in the operating income growth rate of listed companies and the management process of the operating income growth rate of management from the perspective of financing constraints.ST Mengshi's performance soared between 2015 and 2017,and its operating income growth rate reached 269.37%.It was called a dark horse in the new energy industry,and with it came a cliff-like decline in operating income growth rate and two consecutive years.Net loss.Based on the typical phenomenon of ST fierce lion from "dark horse" to "black hole",this article selects ST fierce lion as the object of case study.Existing research mainly focuses on how to maintain the sustainable growth rate of enterprises,as well as empirical research on the measurement of financial constraints and the degree of financing constraints of enterprises with different systems.There is a lack of research on the drivers of changes in operating income growth rate from the perspective of financing constraints.Different from previous research,this article selects ST Mengshi as a case study object,analyzes the reasons for the change in operating income growth rate from the perspective of financing constraints,and then analyzes the management process of the operating income growth rate of management.The study found that companies with growth potential can't maintain high-speed growth in operating income through debt financing overdrafts.Due to rising external financing demand,macro-control,financial,repayment pressure,and insufficient internal financing,companies are unable to continue to support high-speed growth due to financial constraints.The management further manages the growth rate of operating income through supplementary financing,and finds that equity financing cannot provide rapid financial support in the short term,and can only improve the capital structure of the company in a limited year.Debt financing further deteriorates the capital structure,which cannot support the continued operation income.High-speed growth,the management took the initiative to divest loss-making business to reduce the growth rate to avoid.The innovation of this article lies in the case study method,starting from the sufficient and necessary conditions,taking the high-speed growth stage of financing overdraft as the sufficient condition,and the limited financing as the necessary condition to prove that the financing constraint will indeed restrict the growth of operating income by affecting the increase of assets The financial principle of speed provides a new mechanism to explain the reasons for the change in operating income growth rate from the perspective of financing constraints.Then simulate the change process of assetliability ratio and analyze the management process of the growth rate of management's operating income.Different from the traditional discussion of how to maintain a sustainable growth rate,this article starts from the sprouting period and highlighting period of financing constraints,and proposes an explanation mechanism to coordinate financing capacity and operating income growth rate.The theoretical significance of the research in this paper is that the single case study method is used to reveal the unsustainable high-speed growth of corporate overdraft financing capacity.The financial constraint is the change in the operating income growth rate.This is the financial principle,which refines the management of corporate management to manage the speed of operating income.process.The practical significance is to remind enterprises to pay attention to the dualities brought about by financing overdraft support for high-speed development,provide examples for other listed companies to make trade-off decisions,and better promote market prosperity.