| For a long time,in the practice of Chinese enterprises,there are often companies that have mismatched investment and financing maturities,which makes enterprises generally have higher liquidity risk pressure.Since the announcement of default on the first public offering of bonds in 2014,my country’s credit bond defaults have occurred frequently,the amount of default is increasing,and there are more and more defaulters.In the study of default cases,the author found that the operating conditions of some defaulting companies have not substantially deteriorated.The short-term liquidity tension caused by the accumulation of previous debts,financial pressures and maturity mismatches are the main reasons for their debt defaults.Oriental Landscape Bonds Breach of contract is one of the typical cases.Oriental Landscape is mainly engaged in the design,construction and operation of large-scale gardens,and then gradually expanded its business to solid waste treatment,water system treatment,soil and mine restoration,and global tourism.It is a leading enterprise in the garden engineering construction industry.This article understands basic information such as the industry profile and the company’s development history,and finds that the company’s industry features are characterized by large capital investment,a long settlement cycle,and high requirements for capital liquidity management.Due to the good growth,rapid development,and assets of Oriental Landscape With high income,the secondary market share price is stable after the GEM is listed,and it has gradually become the industry leader.In 2015,the country launched the construction of PPP projects.Oriental Landscape actively responded and won the bid for 100 billion PPP projects.However,the construction period and operation period of PPP projects are long.As the magnitude of its investment becomes larger and larger,it is increasingly dependent on short-term financing.The degree of mismatch deepened,and eventually the company’s "18Oriental Landscape CP002" bond defaulted.This article introduces the overall debt situation of Oriental Landscapes,comprehensively reviews the course of the default event of Oriental Landscapes bonds and the measures taken after default,and refers to the use of capital gap measurement equation,short-term financing to long-term asset ratio equation,and the mismatch of investment and financing maturity of Oriental Landscapes.The degree was measured.This article carried out a more detailed and relatively accurate term calculation for Oriental Landscape,and concluded that the company’s short-term and long-term investment term mismatch phenomenon is more prominent.In addition,it analyzed the reasons for the company’s maturity mismatch in terms of the micro-levels of Oriental Landscape’s own investment strategy and profitability,as well as the macro environment of the industry’s project supervision situation,and the long-term financing environment of the financial market.In addition,this article analyzes the reasons for the default of Oriental Landscape Bonds due to mismatch of investment and financing maturity based on the company’s financial expenses,concentrated maturity of bonds,return performance on the investment side,and corporate reputation.At the end of this article,the countermeasures and suggestions for Oriental Landscapes,related mismatched enterprises and regulators are put forward.The main innovation of the thesis is to analyze the corporate bond default cases from the perspective of investment and financing maturity mismatch.Based on the original measurement method,more sophisticated research methods are used to measure the degree of corporate investment and financing maturity mismatch,and the generation period is analyzed.Causes and consequences of mismatches.It has certain reference significance for recognizing the phenomenon of maturity mismatch in my country’s current corporate investment and financing activities and avoiding the occurrence of corporate bond defaults. |
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