| In recent years,Kangmei Pharmaceutical Co.,LTD.,Kangdexin Co.,LTD.,Dongxu Optoelectronics Co.,LTD.,once known as "white horse stock",and other enterprises in the bond market have successively "burst thunder",making the phenomenon of "high deposit and high loan" known as the current public opinion hot spot.Since then,The Oriental Fortune website published A list of "A-share double high enterprises",among which Chenming Paper ranked the top.On April 8,2020,because of this financial anomaly,Chenming Paper also received a letter of inquiry about the annual report of Shandong Chenming Paper Group Co.,Ltd.,issued by the management department of the Shenzhen Stock Exchange.The company is required to explain in detail the changes in the asset-liability ratio,the provision of credit losses and the liquidity of corporate funds in its 2019 annual report,and the annual audit accountant will express its opinions.Therefore,in order to make a more in-depth analysis of the phenomenon of "high deposit and high loan" in enterprises,through the method of case study,this paper takes Chenming Paper as the research object to explore the causes and economic consequences of the phenomenon.First of all,sort out the relevant literature on the phenomenon of "high deposit and high loan" at home and abroad,clarify the definition and measurement standard of the phenomenon of "high deposit and high loan",and combine the characteristics of the paper industry,compare the "deposit" and "loan" situation of the paper industry and all A-share listed companies,and explore whether the paper industry belongs to the industry with high incidence of "high deposit and high loan" phenomenon.Secondly,taking Chenming Paper as a case,combined with the present situation of enterprise development and the situation of "deposit" and "loan",the internal and external causes of the phenomenon of "high deposit and high loan" in the company are summarized.Finally,through the analysis and demonstration of different causes,this paper probes into the economic consequences of the phenomenon of "high deposit and high loan" to enterprises,and puts forward some suggestions for improving the phenomenon of "high deposit and high loan" in Chenming Paper industry.At the same time,it also provides a reference for other papermaking enterprises that exist this phenomenon.This paper finds that: first,taking Chenming Paper as an example,the periodic fluctuation within the industry and the increasing uncertainty of economic policy are the external reasons for the phenomenon of "high deposit and high loan";the blind diversified expansion of enterprises,the holding of a high proportion of limited funds and the imbalance of debt structure are the internal causes of this phenomenon.Second,the phenomenon of "high deposit and high loan" will lead to the increase of debt repayment pressure,the erosion of profits,the weakening of development ability and the damage of self-reputation.Third,the negative impact of "high deposit and high loan" on enterprises can be reduced by strengthening fund management,deepening cooperation between banks and enterprises,prudent and diversified expansion,optimizing financing channels and adjusting debt structure.The possible innovations and contributions of this paper are as follows: In terms of research perspective,most scholars conduct large sample regression analysis on multiple companies,which reflects only common problems and cannot reflect the specific situation of a single company,this paper selects Chenming Paper,which has a typical "high deposit and high loan" phenomenon and has received the inquiry letter from Shenzhen Stock Exchange,as a case,combined with the specific situation of the company,explores the causes of the "high deposit and high loan" phenomenon in Chenming Paper,extends the research chain to the economic consequences of this phenomenon on enterprises,and puts forward effective governance opinions,which has certain practical pertinence.In terms of research content,based on previous research,when analyzing the causes of this phenomenon,this paper fully considers the influence of external and internal factors of the enterprise,and discusses the economic consequences in combination with financial indicators and non-financial indicators,so as to make the research content more comprehensive. |
