| 外文摘要： |
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<p>
In China, corporate finance bottlenecks turn out to be the most significant obstacle to the further development and growth of companies. As competition in the industry intensifies, companies need to expand their production scale, capture the market, conduct a lot of R&D and investment, and therefore require large amounts of financial support. However, these companies are often characterised by their small size, high market operating risks and low credit ratings, and therefore do not have the ability to access long-term financing and find it difficult to obtain long-term funding. It is also because of the severe shortage of endogenous liquidity, the single source of financing, the difficulty in obtaining bank loans, the lack of government support and the imperfection of the company's investment strategy that companies are forced to choose a mismatch of investment and financing maturities. The use of short-term loans for long-term investments, which cannot be recovered in time, can easily lead to the inability to repay debts and high interest rates, eventually causing financial problems such as the breakage of the capital chain, or even the restructuring or collapse of the enterprise, and ST Liyuan is a typical case.</p>
<p>
This thesis will take ST Liyuan as the research object, firstly, it will explain the background and significance of the chosen topic, review the relevant discussions by domestic and foreign experts, and sort out the research ideas. Secondly, we will introduce the investment and financing situation of ST Leyuan, confirm the existence of investment and financing maturity mismatch, analyse the motives of its investment and financing mismatch, then conduct an in-depth interpretation and evaluation in terms of both direct and indirect economic consequences, and finally put forward relevant recommendations.</p>
<p>
The study found that the main reasons for ST Liyuan's choice of investment and financing maturity mismatch were blind expansion for transformation, overconfidence of managers, financing constraints, and deterioration of financial liquidity due to market contraction. The maturity mismatch caused a sharp decline in the company's solvency, a weakening of profitability due to blind expansion and poor decision-making, and a reduction in operating capacity due to heavy investment in vehicle projects. The mismatch of investment and financing terms caused the company to raise a large amount of funds in the early stage, while investment activities basically failed to bring in cash inflows, resulting in an unreasonable cash flow structure. At the same time, the mismatch in the maturity of ST Liyuan's investment and financing caused the company to default on a large amount of debt, and the company was unable to repay the principal and interest on the bonds in a timely manner, and also had large debts and private loans. Eventually, the mismatch in financing terms will lead to the restructuring of the company and the risk of delisting, and will also lead to increased financing constraints and higher audit risks. Finally, in view of the problem of ST Liyuan investment and financing period mismatch, relevant suggestions are put forward. Enterprises should improve enterprise financing constraints, rational use of budget funds, improve the financing decision-making system and improve the executive management system.</p>
<p>
It is expected that the findings of this thesis will serve as a reference and warning to companies that have chosen or will choose to mismatch the maturity of their investment and financing, and will also urge SMEs to improve their governance system and make the financial financing environment more relaxed.</p>
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谷歌
火狐
