| With the deepening of China’s reform and opening up,the national economy has also achieved rapid development.As an integral part of social and economic development,enterprises are also facing more and more problems.Financial policy is an important part of the development and operation of an enterprise,and in the financial decision-making of an enterprise,the decision-making of working capital plays an important role.It is related to how the long-term projects and short-term projects of an enterprise match the time limit,and also affects the working capital utilization efficiency of an enterprise.In the classical financial management theory,there are three possibilities for the allocation of working capital: first,term matching,which belongs to the best situation,generally occurs less;second,radical term mismatch,which occurs more in practice,which is theoretically believed to increase the liquidity risk of enterprises;third,conservative term mismatch,which occurs less in practice,which is theoretically considered safer but more profitable Inefficient use.Therefore,no matter the enterprise needs to further expand production and scale in the original industry,or to involve in multiple industry areas and achieve diversified business development,it is inseparable from the consideration and research of working capital.Among them,the problem of term matching between debt and assets,investment and financing has attracted extensive attention of scholars.A large number of studies have found that term mismatch is a widespread working capital management problem in enterprises.Among them,the radical strategy of working capital is that the enterprise can not obtain enough long-term financing,so it adopts the way of short-term borrowing to obtain funds for long-term investment.The conservative strategy of working capital that this paper focuses on is that the long-term financing project of the enterprise can not only support the capital demand of its long-term investment,but also the remaining part is used in the short-term Investment in the period.At present,there have been a lot of research results onradical working capital management strategies,but few scholars have studied the problem of conservative term mismatch,so this paper focuses on the perspective of conservative term mismatch of working capital.For the use of working capital,the conservative term mismatch is obviously an unreasonable way of capital use,but it has existed in the actual operation and development of many listed companies for a long time,the reason is a very worthy of study.This paper chooses Hongbo stock,a traditional listed company in the manufacturing industry,as the research object.Hongbo stock has been listed since 2008.Up to 2018,except 2015,there has been a phenomenon of conservative term mismatch of working capital in the development process of ten years.Through the study of the reasons behind this phenomenon,we hope to find out the development of Listed Companies in China Constraints.This paper analyzes the relevant data and market information of Hongbo stock for 11 years from the date of listing,and finds that the reasons for the conservative term mismatch of working capital of Hongbo stock can be summed up in the following two aspects.First,the traditional theory of corporate solvency pressure,due to the listed companies in the liquidity of assets,operating cash flow and financing constraints,there are many deficiencies or constraints,so often adopt a conservative working capital management strategy,that is,short-term realization of long-term capital,and then ease the pressure of corporate solvency of short-term debt.Second,there is also the consideration of accumulating financial flexibility for enterprises when they adopt the conservative term mismatch of working capital.The decision-making of enterprises is limited by many factors such as industry environment,national policy adjustment,etc.Therefore,in the absence of high-quality or bright prospects for investment opportunities,enterprises tend to set out from the goal of maximizing enterprise value,suspend their investment behavior,and choose long-term capital for short-term investment.In this way,we can not only obtain stable and basic investment income,but also help enterprises accumulate financial flexibility through working capital management for the subsequent changes in market environment,policy adjustment,and the emergence of new high-quality investment opportunities.This is also an important reason for many listed companiesto maintain a high level of working capital mismatch.It is because of the above two factors that Hongbo shares will take the active or passive way of using working capital conservative term mismatch in the development process of 11 years. |
