| At the end of 2014,driven by the successively issued environmental protection policies and optimistic market capital,in the four years from 2015 to 2018,the number of listed companies of landscape enterprises increased to four times of that at the end of 2014.After the upsurge,the PPP cold wave and capital management tide followed.Facing the iceberg of the market and the high mountain of financing,the original capital management mechanism of garden enterprises can not help enterprises to develop steadily in the new environment.It is of great significance for the healthy development of landscape industry in the future to study the free cash flow management of listed companies,improve the level of capital management,help enterprises out of difficulties,and prepare for PPP full asset securitization.Based on the literature review of cash flow and free cash flow,free cash flow and corporate value,free cash flow management,corporate strategy and financial management,PPP review and operation,this paper selects the financial data of 19 listed garden enterprises from 2015 to 2018 for financial analysis,focusing on capital flow,profitability,capital return and financing Combining the external environment of landscape enterprises and the characteristics of PPP business,the paper concludes that the external cause of the free cash flow management of landscape enterprises is that the current PPP related laws and regulations are not perfect;then,the representative Tiehan ecology is selected to analyze the case model,and points out that the internal cause of the problems of Tiehan ecology is attributed to the rapid development of Tiehan ecology Finally,based on the external environment of the industry and the case of Tiehan ecology,the paper puts forward a strict selection of other garden enterprises,improves the quality of existing PPP projects and improves the whole process of funds Management mechanism,and actively promote the asset securitization of PPP projects.The innovation of this paper is based on the perspective of free cash flow management to analyze the fund management problems of Tiehan ecology,and design a management scheme with free cash flow as the core. |
