| In December 2020,Tianqi Lithium spread the news that its capital chain was strained and faced the risk of delisting.Tianqi lithium industry as a leader in the lithium industry,the stock price had soared,however,is such a highly regarded company is now caught in a huge debt crisis,and even facing the risk of delisting,the reason is largely because of poor liquidity risk management and caused the situation today.In recent years,due to the impact of the new crown pneumonia epidemic and the global economic downturn,the business environment and capital markets faced by Chinese companies have become increasingly complex.Under such circumstances,companies must ensure that they have sufficient liquidity to meet daily payments and other contingencies.The difficulty of liquidity risk management is increasing,however,most domestic enterprises have not yet formed a systematic and effective liquidity risk management system,which is mainly reflected in the low ability to assess and monitor liquidity risk,too single financing channels,and lack of resistance to liquidity risk.Therefore,it is of practical significance to discuss the liquidity risk management of enterprises in depth.Combined with the above background,this paper reviewed the literature related to liquidity risk measurement and liquidity risk management,and found that although enterprises have noticed the importance of liquidity management in practice,most of the current studies are focused on financial institutions,and domestic and foreign studies on enterprise liquidity risk management are not comprehensive enough to provide sufficient theoretical support for enterprise liquidity risk management.Therefore,this paper selects Tianqi Lithium as a case company,and uses the financing demand theory,information asymmetry theory,capital risk theory and risk management theory as the theoretical basis for the subsequent case study to analyze the liquidity risk of Tianqi Lithium from three perspectives: financing,investment and operation,and to investigate the problems and causes of its liquidity risk management.Finally,based on the problems and causes of Tianqi Lithium,we propose suggestions to improve the liquidity risk management of Tianqi Lithium.This paper concludes that the measurement,warning and management of liquidity risk is an important part of enterprise risk management,so enterprises must pay attention to the management of liquidity risk.In managing liquidity risk,first,a sound liquidity risk management system should be established to ensure the implementation of management,second,liquidity risk should be managed by establishing a liquidity risk early warning mechanism,creating liquidity crisis management procedures,and improving the financial budget system,third,the management of liquid assets such as inventory and accounts receivable should be strengthened,and fourth,the introduction of liquidity risk management personnel should be emphasized.The case study in this paper can provide reference for the theoretical community to establish a complete enterprise liquidity risk management framework,and has some reference value for how to improve liquidity risk management in the actual operation of enterprises. |
