会计学院知识库

近年来多家爆雷的上市公司中，普遍存在一种财务特征——存贷双高。所谓“存贷双高”，指的是财务报表上显示既有较高的货币资金，同时又有高额的短期借款、长期借款等有息负债。随着部分投资者将这种特征与财务舞弊联系起来，“存贷双高”一时间引发了市场和监管机构的密切关注。
本文在权衡、信息不对称、优序融资和控制权私利等理论的基础上，选取化学原料行业头部企业亿利洁能作为研究对象，系统分析“存贷双高”这一财务异象。首先，通过总结国内外相关文献的研究成果，明确“存贷双高”的界定标准，并对比分析化学原料行业与A股上市公司的存贷状况，判断该行业“存贷双高”现象是否显著；其次，以亿利洁能为案例，从内外部两方面，探究其“存贷双高”现象的形成原因，并结合财务与非财务指标，揭示该现象引发的风险；最后，从三个视角为亿利洁能及化学原料行业上市公司提出防范及应对“存贷双高”现象的对策建议。
本文研究发现：第一，亿利洁能形成“存贷双高”的外部诱因主要是其产业特性和不稳定的经济政策；高股权质押比例、激进式战略转型、内部控制缺失是形成亿利洁能“存贷双高”现象的内部原因。第二，“存贷双高”现象的产生导致亿利洁能违约风险增加、财务状况不佳、偿债压力增大、盈利能力减弱、投融资能力下降、投资者信心受挫以及声誉受损。第三，上市公司可以通过加强大股东权力制约、稳步推进战略转型、深化银企合作、完善内部控制制度来防范及应对“存贷双高”现象，监管机构应重点加强信息披露制度建设，注册会计师则要强化审计监督职责。本研究旨在通过案例与相关理论的紧密结合，为化学原料企业“存贷双高”问题的研究注入新的见解，助力上市公司在面对类似问题时做出更为科学理性的决策。

In recent years, a number of listed companies in the explosion, there is a common financial characteristics - deposit and loan double high. The so-called "double-high deposits and loans" refers to the financial statements show both a high level of money funds, but also a high level of short-term loans, long-term loans and other interest-bearing liabilities. With some investors associating this feature with financial fraud, 
"double-high deposits and loans" has attracted the close attention of the market and regulators for a while.
Based on the theories of trade-offs, information asymmetry, preferential financing and control self-interest, this paper selects Elion Energy, a leading enterprise in the chemical raw materials industry, as the research object and systematically analyses the financial anomaly of "double-high deposits and loans".Firstly, by summarizing the research results of relevant literature at home and abroad, we will clarify the definition criteria of "double-high deposits and loans", and compare and analyse the deposits and loans of the chemical raw materials industry with those of A-share listed companies, so as to determine whether the phenomenon of "double-high deposits and loans" is significant in this industry.Secondly, taking Elion Energy as a case study, we explore the reasons for the phenomenon of "double-high deposits and loans" from both internal and external perspectives, and reveal the risks arising from this phenomenon by combining financial and non-financial indicators.Finally, it puts forward countermeasures and suggestions to prevent and cope with the phenomenon of "double-high deposits and loans" for Elion Energy and listed companies in the chemical raw materials industry from three perspectives.
This paper finds that, firstly, the external causes of Elion Energy's "double-high deposits and loans" are mainly its industrial characteristics and unstable economic policies; the internal causes of Elion Energy's "double-high deposits and loans" are its high proportion of equity pledges, radical strategic transformation, and lack of internal control. Secondly, "double high deposit and loan" phenomenon is the internal reason for Elion Energy. Secondly, the phenomenon of "double-high deposits and loans" has led to an increase in the risk of default by Elion Energy, poor financial conditions, increased pressure on debt servicing, weakened profitability, reduced investment and financing capacity, investor confidence and reputational damage.Thirdly, listed companies can prevent and cope with the phenomenon of "double-high deposits and loans" by strengthening the constraints on the rights of major shareholders, steadily advancing the strategic transformation, deepening the cooperation between banks and enterprises, and perfecting the internal control system, while the regulators should focus on strengthening the construction of information disclosure system, and the certified public accountants should strengthen the auditing and supervisory duties. This study aims to inject new insights into the research of "double-high deposits and loans" of chemical raw materials enterprises through the close combination of cases and related theories, and help listed companies make more scientific and rational decisions when facing similar problems.