Study On System Risk Bearing Capacity Of Real Estate Enterprise

Accompanying China’s sustained economic development and adjustment ofsocial consumption structure, the demand of the community on commodityhousing has been constantly increased, a lot of money has crashed intothe real estate industry and the real estate industry has become theforerunner and pillar industry of national economy since the reform andopening up. However, as main-body of the industry the real estateenterprises have many fatal flaws. For example, many of them are in smallsize, the industry concentration is low, the financing channel of theenterprises is narrow and the overall credit condition is bad. At present,along with the rapid development of the real estate industry, the realestate bubble has formed, and the country began to increase themacroscopically adjusting and controlling strength to real estate marketsuch as introduced a series of land and credit tightening policy since2003.At the same time, the European debt crisis occurred and upgraded.In the impact of system risk from policy, economy and market, many realestate enterprises in our country appeared the situation of shortage infunds and difficulty in operation, especially for the small enterpriseswhich have already been in failure phenomenon because of the system riskbear ability inadequacy. So the study on system risk bearing capacity ofthe real estate enterprise is necessary in realistic.This paper put forward the concept and the characteristic of the risktolerance capability of real estate enterprises according to thecharacteristics of real estate enterprises and the system risk whichenterprises face. On this foundation, system risk bearing capacity of realestate enterprise is divided into four parts:capital operation ability,market response ability, brand operation ability and marketing ability.They are not only in conformity with the characteristics such as dynamic, uniqueness, ductility and so on, but also mutually independent andreinforcing between each other, which can describe the system risk bearingcapacity of real estate enterprise well. Then the research object isconversed, and I analyze the factor which influence system risk bearingcapacity of real estate enterprise from these four aspects. In the basisof above analysis of effect on the system risk bearing capability fromvarious influence factors, this paper chooses DEA as modeling method whichfits the research highest after comparing it with a variety of otherevaluation methods. Considering the characteristic of quota system of DEA,I recognize model output index according to connotation of the system riskbear ability of real estate enterprise, and model input parameters fromthe influence factors on system risk bearing capacity of real estateenterprise after analyzing the constitution and the influence factors ofthe system risk bearing capacity.At this point, the paper has built up the model evaluating system riskbearing capacity of real estate,and then it is applied to evaluate systemrisk bearing capacity of36real estate companies in real estate plateof Shanghai and Shenzhen Stock Exchange in China. In early stage of theevaluation, this paper innovatively applied the SPSS to analyze thecorrelation between input and output index. At last I discovered the inputvariables which have obvious correlation with the output ones and usedthem as analysis data of DEA, which makes the model more reasonable. Inthe phase of data analysis, the data of36enterprises from2007to2011had been processed into mean and normalization before it was calculatedin the DEA model. According to the calculation results, I have found outthe real estate enterprises which have strong risk tolerance, and putforward some suggestions for the ineffective enterprise to improve theability. The conclusion of this part is closer to the actual situationwhich has much value to refer. This paper mainly includes the following five parts: the first partpresents the background and significance of creation, and makes simpleintroduction of related domestic and foreign research situation; thesecond part studies on the characteristic of real estate industry andenterprise, and then puts forward concept and characteristics of thesystem risk tolerance of real estate enterprise; the third part analyzesthe composition and influencing factors of system risk bearing capabilityof real estate enterprise in detail; the fourth part builds up evaluationmodel on the basis of above theory; the fifth part puts data of36realestate enterprises into the evaluation model to calculate, and haveconfirmed the validity of the model; the sixth part is researchconclusions of this article and also prospects for future research.