A Research On The Capital Chain Risk Of Listed Real Estate Companies

Capital chain of real estate enterprises’ has been a topic that has attracted manyattentions in the academic circles.However, the research of many scholars for these issuestend to be concentrated on the qualitative analysis, elaborated on the causes and preventivemeasures that could lead to capital chain rupture.Because of the lack of supporting empiricaldata decreases its persuasive conclusions.On the basis of theoretical analysis on the causesof capital chain rupture, Jin-Chang Zhang et al designed eight indicators and selectedfinancial data of listed companies to do an empirical test. However, we suspect that itsgeneral conclusions may not be suitable for the real estate business. So that I devote to thecapital chain risk issues of public real estate companies, with combination of theoretical andempirical research.Capital chain of the public real estate companies is my research object. First of all, onthe basis of the related scholars’ research on the capital chain of real estate enterprises, therelationship between the capital chain risk and the financial risk, the bankruptcy wasconfused in the past academic research. What I do is that to redefine the capital chain riskand clarify the relationship between them.Secondly, by means of financial data andindicators of public real estate companies, I carefully analyze the causes and influencingfactors of the capital chain of public real estate companies.Then I put forward identificationindex to the capital chain risk of public real estate companies and the Z score and F scorepre-warning model, relying on public real estate companies as the sample space toinvestigage recognition ability of the index and their pre-warning effect. Then, aiming at thecauses of capital chain risk of public real estate companies, I put forward preventiverecommendations from two aspects of enterprises’ inside and outside. Finally, in the HCompany, I use the Z value pre-warning model and identification index to capital chain riskto do pre-warning analysis, through the analysis I point out the reasons of the risk formationand then put forward corresponding preventive recommendations.