A Study On The Real Estate Enterprise Capital Chain Management Under The Perspective Of Value Chain

Enterprise capital chain has been one of the hot topics of academic research.Thereal estate industry,as an important part of national economy which relates to theimportant profession and the essential field of national economy arteries,is a typicalcapital-intensive industry that needs plenty of money supply.Money is the blood ofthe enterprise.Maintaining sufficient funds is health and sustainable to thedevelopment of real estate enterprise.Sufficient money is needed to promoteeconomic development.Development funds is the first impetus in the development ofreal estate enterprise and the sensitive issues of production market and financialmarket.Because the real estate enterprise plays important role in economicdevelopment and it has the typical characteristics of high investment,high risk andlong cycle compared with other enterprises,research on real estate enterprise capitalchain problems have great realistic meaning.Domestic and foreign scholars do plenty researches on the real estate enterprisecapital chain,which is mainly in the macro environment of capital chain and theinfluence of the real estate enterprise financing sources.Research of the capital chainof real estate industry is not nearly systematic.Although some research achievementshave been made but there are still some limitations.In general, scholars do lessresearch on micro circulation capital chain and there is almost no literature thatanalysis enterprise value chain, business chain combined with capital chain.Firstly,this article reviews and analyzes domestic and foreign scholars’researches on real estate capital chain;then the theory of Marx’s capital circulation, theturnover and the value chain theory as the theoretical basis of this article;analyzes thedefinition, the present situation, the real estate industry macro-control policies of thereal estate industry,real estate enterprise business chain,the internal and externalcapital chain cycle;indicates the factors affecting capital chain operation and themicroscopic reasons of capital chain rupture and puts forward countermeasures.Secondly,the article analyzes the capital chain of greentown cycle and finds outthe cause of the greentown two crisis of capital chain in order to greentown as theresearch object;through deals with the problems and solutions of greentown in orderto produce reference significance to other real estate enterprises. The results indicate that real estate enterprise capital chain rupture risk comesfrom the following aspects:Enterprise dependences on bank loans because of narrowfinancing channel;High debt ratio leads to high risk of capital chain;Enterprisedevelopment scale does not match capital chain security level;Lack of constructioncost control and the long cycle of turnover of capital chain.This article puts forward some policy suggestions in view of the researchconclusion:Strengthen the security of money supply channels;Pay attention to thescale of development and capital chain;strengthen the cost control;Promote sales,reduce inventory, speed up the turnover of current assets to make operating cash flowbe the assurance of capital quality;Change the traditional model of real estate industrydevelopment from the capital output to brand and management output.