Research On The Influence Of Debt Source Structure On Debt Solvency

The image and credit of the company become more and more important in the modern society.The good corporate image and credit have played an increasingly important role in the future development of the enterprise.The analysis of the solvency analysis has the value of the company's future credit more and more important role.Solvency refers to the ability of the company to repay debts.Statically speaking,it is the company's ability to repay its debts with its assets.In a dynamic sense,the company's ability to repay debts with proceeds generated from assets and business processes.He reflects the company's financial position and operational capabilities.If you can't repay your debt in time,your company's financial condition is not good enough to affect the company's operations.Therefore,the research on solvency of the company is very important.The real estate industry is a capital-intensive industry and plays an irreplaceable role in China's economic growth.Real estate has two attributes of consumption and investment.The stability of the real estate industry is directly related to the national economy and the people's livelihood.Therefore,China keep key control on real estate industry.Real estate industry is a heavily dependent on the debt of the industry,with the introduction of the restriction of credit policy,real estate companies began hoarding cover plate,which makes the funds become the real estate developers payattention to the problem,while the real estate company solvency Analysis is also very important.This paper analyses theoretically the influence factors of the company's debt management and its solvency.In the analysis of the real estate industry in recent years,most analyze the source and degree of its investment,policy periodicity and financial characteristics.The investment of real estate industry mainly comes from domestic capital,and the development has periodicity,which is inseparable with the government's macro-control means.Because real estate companies have long project cycles,their financial data are more volatile.And use data to explain the overall situation of real estate listed companies in recent years,choose 11 financial indicators,use factor analysis method to get comprehensive evaluation model,used to evaluate the debt repayment ability of real estate listed companies.Based on the analysis of panel data,this paper obtains a regression model of the impact of the company's debt source structure on its solvency.Empirical study shows that the pre-sale financing rate(PFR),capital financing rate(AFR),short-term borrowing financing rate(SLFR),long-term borrowing financing rate(LLFR)have significant influence on the solvency,especially the short-term borrowing financing rate(SLFR)and long-term borrowing financing rate(LLFR).The factors of PFR,AFR,SLFR and LLFR were all negative,which indicated that the four indexes were negative correlation with the solvency,and the absolute value of the short-term loan financing rate was the largest,which indicated that the negative effect was larger than the other three indexes,followed by the short-term loan financing rate,and the negative effect was the lower.The negative impact on solvency is minimal because the pre-sale accounts for pre-sale financing do not need to be repaid in cash,but rather the income received in advance.Through analysis,give the following suggestions :(A)Optimizing the source structure of corporate debt.1.Translate loan financing into pre-sale financing;2.Improve the business credit of the company;3.Strengthen corporate fundmanagement.(B)Company should pay attention to the risk of new financing methods.