A Research On The Capital Chain Risk Control Of BRC Under The Background Of Deleveraging

Capital chain is a basic cycle chain in the process of enterprise operation.To maintain normal operation,enterprises need to have a good capital chain and ensure a virtuous cycle of capital chain.Therefore,capital chain is very important for enterprises.The real estate industry is a capital intensive industry and the capital chain is the fundamental guarantee for the smooth project development of real estate enterprises.The occurrence of capital chain risk is a serious threat to the survival and development of real estate enterprises.At the same time,the real estate industry is closely related to the national economy.Capital chain risk not only has a negative impact on the real estate enterprises,but also relates to the healthy development of the national economy.With the implementation of the national macro-control policy and the promotion of“three go,one drop,one supplement”in the 13^th five year plan,it will certainly have a great impact on real estate enterprises.Among them,deleveraging,or reducing the level of government debt.But the real estate enterprise has the high debt,high leverage characteristic,therefore the deleveraging policy proposed,had the influence to the real estate industry.In the short term,it will bring certain economic losses to the real estate be tense,and the capital chain risks will gradually be exposed.As one of the risks faced by enterprises,capital chain risk,if neglected,will lead to capital chain rupture,enterprise financial crisis adverse consequences,threats and even collapse of the survival and development of enterprises.Therefore,in the face of this situation,how to rationally prevent the risk of capital chain for real estate enterprises is an urgent problem to be solved.This paper analyzes the risk of capital chain of real estate enterprises of BRC by case analysis and other methods,and put forward some suggestions for the prevention of capital chain risk of BRC enterprises.The article is divided into six parts.The first part is the introduction,analyzing the research background and significance,sorting out and analyzing the research status of capital chain risk at home and abroad.The second part is the related overview and theoretical basis,starting from the concept of capital chain risk,the risk of real estate enterprise capital chain,briefly analyzed the influence factors of real estate enterprise capital chain,briefly analyzed the influence factors of real estate enterprise capital chain risk and the consequences of risk,this paper introduces the cash holdings motivation theory,capital cycle theory and the pecking order theory,provide theoretical basis for the analysis of the case.The third part is the overview of capital chain risk and deleveraging policy of the real estate industry.The fourth part,mainly analyzes the risk of BRC development under the background of deleveraging,introduces the general situation and operation state of the company,and from the source of funds,fund use,money collecting three aspects proposed BRC development risk capital chain,it analyses the reasons of the risk capital chain.The fifth part puts forward the preventing the risks of capital chain BRC development countermeasures.Finally,the thesis is conclusion.