| The real estate industry has always been one of the pillar industries of our country's economic growth,which plays an important role in the development of the national economy.While the investment cycle of real estate enterprises is longer,the return of funds is slow,the private capital is difficult to meet the needs of enterprise development,at the same time,the real estate enterprises must constantly reserve land if they want to occupy a higher market share.Therefore,real estate enterprises have a large demand for external funds,financing has become the key to its development.But in the past,real estate enterprises relied too much on bank borrowing,single financing channel and high long-term debt ratio,which led to the unreasonable capital structure of real estate enterprises and the lack of ability to resist market risks.The choice of reasonable debt scale and financing has become the key to the development of real estate enterprises.However,in recent years,under the background of large real estate bubble in China,the state has issued a large number of regulatory policies to limit housing prices,at the same time,the financing policy of real estate enterprises is also being tightened,and the approval of bond issuing enterprises is also more stringent.The financing of real estate enterprises becomes more difficult,so finding a new way of financing becomes the breakthrough of financing.The emergence of permanent debt brings a new dawn to the financing of real estate enterprises.It can take into account the particularity of equity which causes a large number of real estate enterprises to issue sustainable debt.However,the development time of sustainable debt in China is relatively short.Many enterprises do not understand sustainable debt and issue blindly,which will bring great risks to enterprises.Therefore,it is very important to study the effect of sustainable debt.Blu-ray development is the leading real estate enterprise in Sichuan,which accelerated the pace of enterprise expansion after its backdoor listing in 2015.Blu-ray has developed a large number of land reserves in recent years and is also increasing the scale of enterprise financing.However,Blu-ray has fewer financing channels and too much reliance on long-term borrowing,so enterprises must find new financing channels to enhance their ability to obtain funds.At this time,under the leadership of Evergrande,real estate enterprises have issued sustainable debt one after another,and Blu-ray has also issued sustainable debt in accordance with its own circumstances.In the first quarter of 2018,its sustainable debt as a percentage of net assets ranked first among A-share listed real estate companies at 38.16 percent because It is necessary to study the actual situation of Blu-ray development of sustainable debt financing at a time when there is little research on sustainable debt in China and enterprises do not know the actual effect of sustainable debt financing.Based on the analysis of Blu-ray development of sustainable debt financing,this paper can tell other enterprises the actual effect of sustainable debt financing,so as to make enterprises understand and use sustainable debt correctly.Based on the theory of information asymmetry,priority financing and so on,this paper introduces the basic situation of Blu-ray development based on the case analysis,taking the sustainable debt issued by Blu-ray development as the research object.Secondly,according to the actual situation of the enterprise,this paper analyzes the motivation of Blu-ray's development of sustainable bond issuance,and then according to the prospectus and annual report of the enterprise's sustainable debt issuance,analyzes the solvency,capital structure,cash flow and financing cost of the company after the issuance of sustainable debt.The market reaction and risk are analyzed in detail.Finally,it is concluded that although Blu-ray has brought some benefits to the enterprise,but it has also brought some adverse effects to the enterprise after its issuance,the total of which has been drawn from the conclusion that Blu-ray has developed the sustainable debt financing to some extent.To look at its effect on the enterprise is not so optimistic.Therefore,in the last part of this paper,according to the fact of Blu-ray development sustainable debt financing,some suggestions are put forward for other enterprises to avoid the blind use of sustainable debt financing by other enterprises,so as to bring adverse effects to enterprises. |
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