Research On Financing Liquidity Risk Management Of Real Estate Enterprises In China

Since 2018,the regulation and control of the real estate industry has continued to strengthen.The entrusted loan management measures and the new regulations on capital management have successively announced that the credit policy has been further tightened,and some small and medium-sized real estate enterprises have failed to repay their debts,thus facing bankruptcy.Affected by this round of regulatory policies,real estate financing through asset management products and channel products will be greatly reduced,and subsequent real estate project financing will be hindered;in addition,real estate financing through private equity funds will face greater difficulties,The uncertainty is mainly due to the large contraction of funds from banking channels,trust channels and brokerage channels;the frequent problems of Internet finance and third-party wealth management platforms have led to strict industry regulation and industry entry barriers.It is more difficult for real estate companies to raise funds through Internet financial channels According to relevant data,in addition to financial institutions and private financing,the balance of interest-bearing liabilities of China’s real estate enterprises as of the end of 2018 is about 20.2 trillion yuan.In addition,statistics on financing costs of full-scale real estate industry show that the financing cost in 2018 has reached more than 10%,which is more than two percentage points higher than the less than 8%in 2017,and the financing cost has increased significantly.On the one hand,the financing side is tightening,on the other hand,the real estate enterprises are in high debt and the financing costs are rising.Under such a difficult situation,the innovation of the financing ability and financing means of China’s real estate enterprises is worthy of attention.Based on the above background,the research on financing liquidity risk management of real estate enterprises in China has certain practical significanceBased on the increasingly difficult financing of real estate enterprises,this paper studies the liquidity risk of real estate enterprises in China by using the method of stress test,and puts forward suggestions based on the research results.The first chapter expounds the research background,research significance,research purposes,and research status.The second chapter introduces the relevant theory of liquidity risk management,focusing on the theory of stress testing,which is the theoretical basis of this paper.The third chapter analyzes the main factors affecting the liquidity risk of real estate enterprises,including financial and monetary policies,industry regulation and control policies,macroeconomic situation and business operations.The fourth chapter constructs the pressure test model of financing liquidity of real estate enterprises in China.The selected sample data includes macroeconomic data,industry data and business operation data.The fifth chapter is an empirical analysis of the liquidity risk of real estate enterprises’ financing,completes the sensitivity analysis and scenario analysis,and observes the results of pressure shocks on the liquidity of real estate enterprises’ financing,and finds the weak points of risk.At the end of the paper,based on the results of empirical analysis,some suggestions for the liquidity risk management of real estate enterprises in China are proposed.