Research On The Capital Chain Risk Management Of K Real Estate Enterprises

Real Estate Industry is one of the industries closely related to people’s daily life,and it is an important part of China’s economy.The mode of real estate industry is different from that of other industries.It has the characteristics of large investment amount,high debt rate,Long Operation Cycle and big difference in different regions.The real estate industry has a huge demand for funds in the early stage,which is also the reason why the debt ratio of the company has increased.As the project goes on,the requirements for fund flow are higher and higher,and at the same time,the hidden danger of the capital chain has also increased greatly,if a link of the chain of funds caused by the situation of the chain of funds broken,it will cause the project schedule problems,or even cause the project to fail,to cause huge losses to the enterprise.In this paper,K real estate is selected as the research object.Firstly,the current situation of capital chain management in this enterprise is introduced briefly,combined with specific financial indicators,this paper analyzes the fund use situation of enterprises from the risks in the three stages of fund raising,fund use and fund withdrawal,among which the fund raising stage analyzes the debt paying ability,the pre-collected account and the financing structure,the investment risk,profitability,cost and expense are analyzed in the use phase,and the inventory turnover and accounts receivable are analyzed in the capital withdrawal phase.Then,we use the z-score model to evaluate the capital chain risk of K real estate,and use the f-score model to verify it.Finally,in view of the problems existing in the capital chain of K enterprises,the optimization scheme is proposed from four aspects: Fund raising,fund use,fund withdrawal and internal management,it includes broadening fund-raising channels,making reasonable plans for the use of funds,establishing and perfecting the early-warning mechanism of fund chain risk management,and controlling the risks that may appear in the turnover link of fund chain.Through the case study of K real estate,the paper can provide a reference for the capital chain risk management,China’s other real estate enterprise capital chain management also has a reference.