Research On Sunac China’s Debt Financing Efficiency And Influencing Factors

The real estate industry is one of the pillar industries of China’s national economy.It has made a great contribution to the growth of GDP,supported and promoted the development of China’s economy.However,the real estate industry is still imperfect.For example,the problems of too fast growth and high liability risk.With the gradual expansion of the scale of enterprises,real estate companies need to constantly raise funds to invest in development and construction.The real estate industry has the characteristics of high capital demand and long investment cycle.The level of financing efficiency directly affects the future operating status of the enterprise.Debt financing is an important way for real estate companies to raise funds.Undoubtedly,it has a significant impact on financing efficiency and operating.Under the background of the national real estate regulation policy and the gradual heating up of the real estate market competition,how can the real estate enterprises steadily improve the financing scale,maintain a reasonable financing structure,reduce the difficulty of financing and improve the efficiency of debt financing is in urgent need of attention problems.This article selects real estate company Sunac China as the research object.Analysis of debt financing and its influencing factors from static and dynamic perspectives.Firstly,from the capital structure and profit analysis of the enterprise operating status.It also analyzes the existing problems in the debt financing of enterprises.Secondly,the DEA model is used to evaluate the efficiency of static debt financing.It is found that the poor performance of technical efficiency is mainly caused by the low pure technical efficiency.The Malmquist model is used to evaluate the efficiency of dynamic debt financing.The static debt financing efficiency and dynamic debt financing efficiency are compared from the efficiency evaluation dimension.Thirdly,combined with the analysis of grey correlation degree,the main influencing factors of static debt financing efficiency are profitability,capital utilization ability and debt paying ability.The main influencing factors of enterprise capital structure and debt financing cost.And in-depth analysis of the specific impact.Finally,put forward specific suggestions to improve the debt financing efficiency from two dimensions:static debt financing efficiency and dynamic debt financing efficiency.