| The real estate industry is a capital intensive industry,it requires a large amount of capital investment in the process of land purchase,construction and development.Housing companies' dependence on external funds determines that their sensitivity to national macro-control policies is much higher than other industries.Therefore,during the tightening of national monetary policies,the real estate industry often seeks hidden capital chains to survive the cold winter.It has laid the seeds of risk for the future development of the enterprise,and the real debt of the stock is a typical representative.The bankruptcy dispute between Hong Kong Real Estate and Xinhua Trust is a wellknown case of failure of the real stock debt of real estate companies.In recent years,Yangguancheng,China Aoyuan and Longguang Real Estate have become more and more popular because of the real stock debt financing..By designing the terms of the transaction,Mingde real debt financing can enable both parties to the transaction to evade supervision.For real estate companies,on the one hand,they can ease the financing constraints they receive and obtain sufficient financing.On the other hand,in the accounting process,in the public debt financing of the stock,the capital injected by the investor is often included in the minority shareholders' equity at the merger level.This accounting process can hide the “real debt” and effectively reduce financial leverage,Optimize consolidated statements and even improve on-balance sheet financing capabilities.However,precisely because its nature is debt rather than real shareholder investment,housing companies need to repay financing and pay higher interest within the agreed period.If the large-scale debt of the housing company will expire,it will cause liquidity risk.The risks brought by external liabilities are also inevitably passed on to investors.Yihe Real Estate,which declared bankruptcy in 2019,is an obvious case.According to the Guangdong Securities Regulatory Bureau,as of May 31,2019,Yihe Real Estate had a total of more than 5 billion yuan of undisclosed debt defaults.Debt defaults soon led Yihe Real Estate to bankruptcy and liquidation,but this is not just in the real estate industry.Special case.Micro-viewing,real estate companies may not be fully in place due to the standardization of accounting measurement and information disclosure,so that the group's overall equity debt financing debt attributes cannot be fully revealed to investors,resulting in the group's overall substantial excessive debt financing and solvency.Tend to be fragile.From the perspective of the overall market,the Mingde real debt financing model meets the capital supplement or equity restructuring needs of the financier,and because of its debt,and the debt risk may not be relieved during the lifetime,it may continue to increase Its financial leverage increases the risk of bankruptcy,and there is a hidden risk of systemic risks under adverse scenarios such as macroeconomic downturn.Because of the hidden nature of the real debt financing behavior of real estate companies,it is possible that it is difficult for statement users to make judgments about the size of their true debts and make wrong investment decisions.This article takes Longguang Real Estate as an example,combined with the theoretical background of the institutional background of the equity real debt financing,the information asymmetry,and the substance is more important than the form of the theoretical literature,in-depth analysis of the implementation path and risks of this financing model,focusing on the use of public The report information identifies the risks of the case company 's open-stock and real-debt financing,and finally puts forward risk responses to this financing model,that is,relevant policy recommendations,with a view to providing substantive reference suggestions for capital market investors,regulators and intermediaries. |
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