| With the acceleration of economic development,the increasingly close connection between the real estate market and the financial market makes systemic risk increasingly become a prominent risk in the key areas of finance.In order to forego systemic financial risks,the Central Economic Work Conference proposed for the first time at the end of 2016 that housing should not be subject to speculation.Since then,relevant real estate policies have been implemented,and there are certain restrictions on financing of real estate enterprises,consumer credit for purchasing houses,and buying and selling conditions.In addition,the impact of the COVID-19 outbreak in 2020 has not been completely eliminated,bringing many uncertainties to economic development.In this context,the number of debt defaults of real estate enterprises surges,and there is a trend of evolution from small and medium-sized real estate enterprises to large and medium-sized real estate enterprises.Therefore,how to find specific ways for real estate enterprises to reduce leverage and solve debt problems has become the focus.By studying the debt default case of CFLD,this paper hopes to provide some help for CFLD to solve its debt crisis,and also serve as a warning and reference for other real estate enterprises.This paper selects CFLD,a real estate debt default event that occurred in early 2021,for analysis,through literature analysis,case analysis,as well as the combination of quantitative and qualitative analysis method to analyze its default process happened and studied using the method of fishbone diagram and the problems existing in the event of default and cause analysis,in order to put forward the corresponding countermeasures.The research conclusion shows that the problems exposed by CFLD’s debt default are as follows: first,its debt volume and price are both high,leading to the "large debt" that cannot be repaid on schedule.Second,its lack of cash liquidity leads to "no money to pay back".Third,the large deviation of credit rating leads to further expansion of its risk.These problems are caused by many factors,the main reasons are as follows: firstly,in terms of debt,there are unreasonable arrangements,too high proportion of equity pledge and single financing channels.Secondly,in terms of cash liquidity,CFLD not only expanded too fast due to its aggressive strategic objectives,but also highlighted the shortcomings of its business model in the operation process,resulting in a large proportion of inventory and receivables.At the same time,the serious decline of financial status,regional development is not coordinated,limited financing are all the reasons for the fracture of CFLD capital chain.Finally in the information system,the disclosure of CFLD’s information is not timely and incomplete rating mechanisms which lead to the default credit ratings before and after the big deviation,not only make CFLD fail to realize their business status and also makes the market in a very short period of time to voted CFLD for the "veto",speeding up the outbreak of CFLD’s debt problem.Based on this,this paper suggests that CFLD,at the debt level,should mark policies and standards,optimize its asset structure,broaden financing channels and reduce capital risks.In terms of improving cash flow,it is necessary not only to develop asset-light operation and reduce capital risks,but also to optimize the developmental PPP model,clarify the responsibility of government and enterprise in the operation model,and improve operation and capital efficiency.At the level of information system,on the one hand,CFLD should strengthen information disclosure and enhance operation transparency;On the other hand,regulators should also standardize information rating and implement institutional responsibilities so as to promote the risk warning function of credit rating system. |
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