Risk Diagnosis And Prevention Of Capital Chain Rupture In Real Estate Enterprises

As the state has strengthened its macro-control over the real estate industry in recent years,the borrowing and lending of enterprise financing is becoming more and more difficult.More and more enterprises are facing financing difficulties,which also increases the capital chain risk of some enterprises.As we all know,the risk of capital chain will not only bring negative impact to the enterprise,but also impact the interests of investors and creditors.Therefore,the research and prevention of this problem is of great significance to enterprises,investors and creditors.Since 2017,local government departments have strictly restricted the project development loans of real estate enterprises and the mortgage loans of home buyers.Subsequently,the introduction and implementation of the "three red lines" policy,at the same time,some real estate enterprises also have problems due to internal operation and management,there is a risk of capital chain rupture,and even some enterprises close down due to capital chain rupture.According to the disclosure on the website of the people’s court,by the end of 2021,a total of396 real estate companies in China had declared bankruptcy,with an average of one real estate company going bankrupt every day.At the same time,the financing rate of national real estate enterprises has caught up with and exceeded the level of the same period in history.The debt default of large and medium-sized real estate enterprises is high,and the dark cloud hanging over the heads of major real estate enterprises has not yet completely dissipated.This thesis takes Taihe Group as a case study.Firstly,it introduces the relevant theoretical knowledge of the capital chain,and briefly analyzes the current development of the capital chain in the real estate industry;Then,combined with the specific financial indicators of the case company,this paper analyzes the risks in the four stages of fund-raising,fund use,fund return and fund distribution of Taihe Group.Further use eight dynamic and static indicators to evaluate and test the capital chain risk of Taihe Group.The research shows that the risks of Taihe Group in the stage of fund-raising are high financing cost,difficult debt repayment and difficult borrowing;In the stage of capital use,the risk is poor investment profit and mismatched project selection;In the capital recovery stage,the risks are difficult to destock,slow sales collection and difficult cash return;It is the mismatch between capital and income in the payment stage.Finally,in view of the problems existing in the capital chain of Taihe Group,this paper puts forward countermeasures and suggestions to prevent risks from strengthening risk awareness,optimizing financing methods,avoiding blind investment,accelerating inventory turnover,and strengthening internal control.The research of this paper not only provides targeted suggestions for the capital chain safety of Taihe Group and the reasonable operation of the company,but also provides reference countermeasures for enterprisesto prevent the risk of capital chain rupture.At the same time,it also provides a useful reference for government departments to formulate relevant policies for industry supervision.