| In recent years,the country has implemented policy adjustments to the real estate industry.The overall loan interest rate of the real estate industry is relatively high,the financing environment is complex,the financing cost is increased,and the reality of high debt and high leverage has seriously affected the flow of enterprise funds.It has become an indisputable fact that the real estate enterprises are experiencing an ice age.The particularity of the business model of the real estate industry lies in its long development cycle,high demand for funds,and the continuous maintenance of a large amount of funds for project investment at each stage.Problems in any link of daily operation may lead to financial tension of enterprises,and even affect the entire operation process of the capital chain of enterprises,leading to capital risks.Cause enterprise capital chain break.This paper chooses China Fortune Land Development Company as the case study object,conducts a capital chain risk study on it,and identifies and evaluates whether there is a risk of capital chain break.First of all,it simply tells the overall situation of China Fortune Land Development Company,and then selects the important financial indicators in the fund raising,use and recovery stage of the enterprise financial report,respectively to the long-term and short-term solvency,financing situation,cash flow situation of fund raising stage;Identify the capital chain risk from the investment activities,cost control,profitability and the inventory disposal and receivables recovery capacity at the capital use stage,analyze the capital problems of China Fortune Land Development Company,and analyze the causes of the capital chain risk from both internal and external aspects.Then,Z-value scoring model is used to select 5 comprehensive financial indicators for quantitative evaluation of enterprise capital chain risk,and F-value scoring model is used for robust test.Meanwhile,efficacy coefficient method evaluation model is used to verify the evaluation results:Firstly,the entropy method is used to calculate the preliminary weight based on spss data analysis tool,and Pearson correlation analysis is conducted to select 12 financial indicators that can reflect the debt risk,profitability,operating growth ability and fund recovery ability of the three stages of the enterprise’s capital operation.Then,the comprehensive score of the enterprise’s annual indicators is calculated by the efficiency coefficient method.According to the warning range to assess the risk degree of China Fortune Land Development Company capital chain,to ensure the accuracy of capital chain risk assessment.Finally,in view of the capital chain problems existing in enterprises,the improvement measures are proposed respectively from the three aspects of fund raising,use and withdrawal,so as to optimize the risk management mechanism of capital chain.This paper adopts the method of quantitative analysis of enterprise capital chain risk,which can identify and evaluate the potential capital chain risk of enterprises more intuitively and accurately. |
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