| The real estate industry is a pillar industry in our economic development,and the real estate industry is a capital chain intensive industry.The sustainable operation of real estate enterprises depends on the normal operation of capital chain.In 2020,in order to control the excessively leveraged capital structure of the real estate industry,the central bank and the Ministry of Housing and Urban-Rural Development launched the "deleveraging" policy represented by the "three red lines" to limit the scale of interest-bearing liabilities of real estate enterprises and prevent financial risks.Later,the problem of "difficult delivery" of real estate projects emerged after overleveraging and insufficient liquidity were superimposed.In response to this problem,the government launched the policy of "Guaranteed delivery",which was not only a bailout for "difficult delivery" projects,but also another regulatory upgrade of the real estate industry,which put forward higher requirements for the cash flow of real estate enterprises.In the current environment,in order to achieve the goal of "Deleveraging" and "Guaranteed delivery",the capital chain turnover of Chinese real estate enterprises is facing new difficulties.Therefore,under the goal of "Deleveraging" and "Guaranteed delivery",how to manage the risk of the capital chain has become an important issue.Based on the risk management theory,capital circulation theory and sequencing financing theory,this paper uses the case study method and takes Z Company as the case study object to analyze the capital chain risk control measures implemented by Z Company in order to achieve the goals of "Deleveraging" and "Guaranteed delivery".First,it analyzes the capital chain situation of Company Z when it steps on "three red lines" and "yellow file",identifies its capital chain risks,and finds that Company Z has problems such as excessively high asset-liability ratio,insufficient solvency,weak land deoxidation ability,and declining sales.Then it focuses on analyzing the risk control measures and results taken by Company Z in order to achieve the goals of "Deleveraging" and "ensuring the delivery of buildings".It is found that in order to achieve the goal of "Deleveraging",Z Company adopted the method of reducing the financing proportion of interest-bearing liabilities and expanding financing channels in the fund raising stage.In order to maintain the cash flow level required by the goal of "Guaranteed delivery",Z company strengthened its financial management,and extended part of maturing debts in the fund use stage to reduce debt repayment pressure,reduce land purchase and cooperative development projects.To save money and guarantee the completion rate;In the capital return stage,improve the collection of accounts receivable and clear the excess business assets to increase the capital return and ensure the stability of cash flow.However,after taking risk control measures,Z Company still has some problems,such as substandard "three red lines",weak debt paying ability,"open shares and real debts",declining profitability,and reduced net cash flow,and its capital chain still has big risks.Finally,the paper puts forward corresponding optimization suggestions for the capital chain risk control measures implemented by Z Company.This paper combines the capital chain risk management of real estate enterprises with the policy of "Deleveraging and Guaranteed delivery",so that real estate enterprises can better consider the changes of national regulation and control policies when implementing risk control measures.On the one hand,it can provide suggestions for Z company to further solve the capital chain risk;on the other hand,it can provide reference for other real estate enterprises in similar situations to implement capital chain risk control measures. |
PDF Full Text Request