Research On The Influence Of "Deleveraging" Policy On The Debt Maturity Structure Of Real Estate Enterprises

At the end of 2015,deleveraging,as a key aspect of supply side structural adjustment,was elevated to the national strategic level.The real estate industry,as one of the industries with the highest debt ratio for non-financial enterprises in China,undertook significant deleveraging pressure during this round of deleveraging.With the promotion of the "deleveraging" policy,the problem of cash flow in the real estate market has been fully exposed,especially the problem of debt structure.The optimization of debt Financing structure and financing channels for the real estate industry has also become an important topic in the academic community.The single source of funds in China’s real estate industry helps focus on the research of debt maturity structure.In fact,through reviewing the existing literature at home and abroad,it can be found that the introduction of the "deleveraging" policy can indeed reduce the asset liability ratio of real estate enterprises and reduce the risk of enterprise bankruptcy in the short term.However,if the phased financial situation of real estate enterprises improves,it is not because of the optimization of the debt maturity results of enterprises,but because enterprises take the initiative to significantly reduce long-term debt Financing,So the current stage of financial risk is bound to erupt at a certain point in the future.Therefore,based on the principle of the impact of "deleveraging" policies on the debt maturity structure of enterprises,it is necessary to focus on considering whether policy factors have truly optimized the debt maturity structure of enterprises,so as to comprehensively and accurately measure the practical effect of "deleveraging" policies and further evaluate whether the policies have achieved the expected goals.Therefore,this article provides a theoretical explanation of the impact mechanism of the "deleveraging" policy on the debt contract term selection of real estate enterprises from the perspective of contracts.The "deleveraging" policy is essentially a kind of government regulation.The mandatory regulation has brought greater pressure to the real estate enterprises that have always operated with high leverage.Taking China Merchants Shekou as the case study object,through analysis,it is found that the reason for the decline of its leverage ratio ratio is inseparable from the regulation of catering policies.Based on the research in this article,conclusions and inspirations can be drawn:firstly,the "deleveraging" policy will change the debt contracts of enterprises.On the one hand,the "deleveraging" policy belongs to government regulatory behavior,which will constrain the current transactions of enterprises,causing existing contracts to be limited.On the other hand,due to the limitations of regulatory behavior,it is not comprehensive and cannot be reached in the range of regulatory behavior,Enterprises will make subjective adjustments,and contract innovation will emerge as the times require.Secondly,financing costs and capital chain risks jointly affect the choice of debt maturity structure.Refinancing will bring new capital costs to enterprises,and the innovation of enterprise contracts will inevitably change the transaction costs of enterprises.The expanding contradiction between shareholders and creditors will increase the agency costs of enterprises.Enterprises will minimize comprehensive costs through different choices of debt contract maturities.At the same time,under the "deleveraging" policy,The shortage of funds and the pressure of rigid repayment in real estate enterprises can trigger capital chain risks,and the different risks in the stages of fund raising,use,and withdrawal can force enterprises to make debt maturity structure decisions.Thirdly,the "deleveraging" policy can lead to the short-term debt maturity structure of real estate enterprises.From the perspective of enterprises,choosing a deleveraging approach has an impact on the debt maturity structure of real estate enterprises.Real estate enterprises with poor financial conditions are often forced to adopt the true deleveraging method of "reducing debt",while real estate enterprises with good financial conditions tend to reduce long-term debt,which can reduce interest burden,Simultaneously releasing positive signals,often even if one chooses to reduce short-term debt to deleverage,they will actively increase short-term debt;For real estate enterprises that take the form of leverage manipulation to deleverage,in order to alleviate the agency problem,they will tend to use more short-term debt Financing;Real estate enterprises with high operational risk will adjust their original aggressive expansion strategy and choose short-term debt Financing to maintain the flexibility of capital structure adjustment.Real estate enterprises with low operational risk will use issuing series of short-term debt to replace their long-term financing needs;The tightening of relevant policies will also lead creditors to be more cautious in lending,especially increasing the constraint on long-term debt,which will make it more difficult for real estate enterprises to obtain long-term debt Financing.In view of this,this article believes that the current "deleveraging" policy should be appropriately slowed down to restore industry confidence after the epidemic,and the policy should tilt towards "reducing production capacity" and vigorously leverage private investment.