An Empirical Study On The Impact Of Asset-liability Structure On The Sustainable Operation Ability Of Chinese Real Estate Listed Companies

Since China ushered in the reform and opening up,the process of urbanization has been accelerating,the development of real estate ushered in the rapid development,in China’s economic development,the role of real estate can not be underestimated.After several rounds of periodic development,the real estate market of reform and opening up has officially entered the era of "real estate without speculation" in the new economic normal and post epidemic era.At the same time,real estate enterprises that have experienced years of expansion and operation are also facing the test of the times,The healthy development of the real estate industry objectively requires real estate enterprises to have long-term sustainable operation ability,which is deeply related to their asset liability structure.Given that listed real estate enterprises are the core component of the real estate industry,in this context,it is of great theoretical and practical value to scientifically measure the sustainable operation ability of listed real estate enterprises and further explore the impact of asset liability structure on them.The results of this paper show that,on the one hand,the sustainable operation ability of China’s listed real estate enterprises presents the characteristics of business travel alienation.The front-line regional real estate enterprises that pay attention to property management and diversified management strategy show strong sustainable operation ability,which is embodied in strong sustainable profitability,sustainable operation ability and sustainable debt paying ability.Some listed real estate enterprises that pay too much attention to scale growth are facing debt difficulties,and their sustainable operation ability is seriously challenged by their unsustainable solvency.According to the research of this paper,in the total asset structure,the proportion of current assets is positively correlated with the operating level of real estate enterprises,that is,the sample enterprises with higher proportion of current assets show stronger sustainable operation ability,which is mainly related to the stronger operation efficiency and cashing ability of current assets;The proportion of inventory in the asset structure is inversely proportional to the sustainable operation ability of listed real estate enterprises,that is,the higher the proportion of inventory,the lower the sustainable operation ability of enterprises.This conclusion matches the characteristics of high pressure on inventory de capitalization in the downward cycle of the real estate industry;The proportion of current liabilities in the debt structure is inversely proportional to the sustainable operation ability of listed real estate enterprises in theory,but the empirical results are not significant,which may be related to the long production cycle of real estate enterprises;The proportion of interest bearing liabilities in the liability structure,that is,the interest bearing liability ratio is inversely proportional to the sustainable operation ability of listed real estate enterprises,mainly because the financial expenses of interest bearing liabilities will erode the sustainable profitability of enterprises;The asset liability ratio index in the liability structure is inversely proportional to the sustainable operation ability of real estate listed enterprises,which shows that real estate listed enterprises are generally faced with too high leverage ratio.Based on the above research conclusions,in order to promote real estate enterprises to improve their operating level and achieve sustainable development,we mainly carry out scientific management from the following aspects: first,strengthen the financial leverage requirements of real estate enterprises at the regulatory level,and promote the overall leverage ratio of the industry to operate within the effective range of sustainable operation by scientifically standardizing the financing policies of real estate enterprises;Second,encourage mergers and acquisitions in the real estate industry at the policy level.At this stage,the calculation shows that some listed real estate enterprises are facing serious debt repayment pressure and even falling into debt crisis.It is expected that unlisted small and medium-sized real estate enterprises are also facing greater business pressure.Through mergers and acquisitions,resources can be integrated to improve the overall operation quality of the industry;Third,real estate enterprises can be encouraged to properly carry out diversified operation,especially in the property management business with sustained and stable cash flow,related industries complementary to the real estate industry cycle,new infrastructure and other strategic emerging industries,so as to hedge the business risk of the industry’s downward cycle through business complementarity and industrial structure upgrading;Fourth,it can guide real estate enterprises to pay attention to asset liability structure management.Real estate enterprises should attach great importance to their own industry laws,change the past extensive mode of pursuing scale growth,reasonably allocate the proportion of overall assets and liabilities,pay attention to the proportion of current assets in the asset structure,highly prevent the possible financial risks caused by inventory de overstock,reasonably allocate the term structure of liabilities in the liability structure,and highly prevent the erosion of high interest load of interest bearing liabilities on operating results.From the above proposed strategies,improve the real estate enterprise’s operating level and business capacity and enterprise battlefield level,and ultimately promote the sustainable development of real estate enterprises.