Research On The Financial Risks Of Real Estate Enterprises Under The Deleveraging Policy In 201

Since the reform and opening up,real estate enterprises have been developing vigorously.At the same time,due to the long investment cycle of the real estate company’s projects,the slow operation of capital withdrawal,and the high financial leverage is very easy to cause the capital chain to break,which will bring the company a dangerous situation of insolvency,and even cause enterprise bankruptcy.Therefore,the real estate company must fully consider the background impact of deleveraging in its production and operation activities.In this paper,the double difference model and Z-value scoring model are used to study the impact mechanism of the deleveraging policy on the financial risk of real estate enterprises in 2016.Jianye Real Estate was founded in 1992 and started in Zhengzhou,Henan Province.However,in recent years,with the intensification of real estate market competition and the country’s constant weakening of the real estate market bubble,Jianye Real Estate is facing a major crisis.This paper attempts to make use of relevant theoretical knowledge,and based on the actual development of China Construction Real Estate,to conduct an in-depth study on the financial situation and financial risk of China Construction Real Estate enterprises in the context of deleveraging,to quantify the financial risk,and to supplement the hypothesis testing in the empirical studyThis paper uses a combination of case and empirical research,and builds a double difference model in the empirical research of this paper,confirming that the deleveraging policy will increase the financial risk of enterprises.After a series of tests,it was found that the experimental results were still robust.And further using the intermediary effect model to draw the following two conclusions: 1.The deleveraging policy increases the financial risk by increasing the financing constraints of the real estate industry,2.Deleveraging policies increase financial risks by increasing the degree of debt deviation in the real estate industry.Finally,the heterogeneity analysis is carried out,and it is found that the size of the enterprise and the nature of the property rights will also produce different results.In the case study,we can draw the following conclusions: the debt ratio of Jianye real estate assets obviously deviates from the normal level,the high leverage characteristics are prominent,and the company’s fund-raising method is unreasonable,the structure is relatively deformed,and the financial pressure on the company is relatively large.