| In 2020,the regulator put forward the "three red lines" new rules for the scale of real estate enterprise debt,and the "14th Five-Year plan" also emphasized to promote the stable and healthy development of the real estate market.This series of measures had a great impact on the real estate industry.Sunac is one of the leading enterprises of real estate industry in our country,is also the representative of the high debt,since it was founded in 2003,has been in the condition of high-speed expansion,It has continuously acquired a number of enterprises in various industries and rapidly developed into a leading enterprise in the real estate industry,become the dark horse of the overtaking,in which the role of financial leverage to be reckoned with.But the resulting financial risks should not be ignored.The new rules of "three red lines" have severely limited the growth of Sunac’s interest-bearing liabilities and exacerbated its financial risks.At the same time,due to the influence of policies and the COVID-19,Sunac’s sales began to decline sharply in the second half of 2021,causing a liquidity crisis,and the situation continued to worsen in 2022.Sunac failed to issue its 2021 annual report in the prescribed time,and was suspended from trading by the regulator.In the final release of 2021 annual report showed a net loss of about 42 billion yuan,at the same time,the CPA issued an audit report that could not express opinions,because there are a number of uncertain factors about the sustainable business,the development status is very serious.Therefore,this paper takes Sunac China as the case study object,conducts analysis and risk evaluation based on its financial data from 2017 to 2021,reveals the causes of the outbreak of crisis,and provides targeted suggestions and countermeasures for the company to effectively deal with financial risks based on the evaluation results.Firstly,this paper uses literature analysis method to sort out and discuss various research results of financial risk and its evaluation methods.Secondly,through the ratio analysis method,the financial risks of Sunac China are identified from the four aspects of debt paying,operation,profit and growth,and the problems of weak debt paying ability and low turnover efficiency are identified.Then,the financial risk evaluation system is constructed based on entropy method and efficacy coefficient method to evaluate the financial risk of Sunac China.The analysis shows that Sunac China’s financial risks are caused by unreasonable capital structure,too low reliance on debt financing,low efficiency of capital turnover,slow collection of funds,aggressive investment strategy,and large pressure of capital chain.Therefore,some suggestions are put forward,such as choosing the financing method reasonably,speeding up the turnover efficiency,perfecting the layout and rational investment.Through this study,Sunac China can better understand and deal with the financial risks of enterprises.Meanwhile,it also provides the corresponding reference for other real estate enterprises in the mode of high-leverage operation to deal with the financial risks under the influence of the current industry policies. |
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