Research On Debt Risk Of Listed Real Estate Enterprises

As a capital intensive industry,the scale of debt and financing of real estate industry are important factors for the survival and development of enterprises.In recent years,in order to expand the scale of business and create more income,the listed real estate enterprises have been financing continuously,resulting in the continuous increase of total liabilities.According to wind statistics,in 2019,the total liabilities of China’s real estate listed enterprises are 76.2 trillion yuan,accounting for 77.25%of the GDP of that year,and the average asset liability ratio of the industry is as high as 80.4%.The default scale of credit bonds of listed enterprises also soars from 3.5 billion yuan in 2018 to 22.2 billion yuan in 2020,with an average annual growth rate of about 152%.Some enterprises even have a debt crisis The debt proportion of listed real estate enterprises is generally too high.Some enterprises are facing the possibility of capital chain rupture,and their ability to control the debt is declining,which may endanger the sustainable and healthy development of the upstream and downstream economy of the real estate industry.Therefore,it is particularly important to study the debt risk of real estate listed companies.This paper selects Taihe Group as the case study object.On the one hand,the company was one of the most stable and fastest-growing listed companies in the industry,and ranked 17th in the industry in 2017,which has certain industry representativeness;On the other hand,in 2019,the total debt of Taihe Group reached 190.046 billion yuan,with a net debt ratio of over 275%,ranking the first in the industry,and it is the listed enterprise with the largest decline among the top 50 enterprises.Therefore,to explore the debt risk of Taihe Group can provide some reference for other real estate listed companies.On the basis of literature review and related theories at home and abroad,this paper analyzes the current situation of China’s real estate industry,the debt risk status of listed enterprises and debt risk status analysis,and then selects Taihe Group as a case enterprise to conduct in-depth analysis of its debt risk problems.Firstly,it introduces the background of the case enterprise,mainly from three aspects of enterprise profile,financing structure and operation status to understand Taihe Group,and then analyzes the current debt situation of Taihe Group from the aspects of enterprise contract debt and debt financing.Secondly,the paper identifies the debt risk of Taihe Group from three aspects:financing end,debt repayment end and long-term and short-term debt structure analysis.Based on the principle of entropy method,the paper constructs the debt risk index system of Taihe Group,fits the trend chart of debt security degree,and finds out the debt risk problems after 2016.Then,according to the evaluation results,the paper analyzes the causes of the debt problems of Taihe Group,mainly including improper debt maturity structure,aggressive financing under high leverage,slow turnover of high-end products.Finally,based on the case study of Taihe Group’s debt risk,this paper puts forward some suggestions for listed real estate enterprises to prevent debt risk from five aspects:paying attention to government regulation policies,optimizing debt maturity structure,trying to light asset operation mode,accelerating inventory turnover speed and improving debt risk prevention awareness.