| Long-term rental apartments grew rapidly between 2015 and 2020 due to the influx of mobile population into first-tier cities,while experiencing the cold winter of the epidemic and a large number of defaults and bankruptcies of long term rental apartment companies.Danke was listed in the U.S.stock market in early 2020,but was delisted in less than a year due to the cold market and its own poor operations.Danke Apartments’ business developed rapidly through equity financing,"rental loans" and issuance of asset securitization.However,while other companies recovered from the epidemic one after another,Danke apartments were caught in the whirlpool of public opinion and were denounced by tenants,landlords and suppliers.The current academic research on longlease apartments focuses on the financing mode of long-lease apartments,which have a large demand for capital and are financed by introducing venture capital,listing financing,joint Internet financial products and issuing asset securitization products,with less research on the overall financing risks of the company.This paper dedicates the funding risks in the evolution of Danke apartments,and analyzes the points for their business stagnation from the perspective of financing.After analyzing its financing model and business,we find that there are financing structure risks,solvency risks and maturity mismatch risks for Danke apartments,and analyze the causes and factors influencing its financing risks from external and internal factors.The paper suggests that the funding risk control of Danke apartments has a simple funding method,unscientific early warning management of financing risks and inadequate management mechanisms and systems,and proposes to build a multi-level financing system,design a scientific financial crisis early warning index system and optimize the risk management system.This paper recommends ways and means for other companies in the same market to reduce their financing risks and further improve the management level. |
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