楼市调控政策下上市房企财务风险研究——基于Z-Score模型分析

A Empirical Study on the Financial Risk of Listed Real Estate Companies under the Background of the Market Regulation policies——an Analysis Based on Z-Score Model

本文基于Z-Score模型来分析楼市调控政策下上市房企财务风险,结果表明:在2009年-2011年楼市调控政策期间,我国上市房企的总体财务风险明显加大,财务风险增加的企业明显增多,存在财务风险极大的企业也明显增多;引起上市房企财务风险加大的主要原因是上市房企股权价值的明显减少;保护投资者利益、增加投资者信心将有利于房地产市场及房地产企业的长期稳定发展。

Based on the Z-Score model this paper will analyze financial risks of listed real estate companies un- der the background of the market regulation policies.The results show ：with market regulation policy during 2009 to 2011, the overall financial risk of the listed real estate companies has significantly increased, the enterprises with the financial risks increased have significantly increased and the enterprises with great financial risk have also signifi- cantly increased;the reasons are mainly significantly the decreasing equity value of listed real estate companies; pro- tecting the interests of investors and increasing investor confidence will be conducive to andlong-term and stable de- velopment of the real estate market and the real estate companies.