基于“限购政策”的房地产企业融资风险预警定位研究

Research on Early-warning and Location of Financing Risk for the Real Estate Enter prises Based on“Home Purchase Restriction Policy”

本文在限购政策和房价波动的影响关系基础上,得出房地产企业融资风险传导机理,通过构建房地产企业融资风险预警指数体系,设计房地产企业融资风险预警定位判定条件,以选取10家房地产上市公司为样本,利用2009~2016年的季度财务数据进行实证分析,对比分析两次限购政策对房地产企业融资风险影响的变化,以期为房地产企业的融资风险防控工作提供帮助。

Based on the relationship between the home purchase restriction policy and the fluctuation of house price,this paper concludes the transmission mechanism of financing risk of real estate enterprises. By constructing the early-warning index system of financing risk of real estate enterprises,this paper designs the early-warning location determination conditions of financing risk of real estate enterprises.This paper selects 10 real estate listed companies as a sample and uses quarterly financial data from 2009 to 2016 for empirical analysis.We comparatively analyze the influence of two restriction polices on the financing risk of real estate enterprises in order to provide help for the financing risk control of real estate enterprise.