高售租比,自由现金流与住房租赁企业风险分析

Analysis of High Price-to-Rent Ratio,Free Cash Flow and the Risk of House Leasing Enterprises

住房租赁市场近年来发展迅猛,不仅仅是因为政府提出了租购并举的住房制度,更是因为企业想在这个炙手可热的项目上取得先发优势。然而,我国住房租赁市场售租比过高,导致企业的现金流短缺进而加大企业的风险,同时高售租比会直接加大企业的风险,文章通过对这三者的分析得出高售租比对住房租赁企业风险的两条影响路径,接着对“冠寓”进行实证分析,进一步论证了这两条影响路径,最后基于高售租比的现状提出了一些建议。

The rental housing market has been developing rapidly in recent years,not only because the government has developed a housing system encouraging both purchase and renting,but also because house leasing enterprises want to gain first-mover advantage on this hot project.However,the price-to-rent ratio in China's rental housing market is too high,which leads to the cash flow shortage,which in turn increases the risk of the enterprise.At the same time,high price-to-rent ratio will directly increase the risk of the enterprise.Based on the analysis of these three factors,this paper concludes two influencing paths of price-to-rent ratio to the risk of housing leasing enterprises.Then,it further demonstrates these two influencing paths by empirical analysis of Guanyu.Finally,it puts forward some suggestions based on the current situation of high price-to-rent ratio.