我国房地产企业资金及债务状况分析

Analyses on the Capital and Debt Status of China's Real Estate Enterprises

房地产开发作为资金密集型行业,融资状况及债务规模是企业生存发展的关键因素,也是行业健康度的重要表征。本文通过对比房地产企业2020年上半年与近10年的资金到位情况,分析了当前房地产企业融资情况的变化趋势;通过对近10年房企债务规模及偿债高峰的分析,研判了房企债务风险和资金链压力,并提出了相应的对策建议,以防范房地产行业金融风险。分析结果显示,2020年上半年,我国房地产开发企业实际到位资金83344亿元,同比小幅下降,降幅在5、6月份逐步收窄,各项资金来源占比分化。各项资金来源中除定金及预收款下降较为明显外,受金融政策影响,国内贷款等其他资金已达到历史较高水平。但企业间出现分化,资金向头部大房企集中,同时房企发债力度加大,进入偿债高峰期,相关风险值得关注。

China's real estate industry is a capital intensive industry,and its financial status and debt scale is the key element for the survival and sustainable development of the industry and the enterprises.By comparing the capital amount and structure changes of China's real estate enterprises in the last decade,the authors analyse the financing trends.By anslysing the debts amount and the peak time for debt repayment,the authors give views on the debt risks and the capital chain pressures and put forward suggestions to prevent real estate financial risks.Analyses results show that in the first half year of 2020,the actural fund in place of China's real estate development enterprises was 834.4 billion yuan,with a slight decline compared withthe sameperiod last year.The decline gradually narrowed in May and June,and the proportion of various sources of funds was divided.Among various sources,except the obviousdecline in deposits and advance receipts,other funds such as domestic loans have reached historical highlevel.However,differention arose among companies,and funds were concentrated to the leading real estate companies.At the same time,real estate companies have increased their debt amount,and entered the peak period of debt repayment.Related systemetic risks are worthy of attention.