上市房企融资风险的实证研究

An Empirical Study on the Financing Risk of Listed Real Estate Enterprises

房地产企业在我国国民经济中占有重要地位,其健康发展对国家市场经济健康发展和金融秩序的安全稳定具有深远影响。本文在系统分析16家以“强扩张,高杠杆”为主要融资战略的上市房地产企业融资风险现状及存在问题的基础上,以K公司为例,探讨近年来房地产企业在过度举债扩张下发生的集体违约潮凸显出的融资风险问题的成因及风险管理路径,针对性提出对策和建议,以期为新时期房地产企业的融资风险防范与管理提供借鉴。

Real estate enterprises play an important role in China's national economy.They have a far-reaching impact on the healthy development of the national market economy,as well as the security and stability of the financial order.This paper systematically analyzes the financing risk status quo and problems of 16 listed real estate enterprises with“strong expansion and high leverage”as their main financing strategy,and takes Company K as an example to explore the causes of the financing risk problems highlighted by the wave of collective defaults of real estate enterprises in recent years under the over-indebtedness expansion,as well as the risk management path.Finally,this paper puts forward corresponding countermeasures and suggestions,with a view to providing reference for the management of financing risk of real estate enterprises in the new period.