Prioritizing real estate enterprises based on credit risk assessment:an integrated multi‑criteria group decision support framework

Credit risk assessment involves conducting a fair review and evaluation of an assessed subject’s solvency and creditworthiness.In the context of real estate enterprises,credit risk assessment provides a basis for banks and other financial institutions to choose suitable investment objects.Additionally,it encourages real estate enterprises to abide by market norms and provide reliable information for the standardized management of the real estate industry.However,Chinese real estate companies are hesitant to disclose their actual operating data due to privacy concerns,making subjective evalu-ation approaches inevitable,occupying important roles in accomplishing Chinese real estate enterprise credit risk assessment tasks.To improve the normative and reliability of credit risk assessment for Chinese real estate enterprises,this study proposes an integrated multi-criteria group decision-making approach.First,a credit risk assessment index for Chinese real estate enterprises is established.Then,the proposed framework combines proportional hesitant fuzzy linguistic term sets and preference ranking organization method for enrichment evaluation II methods.This approach is suitable for processing large amounts of data with high uncertainty,which is often the case in credit risk assessment tasks of Chinese real estate enterprises involving massive subjec-tive evaluation information.Finally,the proposed model is validated through a case study accompanied by sensitivity and comparative analyses to verify its rationality and feasibility.This study contributes to the research on credit assessment for Chinese real estate enterprises and provides a revised paradigm for real estate enterprise credit risk assessment.

Research on knowledge management contribution rate measurement for real estate enterprises

Based on the improved method of Solow's residual value,through the introduction of potential analysis method,a measurement model of enterprise knowledge management contribution rate(KMCR) is put forward in this paper,and is estimated by the performance measure of a real estate enterprise for implementing knowledge management(KM),then the results have shown that the model and the method have good feasibility.

Research on construction knowledge resources framework of real estate enterprises

Many studies have shown that knowledge resources have been the real source of innovation and competitiveness of real estate enterprises. Therefore, it is the basic work to establish the real estate enterprise knowledge resources framework for implementing knowledge management（KM）,and it should be given enough attention. A sort of the real estate enterprise knowledge resources framework system has been built in this paper based on the thought of Clark ＆ Henderson＇s enterprise knowledge classification, and the contents have been analyzed and expounded. Thus, the real estate enterprises can grasp clearly the basic contents of its knowledge resources, then depict the knowledge system, in the end the solid foundation should be settled for implementing knowledge management.

Motivation,Dilemma and Countermeasures of Foreign Bond Financing of Real Estate Enterprises:Based on Perspective of Financial Internationalization

Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.

Full-Process Cost Control of Real Estate Development Enterprises

In the present paper, cost control existing in stages of decision making, drawing design, construction bidding, construction, completion settlement, product sales of real estate development are analyzed and solutions for cost control in each stage are provided.

On Financing Models of Real Estate Enterprise

Against the background that the central government is strengthening macro control and tightening credit scale of real estate businesses, financing capacity becomes the determinant for a real estate enterprise＇s development. Domestic enterprises have many ways of financing, and this paper describes ten common models, simply analyses the advantages and disadvantages of each model, while explains and recommends three financing models with practical examples： individual entrusted loan, trust financing and assets securitization.

Research on the Low Carbon Development Strategy of the Real Estate Enterprise Based on the Whole Life Cycle of the Project

This paper analyzes the present development situations of the real estate industry, puts forwards the low carbon development strategies based on the project life cycle for the real estate enterprises, and points out the corresponding assistant suggestions according to the predicament in the implementation of low carbon strategy. The purpose is to provide a theoretical reference for low carbon development of the real estate enterprises and the healthy and sustainable development of the real estate industry.

Research on Influence of ＂Business Tax to VAT＂ Reform on Real Estate Enterprise

This year is a crucial year of pushing forward the reform of supply side structural. Tax cuts is a simple, direct and effective measure. ＂Business Tax to VAT＂ reform suit the needs of the structural adjustment. It also has a positive effect on getting through the deduction of VAT chain, completely promote the market specialization, promote the organic integration of the second and third industry in our country. On Mayl, 2016, our country implemented ＂Business Tax to VAT＂ reform pilot, Including construction, finance, real estate and life services in the scope of the pilot. The policy implementation will inevitably bring different level tax burden influence to the enterprise. In this article, through analysis of the state council issued the ＂Business Tax to VAT＂ reform file, together with the present situation of China＇s economy, the real estate enterprises camp to increase after taxes influence and studied.

The application of modem cost management in real estate enterprise

This paper will be on the real estate development enterprise cost analysis and cost forecast, decision-making, plan, control, analysis and feedback were described, as well as how to use value engineering to enterprise value chain each link cost allocation, ut also to the enterprise strategy analysis and research, as well as cost management and strategic interaction analysis. Finally, it has a cost of real estate development enterprises case analysis and research. The author believes that the article will be on the real estate development enterprise management have some practical significance.

Measuring China's Real Estate Financial Innovation from the Perspective of Government,Enterprises and the Public:Index Compilation and Its Spatial-Temporal Characteristics Analysis

In recent years,China has witnessed the rapid development in housing finance,and there have emerged constantly real estate finance innovations;however,there exists no relevant index for measuring the innovations of China's real estate finance.Based on the perspectives of the governments,enterprises and the public,this paper constructs the"innovation index of real estate finance"on a quarterly basis from 2009 to 2019,with the method of empowerment which combines the subjective method(analytic hierarchy process)and the objective one(range coefficient method).It clearly and concretely depicts the innovations in housing finance and the related temporal-spatial characteristics in China since the outbreak of the financial crisis in 2008.The index covers 30 provinces,autonomous regions and municipalities directly under the central government,and analyzes its temporal and spatial characteristics.The findings show that there exist a strong spatial autocorrelation and a big regional difference in innovations.

Over 2000 Real Estate Development Enterprises in china

We have learned from the Departmentof Real Estate Industry of the Ministry ofConstruction that the urban real estate in-dustry in China is on the upward trend.Real estate business bodies have been set upin 167 cities with real estate development en-terprises grown from just over ten to over2000 in cities and towns throughout thecountry and an annual developmet value

新时期房地产企业融资困境及应对措施分析

随着经济的发展,房地产行业成为我国国民经济的支柱行业,因其具有项目建设周期长、资金需求量大等特点,科学合理的融资管理对房地产企业至关重要。然而,随着国家政策加强监管以及大量企业涌入房地产市场,越来越多的房地产企业目前面临许多融资相关难题。文章首先对房地产企业目前的融资特点和融资管理对房企的重要性进行介绍,之后深入分析了房地产企业目前的融资困境以及针对融资困境提出了相应的解决措施,以期能对面临相同融资问题的房地产企业有所启示。

限购政策对我国房地产上市企业杠杆率的影响

完善住房市场体系是国民经济中的重要议题,限购政策作为政府稳定和调节房地产市场的主要手段,对房地产企业以及住房市场体系建设均有重要而深远的影响.利用2008—2013年与2015—2021年上市房地产上市企业的相关数据,通过构建强度双重差分模型实证分析了两轮限购政策对房地产上市企业杠杆率的影响及其作用路径.结果表明:限购政策显著降低了房地产上市企业的杠杆率,但第二轮限购政策的效果不显著;对债务期限结构进行区分后,发现第一轮限购政策对房地产上市企业短期杠杆率的抑制作用更加明显;异质性分析表明:限购政策显著降低了行政级别最高的直辖市房地产上市企业的杠杆率,且对非国有房地产上市企业的影响更为显著;经济后果检验表明:限购政策推动了房地产上市企业去杠杆的同时,也抑制了房地产上市企业“脱实向虚”,降低了房地产上市企业的债务违约风险.

基于熵权-TOPSIS模型的房地产企业绿色发展评价研究——以HR公司为例

中国经济持续快速发展所引发的环境问题使得国内房地产企业面临着前所未有的绿色发展机遇。以房地产行业内追求绿色发展的HR公司为研究对象,从绿色效益、绿色科技、绿色建造、绿色采购、绿色能源、绿色管理及绿色营销7个方面选取了22个指标,将熵权法与TOPSIS模型结合形成了熵权-TOPSIS模型,以此构建了房地产企业绿色发展评价体系。结果表明:2016-2021年HR公司的绿色发展水平整体呈上升趋势;其在不同方面的绿色发展水平存在明显差异,绿色发展重点集中在绿色建造、绿色科技、绿色管理及绿色能源方面。

房地产企业粉饰负债测度及其对公司经营的影响

在“房住不炒”“三道红线”等调控政策背景之下,房地产企业可能产生“粉饰负债”等机会主义行为,严重损害企业财务信息披露质量,进而干扰市场决策并削弱政策效果。因此,本文以2011—2022年中国沪深A股房地产上市企业为样本,测度房地产企业粉饰负债规模,并实证检验房地产企业粉饰负债对公司经营的影响。研究发现:中国房地产企业存在粉饰负债的机会主义行为;房地产企业粉饰负债,可以在短期内避免债务违约,在长期却使得投资效率降低和现金流约束加强,其本质是用短期利益去置换长期利益;国有产权能够发挥治理作用,在一定程度上缓解以上负向影响,而董事长性别与学历在短期内会有较弱的促进作用。

ESG新闻情绪与房地产企业债务风险——基于投融资期限错配的视角

房地产企业健康的投融资决策,是促进金融与房地产良性循环的重要保障。基于2007—2021年ESG新闻报道和房地产上市公司数据,实证考察了ESG新闻情绪对房地产企业投融资期限错配的影响及其传染机制。研究发现:积极的ESG新闻情绪能有效缓解房地产企业的投融资期限错配,且主要通过缓解委托代理矛盾和融资约束来实现。异质性分析表明,对处于成熟期、市场信息不对称度高的房地产企业而言,ESG新闻情绪对其投融资期限错配的纠偏作用越明显。此外,基于ESG媒体关注的分析也进一步印证了媒体对房地产企业的投融资期限错配问题具有重要的治理功能。本研究不仅为企业投融资行为的研究提供了新视角,也对企业改善外部信息环境、缓解错配困境有一定现实意义。

国有企业在中国房地产业发展中的使命、地位与作用研究

基于历史维度,分析我国房地产制度改革的历史进程,可以揭示出国有企业在中国房地产业发展的不同时期的使命、地位和作用。从新中国成立到1978年房改之前,国有企业承担了巩固社会主义公有制的重要使命,逐渐取得了绝对主体地位,发挥了房地产生产消费的主导作用。从1978年到1998年房改之前,国有企业新增加了培育市场主体的使命,在房地产行业占主导地位,发挥了控制作用。在1998年房改后的阶段,国有企业增加了弥补市场失灵、做强做优做大国有资本的使命,在房地产业发展中的地位有所下降,发挥了带动支撑作用。

中央环保督察对上市房地产企业价值影响的实证研究

房地产业是国民经济的支柱产业,也是典型的高排放、高耗能行业,在蓬勃发展的同时也产生了大量环境问题。以平衡环境保护与经济增长关系为主要目的的环境规制,正通过创新、融资、信息披露等维度对房地产企业价值产生影响。为了客观评价其影响程度,本研究利用2012—2021年我国上市房地产企业的相关数据,构建强度双重差分模型来进行深入探究。结果表明:中央环保督察对上市房地产企业价值具有负向影响,第二轮中央环保督察对企业价值抑制效应更为明显;不同类型的上市房地产企业受影响程度存在明显差异,中央环保督察对小型非国有上市房地产企业价值产生负向冲击,而对大型国家上市房地产企业价值形成正向促进。据此,本研究针对房地产企业有效应对环境规制提出相应建议。

房企破产中购房合同的处理方式

购房合同的处理无疑是房企破产的焦点之一。从系统性风险和法治化双重视角看,管理人原则上应当选择继续履行现房合同并认可已支付房款的优先权地位和对房企违约金的劣后债权地位;从房屋续建可能产生的价值提升以及消费者住房生存权益的保障角度看,管理人原则上也应当选择继续履行期房合同。与普通待履行合同的处置模式不同,购房合同的处置应转变为购房者的多层次自决:基于债务人追加担保及共益债保障的障碍,购房优先权人有权逐一决定是否接受现金清偿或是等待交房,且全体购房债权人基于对重整风险的分摊和自身权益的让步,均有权对重整计划、续建方案等事项进行表决,并根据其付出的时间与金钱成本分享房企继续履行购房合同的成果。在其他融资途径均行不通的情况下,可以由选择交房的购房者出资续建,且其出资额形成共益债务。同时还应充分利用数理思维来维护购房者之间的同质性及相应的权利救济。

府院联动视角下化解处置问题楼盘的规范进路

目前化解处置问题楼盘面临诸多困境,现有解决方式乏力,问题楼盘的现实症结在于“再融资”和“再运营”难题,集中表现为融资方式单一和破产房企信用殆尽。以行政权和司法权的良性互动化解处置问题楼盘是缓解并消除社会矛盾的全新视阈,将府院联动机制嵌入问题楼盘化解具有价值统一性和需求一致性,亦可弥补行政失位并促进司法能动。依托府院协作构筑破产信用修复制度可缓解“再运营”障碍,为非法律事务的现实羁绊松绑;应用府院协同搭建新样态融资渠道可解决“再融资”难题,推动烂尾工程融资续建。借助政府和法院的双重力量有益于问题楼盘化解处置,促进房地产开发企业重整再生,进而实现资产盘活和资源流动。