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 Risk Assessment of Real Estate Development Project under Reform of the Supply side

During the key period of our country＇ s transformation of economic development mode and adjustment of the industrial structure, real estate market is the key areas of China＇s economic reform. Whether de-leverage and destocking could be achieved directly related to China＇s economic development can achieve the smooth transition and the sound and rapid development of economic. But the rapid development of the real estate industry leads to high prices and several years of continuous policy control to make real estate development reasonable. Based on the current situation of the real estate market in our country, this paper establish real estate risk assessment model. Take the actual case of A city development project as an example. First, calculate and analysis synthetically by fuzzy comprehensive evaluation method. Finally the evaluation results of the model are consistent with the actual project development. It provides development project risk strategy for real estate enterprises.

Energy Price Fluctuation and Real Estate Market Risk Prevention——Empirical Evidence at the Prefecture-Level City Level in China

The impact of energy price fl uctuation on the macro economy is a hot issue that is continuously concerned by the academic community,but few literature have paid attention to the impact of energy price fl uctuation on housing price and the financial risks that may arise.Based on the data of cities at and above the prefecture level in China,this paper empirically examines the impact of energy price fl uctuation on the price fl uctuation of the domestic real estate,and analyzes its infl uencing mechanism and transmission pathways.The results show that changes of energy price will significantly affect the fl uctuation of domestic real estate price,and it is more obvious in large cities and megacities.Energy price affect the demand for housing through changes of interest rate levels on the one hand,and the supply of the real estate market through the cost of housing construction on the other hand,which leads to housing price fl uctuation.After a series of robustness tests,the results are still valid.At the same time,the effect is asymmetric,that is,higher energy price increases the fl uctuation of house price,but the impact of falling energy price is not significant.Therefore,when preventing real estate market risks,energy price should be considered as a forward-looking indicator to focus on,and the regulation and control policies of the real estate market should be scientifically formulated.This paper not only provides a new perspective on the mechanism of housing price formation,but also enriches the research on the interconnection between energy and financial markets.

Fuzzy Set-Based Risk Evaluation Model for Real Estate Projects

With the rapid development of residential real estate market, risk evaluation has been an important task in the process of project. This paper describes a risk evaluation method for residential real estate projects based on fuzzy set theory which uses linguistic variables and respective fuzzy numbers to evaluate the factors. The primary weights of factors and evaluation of alternatives are determined by applying linguistic variables and fuzzy numbers. The notion of Shapley value is used to determine the global value of each factor in accomplishing the overall objective of the risk evaluation process, so the primary weights are revised, thus the importance of factors can be reflected more precisely. A major advantage of the method is that it allows experts and engineers to express their opinions on project risk evaluation in linguistic variables rather than crisp values. An illustration is presented to demonstrate the application of the method in risk evaluation. The results are consistent with the results calculated by conventional risk evaluation method. The research demonstrates that the method is objective and accurate, and is of an application value in the risk evaluation for residential real estate project.

Taming grey rhinoceros:China needs to release financial risks urgently

At present,the“grey rhinoceros”in China’s financial sector mainly exists in the real estate bubble and enterprise debt accumulation.In order to release the financial risks accumulated in the past,on the one hand,we should weaken the economic growth indicators,resolve to eliminate the zombie enterprises,neutralize the monetary policy and change the incentive mechanism of the officials’assessment.On the other hand,we should also encourage the ideological emancipation to stabilize the expectation and further promote streamlining government and delegating authorities.

房地产行业冲击下的系统性风险

房地产是当前中国最大的“灰犀牛”之一.本文首次就房地产行业冲击对我国所有行业可能造成的系统性风险影响进行了压力测试.为克服以往二维压力测试无法刻画所有行业之间联动的问题,本文提出了一种新的动态高维Copula(DHDC)宏观压力测试方法.还提出了一种新的系统性风险度量—条件市值损失(CoMVL),它结合了已有风险度量CoES和MES的优点,又融入了市值信息,从而更好地测量负向冲击的影响.利用中国18个行业的指数回报数据,基于DHDC压力测试的实证分析表明:房地产行业冲击对其他各个行业产生了广泛的不利影响,如果未来一个月内房地产行业累积收益率下跌20%,将会导致制造业、金融业、信息技术业和采矿业的市值分别下跌10.14万亿元、0.81万亿元、0.65万亿元和0.42万亿元,收益率分别下跌29.10%、7.81%、15.27%和10.92%;房地产行业冲击对一个行业造成的市值损失75%以上归结于间接影响,即房地产行业通过影响其它行业而其它行业又对目标行业造成的影响.风险溢出网络分析表明,房地产行业冲击主要通过信息技术业、采矿业、批发零售业、交运仓储业、水电煤气业和建筑业六个行业对制造业和金融业产生了不利影响.拓展分析还表明,房地产行业冲击时间越长,对其他行业产生的不利影响也就越大;而且房地产行业负向冲击产生的影响要大于同等幅度下正向冲击产生的影响,即当前稳定房地产下跌预期对防范系统性风险相对更加重要.一系列稳健性检验都证实了本文结果的可靠性.本研究对于全面理解和防范房地产行业冲击对其它各行业可能带来的系统性风险具有重要的政策指引意义.

非对称信息视角下中国区域金融风险的影响机制

本文基于委托代理理论,构建非对称信息视角下中国区域金融风险影响机制的分析框架,并采用TVP-SV-VAR模型探究不同地区区域内金融风险影响机制的异质性。研究表明,非对称信息下金融系统委托代理行为致使商业银行存在信贷配给,资金倾斜助长了地方债扩张和房地产泡沫累积,一旦债务违约及泡沫破裂造成大量银行不良资产积聚,将引发区域金融风险。异质性研究发现,经济发达地区中房地产泡沫是区域金融风险形成的主导因素;经济次发达地区中地方政府过度举债是引致区域金融风险的主要冲击;而经济欠发达地区的区域金融风险是地方政府过度举债与房地产泡沫共同作用所致。国家金融监督管理总局应严控商业银行信贷资金流向,并对地方债扩张和房地产泡沫等区域金融风险影响因素实行“属性+对策”的差异化监管,构建风险治理的区域协作平台,提高区域金融风险的防范处置能力。

房地产市场与绿色金融市场的高阶矩风险溢出效应分析

随着我国绿色金融蓬勃发展,房地产业转型逐步提速,房地产市场与绿色金融市场互联互通程度逐渐加深,科学衡量两个市场间风险溢出效应变得尤为重要。基于GARCHSK模型和DY溢出指数模型,分析了房地产市场与绿色金融市场的发展现状、溢出机制及各阶矩风险溢出,聚焦高阶矩风险溢出。研究结果表明,两市场间存在具有显著时变特征的双向风险溢出;多数情况下,房地产市场是风险的净传递方,且对不同绿色金融市场的风险溢出情况有所不同。根据研究结果,围绕市场监管者、房地产开发企业和绿色金融投资者三个层面提出了政策建议。

当前房地产业风险状况及防范化解措施

房地产事关人民群众切身利益,事关经济社会发展大局。当前,房地产市场供需关系发生了重大转变,市场信心仍有待恢复。房地产市场供需两端快速下行,房地产企业流动性危机仍未解除,对上下游产业造成严重冲击,不仅加大了金融体系风险、地方政府债务风险,而且直接拖累经济增长。当前房地产行业所面临的危机实质是整个楼市的信心和预期的危机,当务之急,要多措并举,重塑市场信心,建立房地产健康发展的长效机制,推动房地产业平稳健康和高质量发展。

融资能力、偿债能力与房地产企业违约风险--基于房企实际违约事件的实证分析

试从投资者的角度出发,使用2017年以来房地产行业的实际违约信息,以2017—2022年A股及港股上市的139家房地产公司为研究样本,研究企业融资能力、偿债能力对房地产企业违约风险的影响。实证研究发现,企业的融资能力、短期偿债能力、长期偿债能力对房企违约风险具有显著影响。具体地,反映融资能力的综合融资成本上升会显著增加房地产企业违约风险,短期偿债能力与长期偿债能力的提升则有利于降低违约风险。此外,非国有企业对融资能力和短期偿债能力更为敏感。希望能够对投资者的决策选择,房地产金融风险调控的政策选择以及评级机构的模型选择提供新视角和实证证据。

日本房地产泡沫对我国房地产业发展的镜鉴

2021年以来我国的房地产市场供求关系已经出现根本变化,房地产市场的交易量和价格均出现明显回落。如何应对房地产市场的风险是当前我国宏观经济面临的重大挑战。环顾全球经济发展历史,日本应对房地产泡沫风险的经验和教训最值得我们借鉴。日本政府应对措施存在重大失误,耽误了政策救助的最佳时机,叠加经济基本面和人口的长期走弱,造成了私人部门长期的资产“负债表型衰退”,导致日本在房地产危机后经济长期低迷。我们要认真吸取日本的教训,尽量避免出现房地产市场泡沫破裂而导致的系统性风险,提前采取有力措施,防范化解房地产企业流动性风险等。要增强经济的自主性,减少对外部经济的依赖;要持续优化经济结构,推动产业转型升级,降低对房地产业的依赖,推动符合未来时代需求的高科技等产业发展。

不动产信托投资基金投资风险识别与价值影响量化研究——以招商局商业房托基金为例

REITs底层资产类型的扩容及已上市REITs的扩募,均需要不断对各类型、各时期的REITs底层资产价值进行审视,REITs价值评估变得至关重要,其中对投资风险的分析及其对投资价值的影响成为一个关键问题。文章分析REITs投资的风险来源,识别其主要宏观及微观风险,发现在美国、新加坡和中国香港REITs市场上宏观经济及资本市场对REITs投资收益的波动影响较小,主要风险来自微观层面。进而基于这些风险来源讨论REITs投资价值确定中主要风险度量参数—折现率的确定问题,提出三种公募REITs折现率的测算方法:基于同类上市房企β值的累加法、物业资本化率平均调整法、同类REITs收益率类比法。并以招商局商业房托基金(1503.HK)为例,采用三种方法量化其IPO定价中的折现率,为REITs投融资中合理估值的确定提供理论依据与实践建议。

动态视角下房地产贷款对银行业系统性风险溢出研究

基于Credit Metrics模型动态度量房地产贷款信用风险,运用双重ΔCoVaR模型分析框架量化其对单家银行风险的影响,以及对银行业系统性风险的溢出,将总体溢出分解为直接溢出和间接溢出,考量房地产贷款信用风险对银行业系统性风险的传导途径。结果显示:一方面,房地产贷款信用风险近年来整体呈上升趋势,且对银行业风险溢出显著,尤其是大规模债务违约和新冠疫情的爆发加剧了溢出效应。另一方面,房地产贷款信用风险的间接溢出大于直接溢出,且高(低)系统重要性银行产生了更大的间接(直接)溢出,表明高系统重要性银行由于与其他银行的业务联系密切,其贷款信用风险更易引发银行业内的连锁反应从而间接刺激风险爆发;低系统重要性银行因为依赖少数大型客户贷款,面临信用丢失时缺乏强劲的风险缓冲能力,更可能直接对银行业的稳定造成显著破坏。

我国工程建设代建制的发展与建议

我国房地产市场已经进入结构不平衡的存量时代,房地产业的转型升级、高质量发展,低端“产能过剩”的现象日益明显,迫切需要探索新发展模式,代建制契合了不同市场主体的发展需求。本文根据现代工程项目及风险管理理论,界定代建制、聚焦商业代建,针对市场周期波动、下行阶段,进行代建制的发展趋势分析、结构设计及风险分析,进而提出促进代建制平稳健康发展的措施建议。

不动产大数据在登记业务智能风险防控中的应用

不动产登记事关国计民生、涉及千家万户,不动产登记安全管理与风险防控的重要性日益凸显。各地不断推进不动产登记便利度改革,不动产登记事前防御、事中监管、事后审计的安全技术体系构建至关重要。本文以智能风险防控系统的设计框架和风险监管体系为研究对象,从大数据智能风险防控系统的关键技术出发,提出一种高可用、高性能的风险防控平台架构及风险监管体系构建方法。以广州市不动产登记业务监管平台为例,结合不动产登记业务类型与风险等级构建了监管内容指标体系,通过制定相应监管规则建立了“预警+监管”的管理机制,并在登记实务工作中得到应用和验证,对登记业务风险管理具有较高的实用价值。

论新时期房地产开发企业如何加强财务风险防控

在各大类型企业当中,房地产企业具有资金回流慢、投入成本高的特征,且十分容易受到国家政策影响,因此房地产企业所面临的财务风险远比其他民营企业更大,加强财务风险防控成为房地产企业当前重要的工作内容之一。文章第一部分阐述了财务风险的相关技术内容,第二部分分析了房地产企业财务风险识别,第三部分探讨了房地产企业财务风险发生的原因,第四部分提出了加强房地产风险防控的具体措施。

房地产企业风险承担水平对债务融资成本影响关系研究

以2010—2022年房地产上市公司为研究对象,以会计信息可比性作为切入点,研究了房地产企业风险承担水平对债务融资成本的关系影响。研究结果表明:会计信息可比性作为调节变量在房地产企业风险承担水平与债务融资成本的负相关关系中起驱动作用,且两者的负相关关系基于产权性质的不同有所差异。研究结论丰富了企业风险承担水平与债务融资成本的关系理论,并从会计信息可比性视角为房地产企业降低杠杆率、拓宽融资渠道、增强风险管控提供建议。

产业链视角下我国房地产市场的风险溢出效应研究

房地产市场与其超长产业链的相关行业存在紧密、复杂的关联。本文运用DCC-GARCH模型测算了房地产与产业链代表性行业间的动态条件相关性,并在此基础上度量了房地产市场对相关行业的风险溢出效应。研究表明:第一,房地产市场与产业链各行业间均有较高的动态条件相关性,两者之间存在显著的风险溢出效应,风险溢出程度随着房地产市场波动程度的加剧而增强;第二,房地产市场与产业链各行业间的风险溢出效应及风险溢出程度变动规律基本一致,具有十分显著的趋同性,与该行业处在产业链的上游或下游无直接关系;第三,房地产行业的融资需求十分庞大,房地产市场风险暴露并大量外溢,将导致金融端的银行业与非银金融行业面临巨大的违约风险。

当前房地产形势分析与趋势展望研究

当前房地产市场形势已经发生深刻变化,政策积极调整优化,适应新形势、新变化、新要求;金融风险持续释放,不断促进金融与房地产良性循环;市场不断下行筑底,跌幅有所收窄但信心有待提振;土地市场继续降温,出让收入进一步下滑,聚焦热点城市核心地块。展望未来,房地产市场以稳为主的政策目标不变,在政策层面,完善制度、明确思路,推动有力措施落地见效;在市场层面,回归市场、回归常识,更加关注需求本身;在企业层面,化解风险、战略转型,向房地产新发展模式平稳过渡。

我国房地产风险成因分析及未来发展展望

2009年以来,我国房地产市场通过“高负债、高杠杆、高周转”的旧发展模式获得了十余年的高速发展。文章首先分析了房地产旧发展模式形成的原因,包括经济增长和城镇化带来大量住房需求、支持政策不断推出、房企追求高利润等。随后,文章指出经济增速放缓、人口红利消退、政策调控等因素导致旧模式不可持续,引发房企信用风险频发,并梳理了房地产风险对政府、居民、企业的潜在影响。最后,文章展望了未来房地产市场发展趋势,预计未来几年仍处于深度调整期,商品房销售面积将逐步下降至2030年的9亿m2左右,房企或将探索多元化经营、财务结构优化、精细化运营等新模式,以降低杠杆、丰富收入来源、提升竞争力。