Analysis Of The Impact Of Macropolicies On Working Capital Of The Real Estate Industry

With the continuous development of the marketing economic system in ourcountry,commodities are rich and People’s material life have a great advance in the new eraof21st century. From the early nineties of the last century，the real estate industry has beengradually growing and constantly improving with the development of the national economyand reforms of the real estate policy. It also drives the development of other relevantindustries as a great contribution to the national output. In recent years, the growth of realdisposable income can’t keep up with the rise in house prices and the housing price toincome ratio has been on the high side，because our country is a large population and marketdemand for land is hard. Many speculators also benefit from the real estate industry when itis recognized as the profitable business. Real estate attributes fund concentrated modelindustry with the technical content low and long period of investment. But real estateindustry is facing a fierce competition and potential industry recession.Macropolicies is theguarantee of the people live and work and its the healthy and orderly development. Thereforeanalysis of the impact of macropolicies on working capital of the real estate industry havegreat theoretical and pedagogical significance.Real estate listed company is the main power in the real estate industry in our country,in the whole industry plays a leading role in the demonstration. In this paper the Shanghaiand shenzhen exchanges in2006to2010real estate industry A shares listed company as theresearch object. Data is from listed company annual reports and China listed companiesoperating funds management performance each annual rankings. According to the policyguidance and influence of the different results, macro polices on real estate have be dividedinto three stages in chronological order,analysing the impact of macropolicies on workingcapital of the real estate industry. The conclusion is that macro policies on the real estateindustry financing channels、methods sales and inventory of working capital structure such asthe number of projects have influence. Inventory scale of real estate of the listed company isexpanding every year. And inventory to total assets proportion is almost certainly too high.Accounts of receivable and payable are consistent with macro policy changes. In thedeflating monetary policy, accounts receivable and accounts payable is shorten the cycle timegave trend. In the opposite case, two indexes would be extended. In the channel analysisfound that deposit received of real estate industry is the large proportion of current liabilitiesand marketing channel cycle time gave the industry average has been negative. Inventorymainly focus on production channels and the stock is a single purchase channel with rawmaterials mainly. So based on the macro policy adjustment, effectively adjust every channelinventory structure and quantity are very necessary. Macro policy on different scale of realestate enterprises affect different with the case analysis.With China’s real estate working capital management level and the present situation ofmacroeconomic policy, puts forward three suggestions on real estate enterprise workingcapital management. First to face policies to the real estate industry with correct understanding and actively respond. Secondly enterprise to market and national macro policydirection should have certain foresight. Last expanding enterprise financing canal, perfectenterprise comprehensive budget management, working capital risk management system,improve the enterprise operating funds utilization efficiency, ensure enterprise conform to thenational health fair.