Research On The Impact Of Macroeconomic Factors To The Real Estate Enterprise

Real estate company as a pilot, basic industries, huge market size, relationship to the national economy, both by restricting its development of the national economy, but also on economic development has a huge role in promoting. However, the real estate belonging to the capital-intensive industry, real estate enterprises are operating with high debt and high upfront investment characteristics, allows companies need to use the funds to support other, which leads to high-risk real estate. Strengthen credit risk research the real estate business for the real estate industry to promote the healthy development of great practical significanceIn recent years, a number of events at home and abroad, showing the real estate credit risk is affected by macroeconomic factors. This paper describes the macroeconomic theory and real estate credit risk on the basis of the relationship between real estate credit risk and macroeconomic analysis done. Subsequently, the paper KMV model as a measure of the real estate business credit risk approach to 53 listed real estate companies as samples, calculate the distance to default real estate companies, real estate companies and as a measure of credit risk indicators. On this basis, the use of panel regression model to be interpreted as a breach of the distance variable, macroeconomic indicators as explanatory variables, the real estate business financial indicators as control variables, the relationship between macroeconomic factors and credit risk do an empirical test.The empirical results show that this paper selected macroeconomic indicators in the GDP growth rate, the consumer price index, rates, money supply, there is a significant relationship with the real estate business credit risk. Finally, the conclusion of the study, proposes to strengthen the real estate business of credit risk management recommendations:strengthen their ability to cope with economic change; creditors should be concerned about the macroeconomic impact of credit risk; strengthen the real estate credit system; improve existing risk assessment methods.