The Study Of The Effect To Financing Model Of Real Estate Enterprises Which Coused By The New Capital Management Rule

Recent years,Chinese economy have a steady development,but for the effect of word's economy environment becomes deteriorate,Chinese economy appears a state that export descent and domestic demand dispirited.To change this state,Chinese government increase financial payout for domestic market.In few years' free development,Chinese economy becomes better than ago but also have new problem that industrial organization become averse to continue development.Capital prefers to the market of coal-mining,steelmaking and real estate.At the same time,the capital market's height leverage and passageway business take a great systematic risk.To solve these problem,Chinese government becomes adjust the real economy and capital market.On the one hand,government demand that real economy market should eliminate over-capacity and sold out their stock,on the other hand,capital market should reduce the leverage and abandon passageway business.Unfortunately,Chinese capital market starts later than other country and lack of supervision.The supervisions for bank,securities company and trust company are independent from each other.This phenomenon leads to a fact that the supervision always happens later than the problem appears.To change the fact,Chinese government put its hand to make a universal legal for capital market.At April 2018,The People's Bank of China together with China Securities Regulatory Commission and China Banking and Insurance Regulatory Commission,promulgates the New Capital Management Rule.It means that Chinese capital market will have a universal legal and more strict supervision.After the New Capital Management Rule promulgated,Chinese capital market became change itself to the formation which stipulated by the New Capital Management Rule.AS provider of capital,any change of capital market will be showed at the capital's recipient side.The more capital be needed,the more effect be showed.Real estate is a capital-intensive trade,it is very sensitivity to the capital flow.The New Capital Management Rule make restrictions to channel business and projects that are classified as equity but are effectively like debt which were widely used in real estate trust market.Therefor the research on the issue that what and how effect the New Capital Management Rule had made at real estate financing model has great meaning both in theory and reality.China Fortune Land Development Co.,Ltd has great representativeness between Chinese real estate companies,and it also has the new industrial town which is the future development directions of Chinese real estate companies.Therefor chose China Fortune Land Development Co.,Ltd as the study object have a great value.This paper aim for the financing model's chosen of China Fortune Land Development Co.,Ltd before and after the New Capital Management Rule polished,thought DuPont Analysis,Case Analysis and trade lateral correlation come to a conclusion that when real estate company lack of capital for the policy reason,it more attend to tend to bond financing to get capital rather than consider its capital structure problem.in addition,the study also realize that real estate company is tending AssetLight Strategy model to optimize its internal financing.This paper through the study the effect that the New Capital Management Rule had made to real estate,to realize hoy the policy affects capital market and real estate.And also,it can realize what financing model real estate company prefer to chose when it lacks of money.This paper will have a certain reference function when the government makes rule and real estate company decide its financing model and development direction.In addition,when I use DuPont Analysis to analyze financial index,I found that it will provide when the index was broken up.