Research On Credit Risk Of A-share Real Estate Listed Companies

As the urbanization process continues to deepen,and real estate as a national rigid demand,leading to rising housing prices,more and more speculative credit funds have entered the real estate market.As a major participant in the real estate market,real estate development companies need a lot of funds in the development process,and commercial bank credit funds are their important sources.If a real estate development company fails to invest due to the bursting of the asset bubble,the commercial bank's credit funds cannot be recovered,and it faces a huge credit default risk.In addition,there are also credit activities between real estate development companies and companies in other industries.If the scope of credit risk is further expanded,it will have a huge impact on the stable development of real estate companies and companies in other industries,as well as the economy and livelihood of the entire country.Therefore,it is of great significance to measure the credit risk of real estate development enterprises.Based on the above analysis,this article first sorted out the qualitative and quantitative research methods of credit risk,combined with China's real estate market economic development in the past decade,reviewed the evolution of real estate macro-control policies,and analyzed the process of real estate bubble generation and real estate enterprise credit risk and bank finance The related channels of the organization were analyzed.Then select real estate listed companies engaged in real estate development and management from 2009 to 2018 as the research object,adopt the idea of linear regression fitting to reset the default point,use the KMV model to quantitatively measure the credit risk of listed real estate companies,and examine the government's implementation of austerity Whether the real estate regulation and control policies can effectively reduce the credit risk of real estate development enterprises.Finally,this article puts forward policies and suggestions on how to prevent and control the credit risk of real estate development enterprises from thelevel of real estate development enterprises,commercial banks and government.