Research On The Financial Effect Of Perpetual Bond Financing Of Real Estate Enterprises Under The "new Perpetual Bond Accounting Regulations

The growth rate of the real estate industry has continued to slow down in recent years.Due to the poor market environment and strict regulatory restrictions,it is a common phenomenon that companies in the industry are facing the pressure of insufficient funds and broken capital chains.The urgent need for scale-up real estate companies is to reduce debt while ensuring liquidity to cope with financial pressures and financing regulations.In theory,perpetual bonds are debt with no fixed term.Investors cannot demand repayment of principal,while borrowers can defer interest payments.Due to these advantages,perpetual bonds are popular among innovative financing tools,providing strong support for real estate refinancing.With the continuous application of perpetual bonds in financing practice,government agencies are also committed to guiding and regulating the healthy development of emerging financing instruments,and making more complete regulations on the issuance and measurement of perpetual bonds.The case company selected in this article is " CFLD "(China Fortune Land Development),which has conducted a large amount of perpetual bond financing in recent years,and is a very representative company for the application of this financing method.Based on the case companies and the overall situation of the industry,the article uses qualitative and quantitative analysis methods to conduct an in-depth analysis of the application and financial effects of perpetual bond financing in real estate companies.This article supplements the existing academic research.The thesis begins by introducing the practical and policy basis of the questions raised in the thesis,and concludes that this research has certain practical significance for the following two aspects.One is to study the practice of relevant accounting policies,and the other is to evaluate the effect of perpetual bond financing.By sorting out the current theoretical and practical research situations related to perpetual bond financing,the author seeks breakthroughs and inspirations for research work.Then,taking the overview of relevant theories as the theoretical basis of the analysis,the second chapter describes the important concepts that need to be clearly defined in the text,and briefly introduces the relevant theories of perpetual bonds.The third part is the analysis of the financing scheme used by the case enterprises.When discussing accounting issues,we focus primarily on the recognition and measurement of accounting attributes.Reflecting the economic substance of a particular transaction is the most important measure when a company chooses an accounting recognition and measurement method.This part finally evaluates the accounting treatment of the case enterprise perpetual bond financing,and believes that it is reasonable in line with the policy,but there are also deviations from the accounting principles.The fourth part analyzes the direct financial effect of perpetual bond financing through the comparative calculation of financial indicators,and uses the DEA model to judge the efficiency of perpetual bond input and output.Through case analysis,this research draws the following main conclusions:through the design of clauses and the application of accounting policies,and using existing accounting rules,perpetual bonds beautify the asset structure and debt structure(as an equity tool on financial statements),and also make use of existing accounting rules.It plays a role in alleviating the liquidity pressure of enterprises,and may have a positive impact on the financial status and profitability of enterprises.However,in general,the financing efficiency of the case companies and most companies in the real estate industry is not good enough,relying on the expansion of scale,and there is still a lot of room for improvement in order to truly play the positive role of perpetual bond financing.Finally,based on summarizing the study of each part,the article attempts to present some suggestions for future reference,aiming at the problems that the research object needs to pay attention to in the application of perpetual bond financing,as well as the development direction of perpetual bond-related regulations.