Research On The Risk Of Debt Financing Of BRC

Since the idea of deleveraging was formally proposed in 2015,all sectors of the national economy have been developing around the core idea of deleveraging,but real estate development enterprises are more dependent on leverage due to their special industry attributes.In 2020,the state has strengthened the deleveraging efforts for real estate development enterprises,and the over-reliance of real estate enterprises on the leverage coupled with the centralized debt payment period in 2020 has caused a large number of real estate enterprises to have debt incidents,thus falling into the predicament caused by debt financing,and the debt financing risk faced by enterprises is further increased.This paper selects Sichuan Blu-ray Corporation(referred to as "BRC")as the case study object.On the basis of debt financing and other relevant theories,BRC is introduced and composed through the overview of corporate profile and debt events.Based on the data of BRC in the past five years,a longitudinal analysis is made on the general situation of corporate debt financing from four aspects: the scale of debt financing,the structure of debt financing,the term structure of debt financing and the bank-related loan defaults.At the same time,the data of 10 listed companies in the same industry in the past five years were collected to intuitively understand the debt paying ability of BRC by combining horizontal and vertical comparison,and finally identify the main sources of debt non-compliance financing risks of BRC.Fundamentally,the cause of the expansion of risk is the contradiction between macroeconomic policy and industry environment changes and backward aggressive development strategy resulting in excessive debt financing scale,unreasonable structure of debt financing,unreasonable term structure of debt financing and the increasing of other market risks,eventually lead to the outbreak of the debt financing risk.Through the revised Z-Score model and KMV model,this paper assesses the debt financing risks faced by BRC,and finds that the development of BRC has a great debt financing risk at present,and the risk will continue to expand.Finally,in view of the debt financing risk dilemma of BRC,this paper analyzes the external factors of the enterprise,such as macroeconomic policies and government support,as well as internal factors,such as the establishment of a risk warning mechanism,and the enhancement of its own profitability and anti-risk ability.Through the macro,medium and micro levels,some control measures and suggestions are given to BRC to prevent and defuse debt financing risks,hoping to provide effective countermeasures and suggestions for the debt financing risks encountered by BRC.