Research On The Risks Of Real Estate Enterprises' Disguised Equity And Debt Financin

With the increasing contribution rate of the real estate industry to China’s national economy,in order to implement the positioning of “housing does not speculate”,the state began to introduce corresponding policies to regulate and control,from the purchase limit to the price limit,to the loan tightening policy of major financial institutions,as well as in 2020,the central bank,the Ministry of Housing and Urban-Rural Development for real estate enterprises to introduce capital monitoring and financing management of the “three red lines” policy,have made the industry environment more complex.Under the pressure of policy regulation,Real Debt in the Name of Shares(RDNS)has won the favor of many real estate enterprises by virtue of its advantages of beautifying financial statements and alleviating corporate financing pressure.However,RDNS has the characteristics of implicit debt,which will bring many risks to the enterprise while enhancing the financing ability on the balance sheet.Once the hidden risk accumulates and erupts,it will be more lethal.And from the current development of real estate enterprises’ RNDS financing,it is faced with the situation of late start,imperfect industry,lack of professional talents,unclear division of professional concepts,imperfect system and loose risk management,so that in recent years,many real estate enterprises’ RNDS financing projects have frequent debt risks.Therefore,it is particularly necessary for the survival and development of real estate enterprises to study the risk of RDNS financing and its control countermeasures.This paper first reviews the domestic and foreign scholars’ research on the RDNS financing and its financing risk.It is found that most scholars’ research on the RDNS financing of real estate enterprises focuses on the perspective of law and tax law,and the definition and analysis from the perspective of accounting are lacking.Since its listing in 2015,Blue-ray Development has encountered the regulation of national macro policies.In order to circumvent industry supervision,it has to adopt a large number of new financing methods.Therefore,this paper chooses Blue-ray Development,which is frequently financed by the RDNS in real estate enterprises,as a case,and takes the management process of risk management theory “risk identification,risk assessment,risk control” as the writing idea.Through reviewing the interest demands and basic characteristics of the RDNS financing of real estate enterprises in China,combined with the financial situation of Blue-ray Development,deeply analyze the causes of the risk,mainly from the radical expansion strategy of Blue-ray Development.And this paper identifies the debt repayment risk,net profit erosion risk,equity repurchase risk and control dilution risk hidden behind the RNDS financing of Blue-ray Development.In order to evaluate the impact of the RDNS financing on Blue-ray Development more truly and accurately,this paper modifies the traditional evaluation method of financing risk of real estate enterprises,restores the RDNS from “owner’s equity” to“liability”,and uses the modified financial leverage coefficient method and the modified Z-score model calculation method to evaluate the financing risk qualitatively and quantitatively.The study found that the financing of real debt has“concealment”,which can temporarily reduce the asset-liability ratio of enterprises,but the nature of its debt has increased the financing risk of Blue-ray Development.Finally,according to the causes of the risk,the corresponding control countermeasures are put forward,including optimizing the debt structure,broadening the financing channels,setting a reasonable debt scale and establishing a risk prevention system,in order to provide some reference for other real estate enterprises.