Research On The Financial Strategy Of Evergrande Under The Orientation Of "No Speculation In Housing And Housing"

As an important part of our national economy,the real estate industry has a great significance to our country’s economy and the social development.In recent years,in order to restrain the rapid rise of housing prices,the government has introduced new control policies to guide the steady development of the property market.However,due to the immature Chinese capital market and the characteristics of the real estate industry,Chinese real estate enterprises generally face problems such as single financing channels,tighter loans from financial institutions,continuous cooling of the terminal market,heavy assets and high leverage.Once the government regulation policy,financing environment and market demand change,the highly leveraged real estate enterprises are easy to break out of the debt crisis because of the capital chain.Under the background that "no speculation in housing and housing" has become the main keynote of real estate regulation and control,the formulation and implementation of financial strategies consistent with national regulation and control policies are helpful to promote the virtuous cycle and steady development of real estate enterprises.Therefore,this paper combines corporate financial strategy with the policy of "housing,housing and housing without speculation",aiming to improve the match between corporate financial strategy and regulation policy,to promote the effective implementation of financial strategy and the realization of strategic objectives.This paper takes Evergrande,which has a huge debt crisis,as the research object,and makes an in-depth study of its financial strategy.First of all,the regulation and control policies put forward under the position of "housing and housing without speculation" are analyzed and their impact on the financial strategy of real estate enterprises is analyzed.Secondly,Introducing the general situation of Evergrande and focusing on the analysis of the current financial strategy of Evergrande under the position of " housing and housing without speculation".On this basis,it further analyzes the matching between financing,investment and dividend strategies of Evergrande,and finds that the matching between financing and investment strategy,financing and dividend strategy,investment and dividend strategy of Evergrande needs to be improved.Thirdly,it evaluates the implementation effect of Evergrande’s financial strategy under the position of "no speculation in housing and housing".It finds that Evergrande’s financing,investment and dividend strategies are all aggressive and its financial strategy fails to comply with the changing trend of national regulation and control policies.The specific performance is as follows: excessive use of financial leverage at the financing end,unreasonable capital structure and difficult guarantee of debt paying ability;The investment end promotes the diversification layout aggressively,the investment benefit is not good;The dividend end insists on paying high cash dividends,aggravating the situation of capital shortage.Finally,Summarize the experience and enlightenment for the problems existing in Evergrande’s financial strategy.Based on the analysis of financing,investment and dividend strategies respectively,this paper further analyzes the matching between financing,investment and dividend strategies,so as to more comprehensively analyze the problems existing in Evergrande’s financial strategy and provide a richer perspective for the optimization of corporate financial strategy.In addition,by combining the financial strategy of real estate enterprises with the policy of "no speculation in housing and housing",this paper can make the financial strategy of the enterprise better conform to the national regulation and control policy,provide financial basis for the adjustment and optimization of the financial strategy,and have certain reference value for the formulation and optimization of the financial strategy of other real estate enterprises affected by the policy regulation and control.