| In the past two decades,due to the continuous rise of real estate prices,a large number of domestic real estate development enterprises expand with the help of financial leverage.As a result,the real estate industry in our country recently capital chain rupture events frequently,causing widespread concern.And H Company as China’s largest industrial new city developers,in early 2021 also began to frequently issue debt defaults,capital chain rupture.Based on this,this paper selects H Company as the case study object.Based on the balance theory,the financial state theory,and the capital circulation and transfer theory,this paper analyzes the background,process and reasons of the H’s capital chain rupture.This paper firstly introduces the background of H’s capital chain breakage,the characteristics of industry capital chain,the introduction of H and its business structure.Secondly,it analyzes the investment status,operation status and return status of H’ s capital chain in turn from the three stages of capital chain operation.It is found that the performance of H is becoming less and less satisfactory in the three links.From this,it can be concluded that there are three problems in the operation of H’ s capital chain: the decrease of financing efficiency,the slowdown of capital backflow and existing the capital gap.Therefore,this paper summarizes the process of H’ s capital chain breakage.Finally,based on the above analysis,the deep-seated reasons for the breakage of its capital chain are discussed,and the findings are mainly in the following three aspects: firstly,there are inherent flaws in the operation model of H;secondly,the expansion strategy of H is too radical;thirdly,the financing capacity of enterprises has been declining.The above three reasons interacted with each other,which together led to the rupture of the capital chain of H.Finally,in the conclusion and recommendations,this paper proposes that enterprises can solve the current difficulties by ensuring orderly operation,actively stripping assets,risk isolation and debt restructuring.At the same time,summed up the same type of high leverage for other enterprises enlightenment.The innovation of this paper is to take capital as the starting point,analyze it from three stages of capital chain operation,and then get the deep-seated reasons for the rupture of capital chain.And,enriches the application of trade-off theory,financial distress theory and capital circulation and turnover theory.Hope that through the analysis of the paper,other enterprises can identify the risk of capital chain earlier and faster,avoid the problem of capital chain rupture,and provide some new ideas. |
