| In recent years,with the strengthening of financial regulation and deleveraging,real estate enterprises are facing more and more financing pressure.In order to survive in the fierce competition,real estate enterprises have started to integrate their supply chains,and the leading real estate enterprises with high credit level and large scale have gradually strengthened the collaboration between them and their upstream and downstream enterprises.With the continuous integration and development of the supply chain,it is more and more common for real estate enterprises in the core of the supply chain to occupy funds through the supply chain,and the risk of occupying funds in the supply chain also begins to emerge.Under such circumstances,once a crisis occurs in real estate enterprises,the risk will be rapidly transmitted to other related enterprises and industries through the supply chain.Therefore,it is worthwhile to explore the supply chain capital appropriation of real estate enterprises and its economic consequences.This thesis firstly composes the existing relevant studies at home and abroad,combines the case background of China Evergrande and the current situation of China’s real estate industry,collates the development history of Evergrande Group and the process of debt default outbreak,then conducts an in-depth study on the transformation of Evergrande Group’s supply chain capital situation and capital operation mode,uses Z-score model to calculate the default risk of Evergrande Group,and further analyzes the economic consequences caused by the crisis outbreak,and empirically tests the impact on the scale of capital occupation of Evergrande supply chain on the performance of upstream and downstream enterprises.The research of this thesis finds that part of the advantages of Evergrande Group’s rapid development in the early stage comes from the high integration of its supply chain,and the centralized procurement mode adopted by Evergrande reduces the procurement cost to maintain high-quality suppliers on the one hand,and brings development opportunities to suppliers on the other hand.When the strategy changes,especially after the introduction of the three red lines policy,Evergrande adopts the capital operation method of supply chain capital occupation to invisible financing in order to meet the policy mentioned to reduce leverage,reduce its own interest-bearing liabilities and increase accounts payable and issue commercial bills excessively,which also causes huge financial risks to the upstream and downstream enterprises when the debt crisis of Evergrande occurs.In order to prevent the debt risk of real estate enterprises from being transmitted through the supply chain,this thesis believes that it is necessary to consider at the level of real estate enterprises,adapt to the policy regulation and control,strengthen the management of operating capital,maintain the relationship of supply chain and avoid blind expansion;at the level of government departments,it is necessary to improve the management system of the whole supply chain,avoid the disorderly expansion of capital,use the methods of regulatory technology,big data and risk monitoring and early warning,etc.In addition,we should also consider from the level of government departments to improve the management system of the whole supply chain,avoid the disorderly expansion of capital,use the methods of regulatory technology,big data and risk monitoring and early warning,track and penetrate the flow and use of capital of listed companies,avoid the overly diversified operation and disorderly expansion of listed real estate enterprises,always maintain the continuous stability of real estate policies,improve market expectations,maintain economic stability and promote high-quality economic development. |
