| On August 20,2020,in order to reduce the liabilities of real estate enterprises and prevent the systemic risks of the industry,the People’s Bank of China,the Ministry of Housing and Construction and other relevant departments jointly issued a policy on the supervision and financing management of key real estate funds,which excludes the asset-liability ratio,net debt ratio and cash short-term debt ratio of real estate enterprises from advance receipts.It is also known as the "three red lines" in the industry.The policy was implemented in 12 pilot housing enterprises on January 1,2021.One year after the implementation of the policy,the industry has different opinions on the effect of the policy.In order to verify the effectiveness of the policy,this paper combines theory with practice to analyze whether the policy guides the real estate enterprises to adjust their financing structure and means by controlling the three red line indicators,so as to improve their operating performance in debt repayment,operation,growth and profitability,and achieve a more stable development of the industry.From the theoretical point of view,under the constraints of the "three red lines",real estate enterprises will give priority to issuing stocks and introducing minority shareholders(open-share real debt)for financing,followed by off-balance-sheet project financing repayment and new project equity financing.In theory,these adjustments can quickly optimize the debt repayment level of real estate enterprises,have a negative impact on the growth and profitability of real estate enterprises in the short term,and improve their operation level in the long term.From the actual analysis,after the release of the new policy of "three red lines",the vast majority of listed real estate enterprises have taken effective measures to optimize the indicators and the situation of stepping on the line,among which non-state-owned enterprises and medium-sized real estate enterprises have a relatively better degree of optimization.In order to adapt to the constraints of the new policy,real estate enterprises have made adjustments in financing: in terms of financing structure,the total amount of debt financing has been reduced and equity financing has remained unchanged,thus the proportion of debt financing has been reduced;In terms of financing means,accounts receivable financing and bond pledge have increased,the amount of domestic bond financing and commercial bills has increased,while overseas bond financing,bank loans and trust financing have decreased significantly.The "three red lines" index has a significant impact on the debt repayment level,growth level and profitability level of real estate enterprises,among which the debt repayment level of real estate enterprises is positively correlated with the net debt ratio(contrary to the expected parameter index).The growth level of real estate enterprises is positively correlated with the asset-liability ratio excluding the advance receipts;the profit level is negatively correlated with the asset-liability ratio excluding the advance receipts and the number of stepping on the line,and is also negatively correlated with the dummy variable of policy release,indicating that the profit level has declined significantly after the policy release.Based on the above analysis,it shows that the "three red lines" management policy has achieved its management objectives to a certain extent,and will become an important measure in the long-term mechanism of real estate.Therefore,it is suggested that housing enterprises should prepare for the promulgation and implementation of policies in the whole industry from the underlying logic,adapt to the new policy in financing,investment,development and other aspects,and maintain moderate expansion and steady operation. |
PDF Full Text Request