高杠杆下的房地产企业经营风险分析及管理

高杠杆下的房地产企业经营风险分析及管理摘要随着中国经济的快速增长，房地产行业早已逐渐成为我国的支柱产业之一，其所占全国GDP的比重也不断增长。但相比国外房地产市场，我国房地产市场由于起步时间晚，且目前大多数企业获取资金都高度依赖于银行，因此存在筹资渠道单一，风险分散程度低，加上目前的资本市场不健全等问题。房地产业高杠杆化已成常态化。近年来我国加大了对地产市场的管制，尤其是2021年发布“三道红线”的融资政策新规，对地产行业提出“去杠杆，去库存”的要求。当前的房地产行业面临着巨大的压力。种种因素的综合作用使房地产市场面临着巨大的经营风险，迫切需要进行经营管控来为其健康发展可持续化。本文以万达集团2011年至2020年近十年间由高杠杆重资产运营模式转型为低杠杆轻资产运营模式为例，针对当前房地产企业的经营风险隐患，介绍企业经营风险相关概念，财务杠杆以及资本结构等相关理论，对万达的经营状况进行分析，发现企业在2010年至2017年前在高杠杆重资产运营模式下的总资产在稳步上升，但是负债量也同样处于高位，且久居不下。在这期间中，公司一直在扩大经营，包括对国外地产和其他领域的投资力度。而在2017年政府加大监管力度后，再加之万达爆出高达4000亿负债量后，外界和公众的质疑和担忧日益加重，企业开始通过向外出售地产、减少国外资产等方式来去杠杆，降低负债率，并且加快重资产运营模式转向轻运营模式的步伐。关键词：高杠杆、资产运营模式、经营风险Operational risk analysis and management of real estateenterprises under high leverageAbstract:With the rapid growth of China's economy,The real estate industry has graduallybecome one of the key industries in China,and its proportion in the national GDP is alsogrowing.However,compared with the foreign real estate market,China's real estate marketstarts late,and most enterprises are highly dependent on banks to obtain funds.Therefore,thereare some problems,such as single financing channels,low risk dispersion,and imperfect capitalmarket.The high leverage of the real estate industry has become the norm.In recent years,China has increased the regulation of the real estate market,especially the new financing policyregulations of "three red lines"issued in 2021,which puts forward the requirements of"deleveraging and destocking"for the real estate industry.The current real estate industry isfacing great pressure.The comprehensive effect of various factors makes the real estate marketface huge business risks,and there is an urgent need for business management and control tomake its healthy development sustainable.Taking the transformation of Wanda business management from high leverage heavy assetoperation mode to low leverage light asset operation mode from 2011 to 2020 as an example,this paper introduces the relevant concepts of enterprise operation risk,financial leverage andcapital structure,and analyzes the financial situation of Wanda business management,It isfound that the total assets of enterprises under the highly leveraged and heavy asset operationmode were rising steadily from 2010 to 2017,but the amount of liabilities was also high andremained high for a long time.During this period,the company has been expanding itsoperations,including investment in foreign real estate and other fields.After the governmentstrengthened its supervision in 2017,coupled with Wanda's debt of up to 400 billion,the doubtsand concerns of the outside world and the public increased day by day.Enterprises began todeleverage by selling real estate and reducing foreign assets,reduce the debt ratio,andaccelerate the shift from heavy asset operation mode to light operation mode.Key words:high leverage,asset operation mode,operation risk目录一、引言.1(一)研究背景(二)研究目的及意义.....(三)文献综述。。。。。。。。。。。。。。。。。。。。。。。。21.关于我国高杠杆的成因和经营风险的简述...2.高杠杆化对经济的影响......二、相关概论及理论..。3(一)杠杆原理.3(二)泡