Is there any risk in enterprise real estate financing?

Enterprise real estate financing is risky.

Cause analysis of financing risk of real estate enterprises

1. Unfavorable financial environment and policies

The biggest external financing of real estate enterprises is bank loans, so the domestic financial environment and policies have great influence on the external financing risks of real estate enterprises. Generally speaking, the current domestic financial environment is not conducive to the development of real estate enterprises. Since 2006, the government has started macro-control of the real estate industry and raised the deposit reserve ratio of banks and financial institutions. The annual profit of China Bank 1 ~ 3 loan increased from only 3.06% in 2006 to 6. 15% in 2004, and the interest rate of residents' mortgage was also increasing. Excessive dependence on bank funds makes it difficult for real estate enterprises to develop independently in the process of financial environment changes, and it is easy to have capital turnover problems and capital chain breaks. The change of financial environment has increased the financing risk of real estate enterprises. At present, the real estate industry is still not open to foreign investment, only a small amount of capital is indirectly invested in real estate enterprises, and real estate enterprises have lost a large amount of foreign investment. Finally, the government's purchase restriction policy has also increased the financing risk of housing enterprises to a certain extent. Article 8 of the New China stipulates that the loan ratio for purchasing a second family house shall not be higher than 40%, and the loan interest rate shall not be lower than 1. 1 times the benchmark interest rate of China Bank. Subsequently, the relevant departments also stipulated that the third house should not use provident fund loans.

2. The capital market mechanism is not perfect

After more than 30 years of reform and opening up, China has basically established a market economic system, but the market value of capital is still in an imperfect state. The imperfect capital market system is an important reason why real estate enterprises rely too much on traditional financing methods such as bank loans. At present, real estate enterprises rely too much on bank funds in the primary financing market, the secondary financing market has not yet been established, and real estate enterprises lack corresponding understanding of various financing methods. Once an enterprise is short of money, it will first think of borrowing money from banks, instead of trying to raise money through funds, trusts, bonds and other means. Without thinking of innovative financing methods. The financial market of real estate industry lacks a multi-level financial system. Real estate enterprises should combine their own characteristics to innovate some real estate financial products and enliven the real estate financial market. In addition, the capital market is seriously short of intermediary structures such as investment, guarantee, mortgage loan and pledge loan. Some people use "chaos or death" to describe the development of the current real estate capital market. Relevant government departments should formulate relevant laws, regulations and systems, standardize the financing methods and foreign investment of housing enterprises, and further promote the standardized development of the capital market.

3. The financial management system is not perfect

The imperfect financial management system of real estate enterprises is the catalyst for the increase of financing risk of real estate enterprises. The income and expenditure of real estate enterprises have changed greatly. In order to better control income and expenditure, real estate enterprises need to have a good capital budget system. At present, some real estate enterprises, especially small and medium-sized real estate enterprises, still make capital budgets on paper, do not strictly implement the budget system, and lack financial analysis of the rationality of capital expenditures afterwards. Only by transforming the scientific forecast into an accurate budget and implementing it carefully can we reduce the uncertainty and reduce the financing risk of enterprises. Financing decisions of housing enterprises are mostly based on experience, lacking scientific and reasonable financing and investment decision-making systems. In addition, how long can China's high housing prices last, whether the financing funds of housing enterprises will continue to invest in real estate development or actively promote the transformation of housing enterprises, all of which require a sound financial management system to make decisions. Housing enterprises should change the past management mode that only focused on real estate design, production and marketing, while ignoring internal financial management, actively promote the implementation of financial management strategy and realize the appreciation of financial value.