我国房地产上市公司负债结构分析

摘要

This paper studies the current situation of the debt structure of China′s real estate listing Corporations and its causes and effects. It found that the debt level of China′s real estate industry is higher than the most of industries through the relevant financial data. The distribution of asset-liability ratio is more concentrated in real estate listing Corporations of state-owned than in the non state-owned. For China′s real estate listed companies, the main source of debt is deposit received and long-term borrowings, secondly is payable account and short-term borrowing, and finally notes payable, bonds payable, non state-owned enterprises rely more on bank loans than the state-owned. The present situation of the debt structure of China′s real estate listing Corporations is relevant to real estate listed companies' resources and debt paying ability and other internal factors and to external factors such as the characteristics and the financial system of the real estate industry. And it'll affect the company's investment, profits and the financial risk of market.%研究了我国房地产上市公司负债结构现状及其成因和影响.通过有关的财务数据分析发现,我国房地产行业负债水平高于大部分行业,国有房企的资产负债率的分布相对于非国有房企更集中.我国房地产上市公司六个主要负债来源中占比最大的是预收账款和长期借款,其次是应付账款和短期借款,最后是应付票据和应付债券,非国有房企依赖银行借款的程度比国有房企大.这种现状与房地产上市公司的资源和偿债能力等公司内部因素和房地产行业的负债融资特点、金融体系等外部因素有关,对公司投资、盈利以及整个市场的金融风险都有影响.