自改革开放以来的四十年间，我国的社会主义经济体制历经不断发展、完善，向社会主义现代化不断迈进。2008年全球金融危机也同样带来新的发展机遇，我国民营企业呈现出蓬勃发展的迹象，无论是自身规模、产业结构都发生了翻天覆地的变化。房地产作为国民经济的支柱，为我国经济增长奠定了坚实的基础，但自身高额的负债率也埋下了巨大隐患。自2012年党的十八大以来，工业和房地产业资产负债率总体呈现出下行趋势，而房地产开发企业资产负债率却逆势上行。2019年，工业资产负债率为58.6%，房地产业资产负债率为68.6%，房地产开发企业负债率为80.4%。按照“三道红线”标准，目前有121家上市房企踩线，占比为70.4%。其中“三道红线”均踩的上市房企占比为19.2%，踩中两道红线的上市房企占比为18.6%，踩中一道的上市房企占比为32.6%。由此可见，房地产行业“卸杠杆已经迫在眉睫。同时，随着“房住不炒”的理念不断深入，无疑大大增加了房地产行业的经营风险。基于房地产开发行业债务危机的高频率，为保证房地产开发行业健康发展，促进我国经济提质增效，本文选取发生重大债务危机事件的房地产行业龙头企业恒大集团，探索恒大集团债务危机发生的原因，以及针对此次债务危机事件后续自身为防范财务风险需要进行的战略部署。对于恒大集团而言，未来的经营过程中需要：合理控制集团的负债规模，优化资本结构；整合自身的财务控制体系，实现集团统一管理，提高资源的配置效率；加强对集团财务的内部控制体系建设；合理利用自身多年积累的行业经验，合理选择多元化行业；完善决策的议案、表决机制，避免“一言堂”模式阻碍集团的发展；加快政府公关部门的建设，提高集团对正常的预测、解读能力，提高企业核心竞争力。本文通过深度剖析恒大集团债务危机事件的始末，以求在“卸杠杆”、“三道红线”等多项政策压力下，保证房地产开发企业稳定发展，同时借鉴相关的经验，避免未来类似经营决策的失误，再次诱发相同性质的债务危机事件。从而达到提高房地产行业的经营效率、稳定商品房价格，保证消费者、债权人的合法权益，加快社会主义现代化建设。
In the past 40 years since the reform and opening up, China‘s socialist economic system has gone through continuous development and improvement, and is constantly moving forward to socialist modernization. The global financial crisis in 2008 also brought new development opportunities. China‘s private enterprises showed signs of vigorous development. Earth shaking changes have taken place in their own scale and industrial structure. As the pillar of the national economy, real estate has laid a solid foundation for China‘s economic growth, but its high debt ratio has also buried huge hidden dangers. Since the 18th CPC National Congress in 2012, the asset liability ratio of industry and real estate industry has generally shown a downward trend, while the asset liability ratio of real estate development enterprises has bucked the trend. In 2019, the industrial asset liability ratio was 58.6%, the real estate asset liability ratio was 68.6%, and the liability ratio of real estate development enterprises was 80.4%. According to the “three red lines” standard, 121 listed real estate enterprises have stepped on the line, accounting for 70.4%. Among them, the proportion of listed real estate enterprises stepping on the “three red lines” is 19.2%, the proportion of listed real estate enterprises stepping on the two red lines is 18.6%, and the proportion of listed real estate enterprises stepping on one red line is 32.6%. It can be seen that “deleveraging”in the real estate industry is imminent. At the same time, with the deepening of the concept of “housing without speculation”, it has greatly increased the operational risks of the real estate industry. Based on the high frequency of debt crisis in the real estate development industry, in order to ensure the healthy development of the real estate development industry and promote the improvement of quality and efficiency of China‘s economy, this paper selects Evergrande group, a leading enterprise in the real estate industry with major debt crisis events, to explore the causes of Evergrande group‘s debt crisis, as well as the subsequent needs of Evergrande group to prevent financial risks.For Evergrande group, in the future business process, we need to: reasonably control the debt scale of the group and optimize the capital structure; integrate our own financial control system to realize the unified management of the group and improve the efficiency of resource allocation; strengthen the construction of the internal control system of the group‘s finance; make rational use of our industry experience accumulated for many years, reasonably select diversified industries; and improve our decision-making The proposal and voting mechanism of the policy to avoid the “one speech hall”model hindering the development of the group; accelerate the construction of the government public relations department, improve the group‘s ability to predict and interpret normal, and improve the core competitiveness of the enterprise.Through in-depth analysis of the beginning and end of Evergrande group‘s debt crisis, this paper aims to “unload leverage” and “three red lines” Under the pressure of many policies, ensure the stable development of real estate development enterprises, learn from relevant experience, avoid mistakes in similar business decisions in the future, and induce debt crisis events of the same nature again, so as to improve the business efficiency of the real estate industry, stabilize the price of commercial housing, ensure the legitimate rights and interests of consumers and creditors, and accelerate the construction of socialist modernization.
