现金流视角下中国房地产行业偿债能力分析——以136家上市公司为例

偿债能力作为房地产行业平稳发展的关键,其管理至关重要。本文在现有现金流偿债指标的基础上,构建偿债能力综合分析框架,并选取沪深A股136家房地产上市企业为样本,分析我国房地产行业的偿债能力现状。研究发现,偿债能力短期波动较大,长期后继无力,资产创造经营性现金流的能力总体偏低。

Analysis of China’s Real Estate Industry’s Solvency from the Perspective of Cash Flow: Taking 136 Listed Companies as An Example

As the key to the stable development of the real estate industry, solvency is crucial to the effective management of solvency. Based on the existing cash flow repayment indicators, this paper constructed a comprehensive analysis framework for solvency and analyzed the current situation of China’s real estate industry’s solvency by taking 136 real estate listed companies in Shanghai and Shenzhen stocks as a sample. The research found that the short-term fluctuations of the real estate industry’s debt-paying capacity are large, and the long-term succession is weak. Besides, the ability of assets to create operating cash flows is generally low.