恒大业绩公告,告诉了我们什么  

What does Evergrande's Performance Announcement Tell Us

作　　者：虞晓芬[1] 邢单妮 

机构地区：[1]浙江工业大学中国住房和房地产研究院,浙江杭州310023 [2]浙江工业大学,浙江杭州310023

出　　处：《中国房地产金融》2023年第4期37-43,共7页China Real Estate Finance

摘　　要：恒大发布2021、2022年业绩公告,引发市场担忧。本文深入分析恒大近两年债务和亏损问题的表现与成因,发现债务规模攀升主要源于无息负债,巨额亏损主要源于资产大幅减值损失。研究认为保交楼政策取得了一定成效,但是化解危机依然任重道远、难度极大。恒大事件给房地产公司治理能力现代化、增强市场监管、防控金融风险等方面提供诸多深刻反思。就下一步处置恒大问题,有如下建议:(1)提高恒大财务问题透明度,厘清债务债权关系;(2)积极推进“保交楼”,守住工作底线;(3)合理运用金融工具,通过债转股、发行资产支持证券等方式处理债务;(4)剥离相对优质资产,实现独立营运;(5)继续做好溢出风险的应对预案。Evergrande Group recently released Year 2021 and 2022 performance reports,which caused market concerns.This article demonstrates an in-depth analysis on the performance and the underlying causes of Evergrande's debts and losses in the recent two years.It was found that the increase in debt scale is mainly attributed to interest-free liabilities and the huge losses was mainly due to the significant asset impairments.The study believes that the"house delivery guarantee"policy has actually achieved good results,however,the task of resolving the Evergrande crisis is still arduous and extremely dificult.The Evergrande incident provides profound reflections on aspects such as modernizing the governance capability of real estate companies,enhancing market supervision and preventing and controlling financial risks.Regarding the further treatments of Evergrande's debt problems,the following suggestions are proposed:(1)enhance transparency of Evergrande's financial problems and clarify the debt and creditor relationships;(2)actively promote the"house delivery guarantee"policy to safeguard the bottom line;(3)adopt financial tools reasonably to deal with debt problems through debt-to-equity swaps,issuing asset-backed securities and other means;(4)divest relatively high-quality assets to achieve independent operation;(5)keep on developing the response plans against the overflow risks.

关 键 词：恒大 债务暴雷 巨额亏损 

分 类 号：F83[经济管理—金融学]