作为中国经济的支柱产业之一, 自2021年恒大集团事件以来, 中国房地产行业正面临着严重的调整, 全世界都在关注这将对中国宏观经济产生如何的负面影响。虽然对中国房地产业是否陷入困境众说纷纭, 但通过企业的财务报表分析公司的实际偿债能力, 可以了解该行业面临的挑战及其影响。目前, 中国房地产企业大部分都是负债经营模式, 偿债能力关系到房地产行业的稳定性和可持续发展。基于此, 本文以上市的中国十家房地产公司为研究案例, 从债务结构的角度, 来研究房地产企业的偿债能力, 以期填补该研究方面的空白。 通过分析短期和长期偿债能力财务指标, 对十家上市公司2008-2015年和2016-2022年的流动比率、速动比率、资产负债率、产权比率以及利息保障倍数进行分析对比研究, 并提出一些改善措施。分析结果显示, 与2008-2015年相比, 2016-2022年的房地产企业负债经营现状严重, 房地产行业偿债能力减弱。流动比率和速动比率的减少, 意味着中国房地产行业的短期偿债能力变弱, 流动性变差。资产负债率的的增加, 说明中国房地产行业的负债经营状况严重。根据分析, 中国房地产行业的产权比率远高于理想值1:1, 在2016-2022年, 十家上市公司的产权比率基本都超过3:1, 房地产行业的长期债务偿还能力受到了严重的削弱, 公司大部分是高风险高报酬的结构。与2008-2015年相比, 上市公司的利息保障倍数都有一定程度的下降, 有些公司甚至出现了负数。意味着房地产企业的利润率很大程度上受到支付债务利息的影响。 总之, 未来需要更多的关注中国房地产行业的长期和短期偿债能力, 以判断中国房地产行业的未来走势。

As one of the pillar industries of the Chinese economy, the Chinese real estate industry is facing a serious restructuring since the Evergrande Group incident in 2021, and the world is watching how this will negatively impact the Chinese macroeconomy. While opinions differ on whether China's real estate industry is in trouble, analyzing the actual solvency of companies through their financial statements provides insight into the challenges facing the industry and their impact. Currently. Most Chinese real estate companies are in debt business mode, and solvency is related to the stability and sustainable development of the real estate industry. Based on this, this paper takes ten listed Chinese real estate companies as research cases to study the solvency of real estate companies from the perspective of debt structure in order to fill the gap in this research. By analyzing the short-term and long-term solvency financial indicators, the current ratio, quick ratio, gearing ratio, equity ratio, and interest coverage multiple of the ten listed companies from 2008-2015 and 2016-2022 are analyzed and studied in comparison, and some improvement measures are proposed. The results of the analysis show that the real estate companies in 2016-2022 are operating in a serious debt situation compared to 2008-2015 and the real estate industry has weakened solvency. The decrease in current ratio and quick ratio implies that the Chinese real estate industry has become weaker and less liquid in terms of short-term solvency. The increase in the gearing ratio indicates that the Chinese real estate industry is in a serious debt management situation. According to the analysis, the equity ratio of the Chinese real estate industry is much higher than the ideal value of 1:1, and in 2016-2022, the equity ratio of all ten listed companies basically exceeds 3:1. The long-term debt repayment capacity of the real estate industry is severely weakened, and most of the companies are in a high-risk, high-reward structure. Compared to 2008-2015, the interest coverage multiples of listed companies have all declined to some extent, and some companies are even in negative territory. Meaning that the profitability of real estate companies is largely affected by the interest paid on their debt. The long-term solvency of the Chinese real estate industry has become weaker. In conclusion, more attention needs to be paid to the long-term and short-term solvency of China's real estate industry in the future.