吴媛++邓晓盈

摘要：近十年来，我国房地产企业大起大落，反反复复，房地产企业在信用方面暴露了诸多问题，因此我国政府要尽快建立房地产企业的信用评级制度，通过对建立房地产企业信用评级以提高市场资源的配置效率、加大银行的信贷支持、降低融资成本，提高企业之间竞争力、解决投资者在金融市场交易当中信息不对称的困恼。本文从企业财务的角度和银行贷款前期分析，利用AHP法构建房地产企业信用评级体系的财务指标，从项目偿债、盈利和营运、发展、资本实力五个方向来衡量房地产企业财务信用状况。该体系可以用一个信用综合评价指标——信用度来定量评估房地产企业信用的高低。

Abstract： In the past ten years， Chinas real estate enterprises have experienced many ups and downs， and real estate enterprises have exposed many problems in credit. Therefore， the government should establish the credit rating system of real estate enterprises as soon as possible and improve the market resources allocation efficiency， increase the banks credit support， reduce financing costs， improve the competitiveness of enterprises， and solve the problem of information asymmetry of investors in the financial market transactions by building credit rating of real estate enterprises. From the angle of corporate finance and bank loans， this paper uses the AHP method to construct the financial indicators of the real estate enterprise credit rating system to measure the real estate enterprise financial credit situation from the project sinking， profitability and operation， development， capital strength. The system can use a credit comprehensive evaluation index- credit to quantitatively evaluate the level of real estate enterprise credit.

关键词：房地产企业；信用评级；财务

Key words： real estate enterprises；credit rating；finance

中图分类号：F293.33 文献标识码：A 文章编号：1006-4311（2016）32-0009-04

0 引言

我国房地产企业蓬勃发展，房地产经济在某种程度上说是一个地区经济状况的集中反映点以及经济发展中的矛盾和风险的反映点。随着房地产企业不断发展，许多问题也暴露出来，如房价上升过快、房地产投资具有高风险性，近几年我国房地产投资规模不断扩大，出现房地产企业财务危机，房地产贷款融资出现困局、房地产供应结构失调，房地产趋近饱和，其市场滞销导致企业资金链断裂，烂尾楼事件不断爆出，使弱势的购房者带来极大的经济损失和财产风险。

信用评级属于中介服务，主要作用是揭示企业违约率。在对企业的违约率进行估算时，该企业的财务状况成为评估内容的焦点。……