Influence of enterprise debt scale on enterprise solvency

The importance of credit in modern enterprises is more and more obvious. In the process of enterprise development, establishing good enterprise credit plays an increasingly important role in its future survival and development. Solvency is an important part of enterprise credit evaluation, which refers to the ability of enterprises to bear debts and repay them on schedule. Under normal circumstances, a normal enterprise must repay all kinds of long-term and short-term debts incurred in the early stage in full and on time. If the debt cannot be repaid in full and on time, it will lead to a credit crisis and affect its long-term survival and development. Therefore, what kind of debt structure is reasonable for enterprises, and how should enterprises adjust the debt structure reasonably? These questions about corporate debt financing are both theoretical and practical. The real estate industry has a large scale of debt and a high degree of debt, which occupies a very important position in the national economy. It is related to people's living conditions and plays a key role in the process of urbanization. At the same time, due to the long industrial chain of the real estate industry, it has a strong driving effect on economic development and is called the thermometer of economic development. Therefore, it is of great practical significance to analyze the influence of debt structure of real estate industry on solvency. Firstly, this paper summarizes the research results of debt structure as an influencing factor from two aspects, and also systematically summarizes the research results of solvency. Through the above summary, some shortcomings of the existing research are pointed out. On the basis of these summaries, this paper briefly introduces the debt structure and classification of enterprises, the significance of enterprise's solvency and the advantages and disadvantages of debt management, identifies and screens real estate enterprises, and briefly analyzes the basic composition, liabilities and sources of funds of the industry, with a view to further studying China's listing. After theoretical analysis, this paper selects real estate companies listed in Shanghai and Shenzhen stock markets before the end of 2004. In order to study the feasibility and exclude unqualified listed companies, the annual report data of real estate companies from 2005 to 20 12 15 are finally selected. In order to quantify the solvency of enterprises, seven indicators, such as current ratio, asset-liability ratio, interest guarantee multiple, ratio of long-term liabilities to working capital, inventory turnover rate, accounts receivable turnover rate and current assets turnover rate, are selected as factors. By calculating the factor score, the comprehensive score of the enterprise's solvency is finally obtained, and it is transformed into the solvency index to measure the enterprise's solvency. In the empirical analysis of the influence of debt structure on solvency, this paper constructs four indicators as explanatory variables: short-term debt ratio, long-term debt ratio, commercial credit rate and bank borrowing rate, and takes the solvency index obtained by factor score as explanatory variable, and analyzes it by using panel data econometric analysis model, and finally obtains the influence degree of debts with different maturities and sources on solvency. Empirical research shows that the debt structure of real estate industry has a significant impact on its solvency, among which the amount of bank loans has the greatest impact on its solvency, followed by the current debt level and commercial credit line, and the long-term debt level has the least impact on its solvency, among which the first three variables are negatively correlated with its solvency index. Finally, combined with the conclusion of empirical analysis, this paper puts forward some effective suggestions on how to enhance the solvency by optimizing the debt structure.