Quick ratio is a measure of the ability of an enterprise to immediately realize its current assets to repay its current liabilities. It refers to the ratio of quick assets to current liabilities. Quick assets are the balance of current assets of an enterprise after deducting inventory and prepaid expenses, including cash, short-term investments, notes receivable, accounts receivable and other items.
According to traditional experience, the golden section of quick ratio is 1, which indicates that every 1 yuan of current liabilities of an enterprise will be compensated by 1 yuan of easily realized current assets, and its short-term solvency will be reliably guaranteed. The quick ratio is too low, and the short-term debt risk of enterprises is high; If the quick ratio is too high, enterprises will occupy too much money on quick assets and increase the opportunity cost of enterprise investment.
On April 28th, Leju Finance exclusively released "20 18 TOP 100 list of quick ratio of listed real estate enterprises in China". The list shows that there are only four real estate enterprises with quick-acting ratio above 1, among which 1 1 has quick-acting ratio between 0.8- 1. On the whole, the quick solvency of most housing enterprises in the industry still needs to be strengthened. As A shares adopt China accounting standards, H shares mainly adopt Hongkong accounting standards or international accounting standards. Therefore, please pay attention to the securities codes and listing places of the enterprises in the list.
The quick ratio of four real estate enterprises exceeds the safety line of 1.0.
According to the statistics of the list, the top 10 enterprises are Zhujiang Industry, Lv Jing Holdings, Times China, Capital Kuida, Wantong Real Estate, Capital Land, Ocean Shipping Group, Xuhui Holdings, Minmetals Real Estate and Caesar Group. 10 The average quick ratio of the top real estate enterprises in 20 18 years is 1.08, and their short-term solvency is at.
Among them, the quick ratio of Zhujiang Industry (1.43), Lv Jing Holdings (1.42), Times China (1.23) and Capital Quetta (1. 1 1) exceeds/. Under the double catalysis of tight financing environment and accelerated sales return, stable TOP4 enterprises have abundant funds. At the same time, adhere to the investment principle of "recovering funds and controlling expenditures" to reduce the cost of land acquisition and ensure the steady development of enterprises.
Zhujiang Industry ranks first with a quick ratio of 65,438+0.43, and its asset-liability ratio in 2065,438+08 was 75.92%, which ensured the long-term stability of the quick ratio. The quick ratio of Lv Jing Holdings was 65,438+0.42, up 65,438+0.83% year-on-year. During this period, a number of medical assets were sold, which not only turned the company's performance in 2065,438+08 into a profit, but also gained a lot of cash and improved the quick ratio.
Jinyu Group's quick ratio is 0.4 198, ranking 100.
In the list, the average quick ratio of TOP 100 listed real estate enterprises in 20 18 years is 0.6258, and the turnover rate of 63 real estate enterprises is lower than this average. In fact, the quick ratio of the real estate industry is generally low, and even typical housing enterprises have not reached the average level, such as Vanke A(0.49), China Resources Land (0.45) and Greenland Holdings (0.44).
At the back end of the list, the quick ratios of OCT (Asia), Jianye Real Estate and Jinyu Group are too low, which are 0.4268, 0.4206 and 0.4 198 respectively, indicating low short-term solvency and weak financial stability. Generally speaking, once the housing enterprises with low quick ratio can't alleviate the debt repayment pressure through refinancing, it is very likely that the capital chain will break.
In the future, on the one hand, the top 100 housing enterprises need to be alert to the layout risks driven by large-scale expansion; On the other hand, under the background of severe financial environment, rising leverage ratio and increasing debt repayment pressure, they need to pay attention to cash safety and guard against capital risks.