Solvency of real estate
197718515
A study on the impact of the factors reflect solvency to the bankruptcy risk of real estate companies: Evidence from Vietnam stock exchange
Article history: Received: April 28 2019 Received in revised format: May 15 2019 Accepted: June 14, 2019 Available online: June 15, 2019 Under the impact of the global crisis, the Vietnam real estate exchange has become degraded and frozen for a long time. The solvency is decreased, leading to a high risk of bankruptcy of real estate companies. Therefore, determining the factors reflecting solvency in real estate companies helps to give synchronous solutions, to improve performance efficiency, to prevent and to mitigate bankruptcy risk in the real estate companies listed on Vietnam's stock exchange. Research data were collected from 45 out of 55 real estate companies listed on Vietnam's stock exchanges (accounting for 81.82% of the sample) with 360 observations. The study proposes a logit model showing the relationship between solvency and bankruptcy risk and conducts analysis and verification on SPSS dedicated software (version 25) to find out the variables affecting bankruptcy risk. The results show that (with a prediction accuracy of 91.4% in these companies, indicators of solvency influencing bankruptcy risk include: (1) Operating cash flows to average total liabilities ratio and (2) Net working capital to total assets ratio. The impact of the remaining factors (a) Owner's equity to long term debt and (b) Current assets to current liabilities was unclear. Based on the research results, specific recommendations and solutions were proposed to improve solvency, prevent and mitigate bankruptcy risk in the real estate companies listed on Vietnam's stock exchange. (c) 2019 by the authors; licensee Growing Science, Canada
Thi Nga Nguyena Ngoc Tien Nguyen Van Cong Chinh Nguyen
167712976
Impacts of Macro Control Policies on the Cash Flow and Solvency of Real Estate Projects
Based on the monthly cash flow model,statistical data and related assumptions of real estate projects,this paper gives a typical example of the model and studies the main factors affecting cash flow,the impacts of macro control policies on real estate market and projects,and provides a integrated stress test of the impacts of macro control policies on the typical example.The results of the study show that the sale of real estate projects has great impacts on the solvency,but the amount and interest of the loan have only little impacts;if macroeconomic policy causes a significant sale slowdown in real estate market,risks of loans will be brought about even though the price drop is small.To prevent risks,commercial banks should strengthen dynamic risk management of existing loans of real estate development and pay attention to new loans about self financing,cost,market environment,and so on.
Zhang Xin-w
169168079
Effects of Solvency II on Portfolio Efficiency, The Case of Real Estate and Infrastructure Investments
We examine the potential effects of Solvency II on general portfolio efficiency, and specifically on the allocation of alternative assets by European insurers. The paper starts with a brief intro duction to the Solvency II Directive, focusing on the rules for calculating the Solvency capital requirements (SCR) according to the standard formula. The following empirical analysis en tails several portfolio optimizations considering six relevant asset classes for the time period from 1993 2013. We derive optimal portfolios with respect to portfolio risk and capital require ments, and finally combine both optimization problems. Our results suggest that, although the capital charges for real estate and infrastructure assets are not adequately calibrated, a signifi cant shift of portfolio weights is not expected for the majority of European insurers. However, after Solvency II comes into effect, undercapitalized insurers may often not be capable of hold ing risk optimal allocations of alternative assets.
Michael Heinrich Thomas Schreck
167944040
THE COMBINED APPROACH TO A SOLVENCY ASSESSMENT OF THE CLIENT OF REAL ESTATE SAVINGS BANK (INNOVATION IN THE CREDITING FIELD)
Zinaida Likhanova
168750205
Effect of Solvency, Sales Growth, and Institutional Ownership on Tax Avoidance with Profitability as Moderating Variables in Indonesian Property and Real Estate Companies
This research aimed to examine the effect of solvency, sales growth, and institutional ownership towards tax avoidance with profitability as a moderating variable. The sample was real estate and property companies listed on the Indonesia Stock Exchange in 2011 2015. The sample was selected using purposive sampling method to get sample about 31 companies. The data used moderated regression analysis. The results indicate that the solvency has significant and positive effect on tax avoidance. Meanwhile, sales growth and institutional ownership do not affect tax avoidance. Then, profitability can moderate the relationship between institutional ownership and tax avoidance.
Rusna Oktaviyani Agus Aris Munandar
211761555
Research on Financial Early Warning of Real Estate Listed Companies
Since the beginning of the 21st century, the real estate industry has become an important engine to promote economic development. Moreover, it has entered a critical period of history. At the same time, the real estate industry has become a distribution center of capital and risk in the national economy because of its high correlation with financial support. Based on principal component analysis and logistic regression model analysis, this paper chooses evaluation indexes from six aspects: profitability and growth ability, profitability, solvency, operation ability, development ability, investor benefit guarantee index and cash flow index, and establishes financial early warning model of real estate listed companies. The empirical results show that the accuracy of early warning is 83.3% Keywords Financial Risk,Real Estate Listed Companies, Financial Risk Early Warning Zhai Yao Cong 21 Shi Ji Chu Kai Shi ,Fang Di Chan Xing Ye Yi Cheng Wei Tui Dong Jing Ji Fa Zhan De Zhong Yao Yin Qing Mu Qian Wo Guo Yi Zou Jin Li Shi Guan Jian Shi Qi Tong Shi You Yu Fang Di Chan Xing Ye Yin Wei Yu Jin Rong Zhi Chi Gao Du Xiang Guan De Te Dian ,Cheng Wei Guo Min Jing Ji Zhong Zi Ben Yu Feng Xian De Ji San Di Ben Wen Ji Yu Zhu Cheng Fen Fen Xi Fa He logistic Hui Gui Mo Xing Fen Xi ,Cong Ying Li Neng Li He Cheng Chang Neng Li Ying Li Neng Li Chang Zhai Neng Li Ying Yun Neng Li Fa Zhan Neng Li Tou Zi Zhe Li Yi Bao Zhang Zhi Biao Xian Jin Liu Liang Zhi Biao Deng 6 Ge Fang Mian Xuan Qu Ping Jie Zhi Biao ,Jian Li Liao Fang Di Chan Shang Shi Gong Si Cai Wu Yu Jing Mo Xing Shi Zheng Biao Ming Qi Yu Jing Zhun Que Lu Wei 83.3% Guan Jian Ci Cai Wu Feng Xian ,Fang Di Chan Shang Shi Gong Si ,Cai Wu Feng Xian Yu Jing I. Yin Yan Mei You Wei Ji Yi Shi De Min Zu ,Bi Ran Shi Bu Xing De Min Zu ,Bi Ran Shi Mei You Chuang Xin Neng Li De Min Zu Qiang You Li De Feng Xian Guan Li ,Shi Min Zu Wei Ji Yi Shi De Bi Ran Chan Wu Jin Xie Nian Lai ,Sui Zhao Gai Ge Kai Fang Zhi Jin 30 Nian Wo Guo Jing Ji Shui Ping Ti Sheng ,Cheng Shi Hua Jin Cheng Da Da Jia Kuai ,Er Fang Di Chan Xing Ye Zai Duan Duan 10 Duo Nian Shi Jian Li ,Cong 21 Shi Ji Chu Kai Shi Yi Cheng Wei Tui Dong Jing Ji Fa Zhan De Zhong Yao Yin Qing ,Cheng Wei Guo Min Jing Ji De Zhong Yao Zhi Zhu Fang Di Chan De Fa Zhan Bu Jin Zhi Jie Ying Xiang Qian Xiang He Hou Xiang Xiang Guan Chan Ye De Fa Zhan ,Huan Yin Wei Yu Jin Rong Zhi Chi Gao Du Xiang Guan De Te Dian ,Cheng Wei Guo Min Jing Ji Zhong Zi Ben Yu Feng Xian De Ji San Di ,Pao Mo Jing Ji Wang Wang Shi Jin Rong He Jing Ji Wei Ji De Qian Zou Wo Guo Jia Ru WTO Hou ,Fang Di Chan Qi Ye Bu Jin Yao Mian Dui Yu Ben Guo Tong Xing Ye Qi Ye De Jing Zheng ,Tong Shi Huan Mian Lin Zhao Yu Guo Wai Fang Di Chan Qi Ye De Jing Zheng Yin Er Dui Wo Guo Fang Di Chan Xing Ye Jing Zheng Jin Xing Yan Jiu Ye Shi Zai Bi Xing Fang Di Chan Ye Shi Jin Xing Fang Di Chan Tou Zi Kai Fa Jing Ying Guan Li He Fu Wu De Xing Ye Ju You Ji Chu Xing Xian Dao Xing Dai Dong Xing De Xing Ye Te Zheng Chan Ye Lian Chang Tou Zi Liang Da Tou Zi Zhou Qi Chang Tou Zi Feng Xian Da Shi Yi Ge Dian Xing De Zhou Qi Xing Bo Dong De Xing Ye Zai Wei Ji Zhi Qian Fang Di Chan Shi Zhang De Zui Kuai De Zi Chan ,Zai Xiang Gang Ao Men Ma Lai Xi Ya Jie Shi Ru Ci Er Wei Ji Yi Hou ,Fang Di Chan Ye Shi Die De Zui Duo De Zi Chan Guo Ji Shang ,Hen Duo Guo Jia Guo Qu Shi Ji Nian Du Bu Tong Cheng Du Shang Jing Li Guo Fang Di Chan Wo Guo Fang Di Chan Ye Yi Shang Shi Ji 80 Nian Dai Wei Kai Duan ,Jing Li Liao Yi Xi Lie Bian Ge He Jin Hua ,Bing Zui Zhong Zai Ben Shi Ji De Di Yi Ge Shi Nian Zou Xiang Gao Chao Zuo Wei La Dong Zhong Guo Jing Ji De You Li Yin Qing ,Fang Di Chan Ye Mu Qian Yi Zou Jin Li Shi Guan Jian Shi Qi You Yu Rong Zi Xing Shi Dan Yi Dai Lai De Chou Zi Feng Xian You Yu Jing Ji Zhuan Gui Shi Qi De Zhong Guo Fang Di Chan Dai Lai De Tou Zi Feng Xian You Yu Que Shao Zheng Ti Gui Hua Mei You Kao Lu Dao Zheng Ti Xing Qing Yi Ji Zheng Fu De Zheng Ce Bian Dong De Jing Ying Feng Xian You Tou Zi Zhe Dai Lai De Shou Yi Fen Pei Feng Xian Deng Du Shi Wo Guo Xian You Cun Zai De Feng Xian Wo Guo De Fang Di Chan Qi Ye Te Bie Shi Da Xing Fang Di Chan Qi Ye Da Du You Guo You Zi Ben Kong Zhi Huo Zhe Ben Shen Jiu Shi Guo You Qi Ye Zhuan Hua Er Lai Guo You Qi Ye Suo Ju You De Zhu Ru Xiao Lu Jiao Di Guan Li Shui Ping Qian Que Nei Bu Ji Li Yu Yue Shu Ji Zhi Bu Jian Quan Deng Que Xian Shi You Ti Xian Yin Ci ,Wei Liao Jian Shao Ci Lei Xian Xiang De Fa Sheng ,Xian Dai Qi Ye Bi Xu Chong Fen Liao Jie Cai Wu Feng Xian De Cheng Yin ,Jian Li Wan Shan Feng Xian Kong Zhi Ji Zhi ,Fang Fan He Hua Jie Qi Ye Fa Zhan Zhong De Ge Chong Cai Wu Feng Xian ,Que Bao Qi Ye Xiang Zhao He Li Ke Xue Jian Kang De Fang Xiang Fa Zhan Cai Wu Yu Jing Ke Yi Shi Shi Jian Kong Qi Ye Zai Sheng Chan Jing Ying Guo Cheng Zhong De Cai Wu Feng Xian Wen Ti ,Ke Yi Ling Qi Ye Guan Li Ceng Geng Jia Rong Yi Tan Qiu Dao Qi Ye Qian Zai Feng Xian De Yuan You ,Ji Shi Gui Bi Feng Xian ,Fang Zhi Qi Ye Xian Ru Wei Ji Sixth Symposium of Risk Analysis and Risk Management in Western China (WRARM 2019) Copyright (c) 2019, the Authors. Published by Atlantis Press. This is an open access article under the CC BY NC license (http:/creativecommons.org/licenses/by nc/4.0/ Advances in Intelligent Systems Research, volume 170
Jinyue Liu Hongmei Zhang
168963009
Solvency II Optimising regulatory capital required to be held against real estate assets. A Case Study.
Solvency II came into effect on 1st January, 2016. European Insurance Companies are being hit with a rafter of new rules under this regime. This paper is essentially an overview of the regulation with a detailed Case Study outlining an innovative (first of its kind) real life example of how one insurer has optimised the regulatory capital required to be held against their real estate assets.
Charles Ostroumoff
32022582
Research on the influence of inventory size, income quality on enterprise long term solvency With real estate development enterprise as example
At present, the housing price becomes high increasingly, and the high profit of real estate development enterprise accompanies potential high risk. With high capital input, great debt repayment pressure and significant influence of policy regulation, the solvency of real estate development enterprise has been concerned all the time. In this paper, the financial information after adjustment of 2006 2012 listed real estate development enterprises is analyzed, by which we can find that the improvement of income quality can enhance the long term solvency of real estate development enterprise, and this influence becomes more and more remarkable; because the proportion of debt capital in the capital source of newly increased inventory is reducing, the ratio of inventory in total assets positively affects the long term solvency of real estate development enterprise, and the influence becomes more and more significant.
2014 International Conference on Management Science Engineering 21th Annual Conference Proceedings
Li Di-feng Li Xin
153924131
Research on the influence of inventory size, income quality on enterprise long term solvency With real estate development enterprise as example
At present, the housing price becomes high increasingly, and the high profit of real estate development enterprise accompanies potential high risk. With high capital input, great debt repayment pressure and significant influence of policy regulation, the solvency of real estate development enterprise has been concerned all the time. In this paper, the financial information after adjustment of 2006 2012 listed real estate development enterprises is analyzed, by which we can find that the improvement of income quality can enhance the long term solvency of real estate development enterprise, and this influence becomes more and more remarkable; because the proportion of debt capital in the capital source of newly increased inventory is reducing, the ratio of inventory in total assets positively affects the long term solvency of real estate development enterprise, and the influence becomes more and more significant.
Di-feng Li Xin Li
221758955
THE EFFECT OF MANAGERIAL OWNERSHIP, PROFITABILITY, SOLVABILITY AND COMPANY SIZES ON PROFIT MANAGEMENT IN PROPERTY AND REAL ESTATE COMPANIES WHICH ARE IN THE INDONESIAN STOCK EXCHANGE PERIOD 2013 2017
This study was conducted to examine the effect of Managerial Ownership, Profitability, Solvency and Company Size variables on Profit Management partially on property and real estate companies listed on the Indonesia Stock Exchange in the period 2013 2017. In addition, to examine the feasibility of a regression model of the influence of variable ownership variables Managerial, Profitability, Solvency and Company Size Management simultaneously on property and real estate companies listed on the Indonesia Stock Exchange in the period 2013 2017. This research was conducted on property and real estate companies on the Indonesia Stock Exchange for the period 2013 2017. The determination of the sample in this study uses a non probability sampling method with a purposive sampling technique in order to obtain a total sample of 8 companies and a total of 40 observations. The data in this study were analyzed using panel data analysis techniques. The results showed that Managerial Ownership, Solvency and Company Size had no effect on Profit Management. Another variable in this study is that profitability has a positive and significant effect on earnings management. Simultaneously Managerial Ownership, Profitability, Solvency and Company Size Towards Profit Management. The predictive ability of the four variables on Profit Management is 22.84% as shown by the amount of Adjusted R squared of 0.2284 while the remaining 77.16% is influenced by other factors not included in the research model.
Rosa Dwi Agsari