摘  要:房地产作为资金密集型产业，负债经营当然是企业的一个不可避免的选择。负债经营不仅能够为企业筹集营运所需资金，增强企业的经济实力，同时还会给企业带来财务杠杆效应，降低企业的资金成本，同时可以起到节税的作用，并在一定程度上保持企业的控制权和股权的稳定性。当然，财务杠杆效应有正、负两个方面。财务杠杆正效应是指企业经营状况良好时，负债经营会在不影响企业股权稳定性的前提下，使企业获得更高的权益资本利润率。财务杠杆负效应是指企业经营状况不佳，尤其是国家加强房地产宏观调控的形势下，负债规模过大会使得企业无力偿还债务，而导致资金紧张并影响企业的信誉度，最后引发企业的财务风险，危及企业的安全。

　　　本文以负债经营的相关理论为指导，以房地产行业为背景，分析房地产行业高负债经营的现状，并对企业高负债给企业带来的风险进行研究，再进一步风险控制的策略。

关键词：负债经营  房地产行业  风险分析

ABSTRACT:As a capital-intensive industry, of course, indebtedness is an inevitable choice for real estate enterprises. Indebtedness can not only raise the funds required for the operation for the enterprise, improve the enterprise's economic strength, but also bring to the enterprise financial leverage effect, reduce the enterprise cost of capital, and play the role of reduce taxes and to a certain extent, make the owner maintain the power of control enterprise and the stability of the equity. But financial leverage has both positive and negative effect . When the enterprise operation is in good condition, the indebtedness will affect the stability of enterprise equity, make the enterprise earn higher equity capital profit margin. Financial leverage effect refers to the enterprise operation condition, especially the state strengthens the real estate macroeconomic regulation and control of the situation, the sheet will make companies unable to repay debts, and cause financial strain and impact company's creditworthiness and finally caused the financial risk of the enterprise, endanger the safety of the enterprise.

　　　 Based on debt management related theory as the instruction, in the real estate industry as the background, analyzing the status quo of the real estate industry high indebtedness, and the risk of enterprise high debt brings to the enterprise, further proposed risk response strategy.

Keywords：debt management；real estate industry ；risk analysis