摘  要:房地產作為資金密集型產業，負債經營當然是企業的一個不可避免的選擇。負債經營不僅能夠為企業籌集營運所需資金，增強企業的經濟實力，同時還會給企業帶來財務杠桿效應，降低企業的資金成本，同時可以起到節稅的作用，并在一定程度上保持企業的控制權和股權的穩定性。當然，財務杠桿效應有正、負兩個方面。財務杠桿正效應是指企業經營狀況良好時，負債經營會在不影響企業股權穩定性的前提下，使企業獲得更高的權益資本利潤率。財務杠桿負效應是指企業經營狀況不佳，尤其是國家加強房地產宏觀調控的形勢下，負債規模過大會使得企業無力償還債務，而導致資金緊張并影響企業的信譽度，最后引發企業的財務風險，危及企業的安全。

　　　本文以負債經營的相關理論為指導，以房地產行業為背景，分析房地產行業高負債經營的現狀，并對企業高負債給企業帶來的風險進行研究，再進一步風險控制的策略。

關鍵詞：負債經營  房地產行業  風險分析

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