Risk path identification and factor analysis of project capital operation of small and medium-sized real estate enterprises based on the DEMATEL-ISM model

Abstract

To investigate the risk path identification and factor analysis of project capital operation of small and medium-sized real estate enterprises, this paper compiles 18 risk indicators affecting engineering finance of small and medium-sized real estate enterprises in China based on literature research, and analyzes them based on the Decision-making Trial and Evaluation Laboratory (DEMATEL) method combined with the explanatory structural model (ISM) model, calculate the interrelationship and importance of each risk factor, and systematically stratify them according to their logical structure. The results show that the three indicators of "uncontrolled development progress, inadequate financing channels, and insufficient funds" have the greatest influence on the capital risk of small and medium-sized real estate enterprises, while the three indicators of "lack of an independent capital budgeting system, the imbalance between market supply and demand, and national macro policy restrictions" are the most influential factors. The three indicators of "lack of independent capital budgeting system, unbalanced market supply and demand, and national macro policy restrictions" are the underlying factors affecting the capital risk of small and medium-sized real estate enterprises. The analysis of risk transmission paths and underlying factors conducted in this paper has important warning implications for the project capital management of small and medium-sized real estate enterprises.