Study on an Enterprise Resilience Evaluation Model for Listed Real Estate Companies Based on the Entropy-Weighted TOPSIS Method

In the context of a deep structural adjustment of China’s real estate sector and heightened macroeconomic uncertainty, quantitatively assessing the resilience of listed real estate enterprises is crucial for preventing systemic risk and promoting sustainable development. This paper proposes a multidimensional resilience evaluation framework for 37 Chinese A-share listed real estate firms using panel data from 2017–2024. An index system covering four dimensions—solvency and liquidity, profitability and cash flow, operational efficiency and asset structure, and growth and value—is constructed on the basis of financial ratios. The entropy-weighted TOPSIS method is employed to derive a composite resilience index, while principal component analysis (PCA) provides a complementary robustness check of the rankings. The empirical results indicate that (1) operational efficiency and asset structure receive the highest objective weight, followed by solvency and liquidity, whereas the weights of profitability, cash flow, and growth–value dimensions are relatively lower; at the indicator level, accounts receivable turnover, inventory turnover and the cash-to-short-term-debt ratio play a leading role, underscoring the central importance of liquidity safety and asset turnover under the “three red lines” regulatory regime. (2) Firms such as Shahe Co., Shenzhen, China, Huafa Co., Zhuhai, China and Wantong Development, Beijing, China exhibit persistently higher resilience scores, characterized by lower leverage, stronger cash buffers and faster operating turnover, whereas firms such as Yunnan Metropolitan Investment, Kunming, China, Greenland Holdings, Shanghai, China, Bright Real Estate, Shanghai, China and Rongsheng Development, Langfang, China remain at the lower tail of the resilience distribution with high leverage, tight liquidity and volatile profitability. (3) The resilience rankings obtained from entropy-weighted TOPSIS and PCA are positively and significantly correlated at the 1% level, suggesting a moderate level of consistency between distance-based and variance-based evaluation schemes. Building on these findings, this paper proposes resilience-oriented policy recommendations for regulators and managers in terms of differentiated prudential regulation, capital-structure and debt-maturity optimization, operational efficiency enhancement, and the integration of digital transformation and ESG governance.