With the gradual implementation of the national deleveraging policy and changes in the internal business environment of enterprises, debt default events occur frequently, and many enterprises are facing a serious financial crisis. This paper takes Evergrande, a leading real estate enterprise, as the research object. We analyze the causes and effects of its financial crisis by studying its financial indicators and establish a game theory model to analyze the game between the government and enterprises, as well as the optimal solution for Evergrande to get out of the financial crisis. Studies show that the reasons for Evergrande's debt default are blind expansion, high leverage ratio, insufficient cash flow management, and stricter national policies. To get out of the financial dilemma, Evergrande needs to rely on its own rescue and the synergies of investors, management, and government. At the same time, in order to avoid falling into financial difficulties, other enterprises need to be cautious about diversification, rationally control leverage ratio, and balance development speed. The government should adopt the policy of seeking progress while maintaining stability, continue to promote financial reform, and reduce financing costs of enterprises.
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