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论文编号：	11516
作者编号：	2120172959
上传时间：	2020/4/15 13:02:05
中文题目：	Z公司房地产项目财务风险管理研究
英文题目：	The Study of Real Estate Company Z’s Financial Risk Management
指导老师：	边泓、孙慧强
中文关键字：	房地产项目；财务风险；销售周期
英文关键字：	Real Estate Project; Financial Risk; Sales Cycle
中文摘要：	房地产是我国最为热门的行业之一，自20世纪90年代，我国实施住房按揭贷款改革，在不断的发展历程中，整个行业变得更规范。由于房地产开发资金投入量较大，大多开发商都会采用加大杠杆的方式，扩大开发规模，实现迅速发展，随着房地产开发量、成交量的提高，其债务资金比例也不断攀升，截至17年末，上市房地产企业有息债务规模已经接近3万亿，平均资产负债率在70%以上。2018年以来，房地产行业发展进入新阶段，受房地产市场调控和金融紧缩政策的影响，房地产行业普遍面临融资成本高,利润空间被压缩的问题，由此导致财务风险越来越高。然而，房地产理论研究并没有跟上房地产市场的步伐，尤其是针对房地产项目财务风险识别、应对和监测的研究并不全面，但是企业迫切需要这方面的理论应对发展环境的变化。 本文选取Z公司宝龙湾房地产项目投资的案例，针对当前房地产企业面对的限价、销售期不断延长和融资渠道受限且融资成本上升的新情况，研究了Z公司在房地产项目开发投资过程中进行的财务风险管控，发现Z公司房地产项目在财务风险管控方面缺少对风险影响因素变动的动态衡量与损失评估工作，无法衡量和应对项目投资中投资周期和筹资因素变动而带来的财务风险，对此本文采取敏感性分析方法，建立了针对投资周期和资本结构的风险评估模型，定量评估项目的财务风险。发现销售周期加长会导致内含报酬率下降，地产企业资本结构中的债务融资越多，前述的下降速度越快。地产企业若无法实现对建筑工程款的无息占用，项目一旦不能迅速完成销售，则很容易出现亏损，使企业陷入财务危机。通过本项研究，为房地产企业项目投资在风险管控方面提供了现实可行的分析手段，并为其在投资周期风险管控、筹资能力风险管控等方面提出了建议，希望能为Z公司的管理当局对于财务风险的管控提供参考。
英文摘要：	Real estate is one of the most popular industries in China. Since the 1990s, China has implemented housing mortgage loan reform. In the continuous development process, the whole industry has become more standardized. Due to the large amount of investment in real estate development, most developers will adopt the method of increasing leverage to expand the scale of development and achieve rapid increasing. As the amount of real estate development and transaction increase, the proportion of debt funds continues to rise. In the end of 2017, the size of interest-bearing debt of listed real estate enterprises is close to 3 trillion, and the average asset-liability ratio is above 70%. Since 2018, the development of the real estate industry has entered a new stage. Due to the regulation of the real estate market and the financial austerity policy, the real estate industry is generally faced with the problem of high financing costs and lower profit margins, which leads to the increasing financial risks. However, real estate theory research has not kept pace with the real estate market. In particular, the research on the identification, response and monitoring of financial risks in real estate project is not comprehensive, but enterprises urgently need this theory to cope with the changes in the development environment. This paper selects the case of Z company's real estate investment project. According to the new problems that the real estate enterprises are facing such as the limitation of price, the extended sales period, the limited financing channels and the rising of the financing cost, I studied the financial risk management and the controlling measures of Z company in the investment process. I found that the real estate project of Z company lacks risk impact on financial risk management and control. The dynamic measurement and loss assessment of element change can not measure and deal with the financial risk caused by the change of investment cycle and financing factors in project investment. This paper adopted sensitivity analysis method, established a risk assessment model for investment cycle and capital structure, and quantitatively evaluated the financial risk of project. It is found that the longer the sales cycle, the lower the internal rate of return. The more debt financing in the capital structure of real estate enterprises, the faster the decline. If real estate enterprises could not realize the interest-free occupation of construction funds, once the project can not be quickly completed sales, it is easy to incur losses, lead enterprises into financial crisis. Through this study, it provided a realistic and feasible analysis means for real estate enterprise project investment in risk management and control, and put forward suggestions for its investment cycle risk management and control, financing capacity risk management and control, hoping to provide reference for Z company's management authorities in financial risk management and control.
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