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论文编号：	13638
作者编号：	2320200644
上传时间：	2022/12/5 13:52:47
中文题目：	L集团产业地产项目财务风险管理研究
英文题目：	Research on Financial Risk Management of Industrial Real Estate Project of L Group
指导老师：	边泓
中文关键字：	产业地产项目；财务风险；动态管控
英文关键字：	Industrial Real Estate Project; Financial Risk; Dynamic Control
中文摘要：	产业地产行业作为地产行业的分支，极易受到国家宏观调控的影响，项目具有投资金额大、时间跨度长、现金分布不均匀的特点，且因其承担着调节区域产业结构的作用，购置门槛相比于传统住宅地产、商业地产偏高，项目的整体财务风险较高。随着近些年宏观调控对住宅地产、商业地产的管控力度逐步增强，很多传统房地产商先后涌入产业地产行业，导致产业地产行业内部竞争逐渐激烈。在这种环境下，如何及时精准识别项目投资、运营过程中的财务风险，并迅速采取有效措施积极应对成为获取经营优势的重中之重。 本文基于当前产业园区行业的经济形势和社会环境，选取L集团和其Z项目作为案例。经过分析L集团的合并财务报表数据，发现从所有项目整体来看，筹资表现良好，自有资金充足，项目的财务风险主要体现在投资与资金回收方面，随即选取经营困难Z项目进行进一步分析。从Z项目可以看出L集团产业地产项目的财务风险主要体现在：对资金回收风险的监控手段缺乏预警性，目前采用的月度回款计划未进行有效的前置预警，季度毛利率测算不涉及资金流动节点监控，经营过程中对回款节奏的关注度不足，决策缺乏资金回收风险的测算支撑；对投资风险的评估方式过于简单，缺乏售价和去化组合风险测算，同时应对手段稍显不足。 针对上述项目财务风险管控缺陷，本文提出构建动态现金流量测算模型和动态损益指标测算模型。首先结合月度回款计划，测算资金回收进程对项目收益的影响，为各类经营决策提供风险量化依据；之后优化项目投资使用的评估工具，补充测算不同收益水平下的售价和去化组合，对项目盈利情况使用动态模型进行风险量化分析；最后，提出部分保障措施，为L集团产业地产项目的平稳运行提供经验。
英文摘要：	As a branch of the real estate industry, the industrial real estate industry easily affected by the national macro-control. It has the characteristics of large investment amount, long time span, uneven distribution of cash, high purchase standard, and high financial risks. In recent years, with the gradual strengthening of the control of residential real estate and commercial real estate, many traditional real estate enterprises have poured into this industry, resulting in increasingly fierce competition within the industrial real estate industry. In this kind of environment, how to timely and accurately identify the financial risks in the whole cycle of project investment and operation, and quickly take effective measures has become the most important thing to gain business advantages. Based on the current economic situation and social environment of the industrial real estate industry, this paper selects L Group and its Z project as cases. After analyzing the financial statement data of L Group, it was found that from the overall perspective of all projects, projects have performed well in terms of overall financing, financial risks reflected in investment and fund recovery. From the Z project, it can be seen that the financial risks of L Group industrial real estate project are mainly reflected in the following aspect. The monitoring means of fund recovery are lack of risk early warning, the monthly payment recovery plan currently adopted does not carry out effective pre-warning, and the quarterly gross profit margin measurement does not involve the node monitoring of fund flow. In the process of operation, insufficient attention is paid to the rhythm of money collection, and the decision-making lacks the measurement support of capital recovery risk. The evaluation method of investment risk is too simple, lacks the calculation of selling price and progress risk, and the coping means are insufficient. In view of these financial risk management and control defects, this paper proposes to build a dynamic cash flow calculation model and dynamic profit and loss index calculation model. Firstly, combined with the monthly payment collection plan, the impact of the fund recovery process on the project income is calculated to provide a risk quantitative basis for various business decisions. After that, optimizing the evaluation tools used for project investment, measuring selling price and progress combination under different income levels, and the risk quantitative analysis of project profitability carried out by using dynamic models. Finally, some safeguard measures are proposed to provide experience for the smooth operation of L Group's projects.
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