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论文编号：	14594
作者编号：	2320213908
上传时间：	2024/6/3 14:46:52
中文题目：	S房地产公司偿债能力提升研究
英文题目：	Research on the Improvement of Solvency of S Real Estate Company
指导老师：	郝臣
中文关键字：	偿债能力；资本结构；财务分析；房地产行业
英文关键字：	Solvency;Capital structure;Financial analysis;Real estate company
中文摘要：	房地产行业最大的特点之一就是资金密集，具体表现在资金投入量大、对资金流入的时效性和金额要求高、回收期长等。这会使得公司面临巨大的财务风险，对公司的偿债能力提出巨大的挑战。若不能平稳控制公司现金流的平稳流入与流出，造成资金链断裂，将会随着时间的延长使得公司面临越来越大的资金压力，甚至引发停工、闹事、巨额违约金等后果，最终将会拖垮公司。在过去的几年当中，我国大量中小型房地产企业难以承受巨大的财务风险，不得不宣布破产，就连许多大型房地产企业也面临着未曾遇到过的危机， 本文选取了同样深陷财务危机的房地产企业——S房地产公司进行研究，具体分析了S房地产公司的偿债能力状况。S房地产公司偿债能力无论是从相对看还是绝对看都是十分薄弱的，以至于财务风险居高不下，连公司的存续也岌岌可危，财务改善，甚至是改革，已经迫在眉睫。本文先是从S房地产公司的财务情况入手，选择合适的偿债能力财务指标，以历年财务数据的纵向对比为主，与同类型房地产企业的横向对比为辅，借助大量图表，具体揭示了S 房地产公司的短期偿债能力和长期偿债能力，归纳出S房地产公司偿债能力低下的原因所在。然后，针对存在的问题和其深层次的原因，对症下药地提出增强偿债能力的一整套实施方案。 经过研究，本文根据S房地产公司实际情况针对其偿债能力低下的问题提出了以下几点对策：一是争取大规模债务展期以时间换空间；二是债务重组；三是停止盲目多元化并出售相关股权；四是房地产项目投资决策过程中重视货币时间价值和回收期；最后企业应当提升商品房质量并加强与政府的对话沟通。转轨的过程中会有阵痛期，若S房地产公司经过一系列措施将公司偿债能力盘活，坚持挺过阵痛期，将很有希望有长足发展。
英文摘要：	One of typical features of Real estate industry is large capital intensity, specifically performs in the considerable input of net inflow, high requirements for timeliness and amount of capital inflows, and long payback period, etc. This inevitably makes companies face enormous financial risk, and puts forward a huge challenge to the company's solvency. If the company can't control its cash flow inflows and outflows smoothly, capital chain rupture will occur, which make the company faces increasing funding pressure over time, and even cause the consequences of shutdown, abusive, huge penalty due to breach of contract which brings down the company. Looking back, just a few years, a lot of small and medium-sized real estate enterprises in our country have declared bankruptcy because of can't bear high risk. And any large real estate enterprise is facing unprecedented crisis. This article selects the same in the depths of the financial crisis of the real estate enterprises - S real estate company, analyzing S real estate company's financial position and hidden financial risks in detail. It can be seen that S real estate company’s solvency is very weak no matter from the relative view or absolute view, so that the financial risk is high, even the company's survival is in jeopardy. Financial improvement, even reform, is imminent. This paper, firstly, chooses appropriate solvent financial indicators from the perspective of S real estate company's financial situation, giving priority to past financial data of the longitudinal comparison and comparing with data of the same type real estate enterprises as auxiliary. With the help of numerous charts, the paper reveals the S real estate company's short-term solvency and long-term solvency specifically and induces the reason of S real estate company’s low debt paying ability. Then, for the existing problems and its deep reason, the paper puts forward reasonable suggestions and feasible measures to enhance the solvency. Through research, this article analyzes S real estate company’s low solvency and puts forward the following countermeasures: One is to strive for large-scale debt extensions in exchange for space; The second is debt restructuring; The third is to stop blind diversification and sell relevant equity; Fourthly, in the investment decision-making process of real estate projects, emphasis should be placed on the time value of money and the payback period; Finally, enterprises should improve the quality of commercial housing and strengthen communication with the government. If S real estate company insist on transition throes through a series of measures to activation of solvency, it will be hoped to have long-term development.
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