联系我们

论文查询结果	返回搜索

论文编号：	14895
作者编号：	2320213532
上传时间：	2024/12/5 16:48:11
中文题目：	华夏幸福轻资产运营下的财务风险管理研究
英文题目：	Research on Financial Risk Management under the Light-Asset Operation of China Fortune Land Development Co., Ltd.
指导老师：	张耀伟
中文关键字：	华夏幸福；轻资产运营模式；财务风险管理
英文关键字：	China Fortune Land Development (CFLD); Light-asset Operation Model; Financial Risk Management
中文摘要：	一直以来，房地产行业都是我国的支柱产业，诸多房企一路凯歌赚取了丰厚的利润。但是，随着“去产能、去库存、去杠杆、降成本、补短板”政策出台，我国加强了对房地产行业的政策调控，也间接影响了房地产市场需求，导致房地产行业迅速下滑，企业之间的竞争日益激烈，需要及时转变经营模式，才能适应现代房地产市场。为了适应新环境、新变化，诸多房地产企业都选择了轻资产运营，此种运营模式主要特征是投入资本较低、周转速度较快，资本收益较高，借助轻资产经营模式降低企业所面临的财务风险，试图在不利于发展的环境下能够守住现有的市场份额，静待房地产市场重新回暖。 华夏幸福作为知名房地产企业，曾创下4年3000亿元的成绩，并且一度进入到一线房企行列。但由于其决策失误，对财务风险控制不严，导致其陷入了债务危机，最高时期债务达到2100余亿元。为此，华夏幸福开始转变思路，逐步偿还债务，截至2024年重组债务1899亿元，仅有240余亿元债务未能解决，足以说明华夏幸福正在朝着利好方向发展，也验证了房地产行业轻资产运营的有效性。 基于此，本文围绕华夏幸福轻资产运营下的财务风险管理进行研究，采取文献资料法、案例分析法、财务指标分析法、因子分析法等多种方法，选择以价值链理论、微笑曲线理论、风险管理理论作为基础，对华夏幸福运营模式应用状况展开研究，分析华夏幸福运营模式的实践应用情况，充分肯定在轻资产运营模式下，华夏幸福打造产业新城业务品牌、构造多元化物业服务、充分利用投资业务资源，经营状况得到了一定的改善，但也进一步对华夏幸福轻资产运营下的财务风险进行识别和评价，提出从投资、运营、筹资等三个方面入手，通过优化资源配置、拓展投资合作、调整产业布局、减少库存积压、优化债务结构、拓宽筹资渠道等措施，预防和消除企业所面临的财务风险，从而确保企业能够持续健康发展，尽快解决债务危机，重新抢占房地产行业中的优势地位。
英文摘要：	The real estate industry has long been a pillar of China's economy, with numerous companies earning substantial profits. However, with the introduction of policies aimed at "reducing overcapacity, destocking, deleveraging, lowering costs, and addressing weaknesses", China has strengthened its regulatory measures on the real estate sector, indirectly impacting market demand. This has caused a rapid decline in the industry, intensifying competition among enterprises. To adapt to the modern real estate market, companies must swiftly shift their business models. Many real estate enterprises have opted for a light-asset operation model, characterized by lower capital investment, faster turnover, and higher capital returns. By leveraging this model, they aim to reduce financial risks and retain market share in a challenging environment, waiting for the market to recover. China Fortune Land Development Co., Ltd. (CFLD), a well-known real estate enterprise, once achieved 300 billion yuan in revenue over four years and briefly entered the ranks of top-tier real estate companies. However, due to poor decision-making and insufficient financial risk control, the company fell into a debt crisis, with liabilities peaking at over 210 billion yuan. In response, CFLD shifted its strategy and began repaying its debt. As of 2024, the company had restructured 189.9 billion yuan in debt, leaving only around 24 billion yuan unresolved, indicating that CFLD is moving in a positive direction. This also validates the effectiveness of the light-asset operation model in the real estate industry. Based on this, the thesis conducts a study on financial risk management under CFLD's light-asset operation. Utilizing methods such as literature review, case analysis, financial ratio analysis, and factor analysis, the research is grounded in the theories of value chain, the smile curve, and risk management. It analyzes CFLD’s application of the light-asset operation model, acknowledging improvements in its business performance through the development of industrial cities, diversification of property services, and effective use of investment resources. However, it also identifies and evaluates financial risks under the light-asset operation model. The thesis proposes measures from three perspectives—investment, operation, and financing—to optimize resource allocation, expand investment cooperation, adjust industrial layouts, reduce inventory, optimize debt structure, and broaden financing channels. These strategies aim to prevent and mitigate the financial risks faced by the company, ensuring sustainable development, resolving the debt crisis, and regaining a competitive advantage in the real estate industry.
查看全文：	预览  下载(下载需要进行登录)