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论文编号：	15211
作者编号：	2320224198
上传时间：	2024/12/12 15:20:50
中文题目：	JR公司困境地产项目建设阶段财务风险管理方案改进研究
英文题目：	Research on the Improvement of Financial Risk Management in the Construction Stage of Distressed Real Estate Projects Construction Phase of JR Company
指导老师：	陆宇建
中文关键字：	资产管理公司；困境地产项目；企业的社会责任；项目财务风险管理
英文关键字：	Asset Management Company; Distressed Real Estate Projects; Corporate Social Responsibility; Project Financial Risk Management
中文摘要：	JR不动产管理公司在面临业务转型的政策背景下，积极参与当地政府关注的困境地产拯救业务建设阶段的工作。作为一家大型的国有的资产管理公司，JR公司不仅要通过新的业务活动来谋求企业自身的发展壮大，同时也要履行国有企业所担负的社会责任。但在开展此类业务的过程中，企业的管理人员发现由于业务类型的变化以及自身角色的改变，以往房地产开发项目的管理经验已经不能够满足当前的管理需求，尤其是在如何设定兼顾社会责任和企业经济利益的项目财务目标方面，公司还没有成熟的管理经验，也缺少与该财务目标相适应的、能够保障其顺利达成的项目财务风险管理的制度、程序与方法。 基于上述现实的管理需求，本文借助项目风险管理、成本管理思想和财务投资决策理论的相关方法，结合JR不动产管理公司的转型背景，针对其目前面临的困境地产拯救项目，对如何设立兼顾经济效益和社会责任的财务风险管理目标展开相关的研究，并从资产管理业务的特色出发，针对其所特有的债权人因素、前期疑难问题因素和宏观政策因素，对项目建设过程中的财务风险管理方案的改进建议进行了研究。研究的结论认为，JR不动产管理公司困境地产拯救项目不论是基于化债的目的，还是自身经营的目的，对资管项目能够获得的未来现金流入的预测内容和方法较为简单。对资产管理业务获利能力的判断必须借鉴时间价值理论，考虑其净现值，而不能仅仅依靠货值这一传统概念来进行决策。应该将企业的加权资本成本作为能够接受的最低内涵报酬率，同时从提高企业持续发展能力的角度，应关注企业获得的报酬的形式，对非货币性报酬的比重要进行严格的控制。在项目整体运行的过程中，为保证项目财务目标的实现，在建设过程和运营过程当中都必须建立相应的风险管理制度，本文对资管项目投资建设过程当中财务风险管理的方法和流程进行了构建。在考虑风险的影响因素的研究当中，本文提出应将困境地产项目中的债权人因素予以重点考虑，通过加强前期的尽职调查，努力减少历史纠纷和相关历史资料缺失可能给项目带来的财务风险，同时在项目的建设过程中，应加强对项目成本预算差异的分析，及时进行预警并采用相对的风险应对措施。
英文摘要：	In the face of the policy background of business transformation, JR Real Estate Management Company actively participated in the construction phase of the distressed real estate rescue business that the local government is concerned about. As a large state-owned asset management company, JR Company not only seeks its own development and growth through new business activities, but also fulfills the social responsibilities of state-owned enterprises. However, in the process of carrying out such business, the company's managers found that due to changes in business types and their own roles, the previous management experience of real estate development projects can no longer meet the current management needs, especially in how to set project financial goals that take into account social responsibility and corporate economic interests. The company does not have mature management experience, and lacks systems, procedures and methods for project financial risk management that are compatible with the financial goals and can ensure their smooth achievement. Based on the above-mentioned realistic management needs, this dissertation uses the relevant methods of project risk management, cost management ideas and financial investment decision-making theory, combined with the transformation background of JR Real Estate Management Company, and conducts relevant research on how to establish financial risk management goals that take into account both economic benefits and social responsibilities for the distressed real estate rescue project it is currently facing. Starting from the characteristics of asset management business, it studies the improvement suggestions for the financial risk management plan in the project construction process based on its unique creditor factors, early difficult problems factors and macroeconomic policy factors. The conclusion of the study is that whether the distressed real estate rescue project of JR Real Estate Management Company is based on the purpose of debt reduction or its own business purpose, the content and method of predicting the future cash inflows that the asset management project can obtain are relatively simple. The judgment of the profitability of the asset management business must refer to the time value theory and consider its net present value, rather than relying solely on the traditional concept of cargo value to make decisions. The weighted cost of capital of the enterprise should be taken as the minimum acceptable internal rate of return. At the same time, from the perspective of improving the sustainable development ability of the enterprise, attention should be paid to the form of compensation obtained by the enterprise, and the proportion of non-monetary compensation should be strictly controlled. In the process of overall project operation, in order to ensure the realization of the project's financial goals, a corresponding risk management system must be established during the construction process and the operation process. This dissertation constructs the methods and processes of financial risk management in the investment and construction process of asset management projects. In the study of risk influencing factors, this dissertation proposes that the creditor factor in distressed real estate projects should be given priority consideration, and efforts should be made to reduce the financial risks that historical disputes and the lack of relevant historical data may bring to the project by strengthening the preliminary due diligence. At the same time, during the construction of the project, the analysis of the difference in project cost budget should be strengthened, and timely warnings should be issued and relative risk response measures should be adopted.
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