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论文编号：	7153
作者编号：	2220131050
上传时间：	2015/5/26 22:56:55
中文题目：	北京太平洋城房地产开发有限公司的财务风险及其控制研究
英文题目：	Beijing Pacific city real estate development co., LTD., the financial risk and its control research
指导老师：	张继勋
中文关键字：	财务风险，房地产企业，财务分析，风险预警
英文关键字：	financial risk, Real estate enterprises, financial analysis, risk early warning
中文摘要：	近些年来，我国房地产业快速发展，已经成为关系国计民生的支出产业，特别是我们国家自2009年开始实行较为宽松的货币政策，在促使房市进一步回暖的同时，也带来了一些严峻的问题，如房价上涨过快、商品房供给结构不合理、房产投资热情空前高涨等，这些问题日益严重，居民购房压力日益增大，给人们的日常生活造成了很大的影响。这一系列问题引起了国家政府的高度重视，相继出台了有一系列调控措施。然而频繁出台的调控政策给房企资金运转带来压力，增加了财务风险，若各房企不能对此快速适应并做出应对措施，必定会引起其经营状况的剧烈波动，最后通过财务状况反映出来，影响企业生存与发展。鉴于以上考虑，房地产开发企业对其财务风险分析并进行控制尤为重要，因此，本文以此作为研究方向。本文在研究过程中，首先，在梳理财务风险及其控制相关国内外文献的基础之上，对研究内容的基础理论进行了整理，包括财务风险的界定、分类及特征，并介绍了财务风险及控制相关的理论，主要有内部控制理论、委托代理理论以及全面风险管理理论，同时由于房地产业的特殊性还分析了房地产的行业特征，为后面的研究过程奠定了理论基础。其次，文章采用个例研究方法，选择北京太平洋城房地产开发有限公司作为研究对象，分析了其2008-2012年共计五个年度的财务报表，从筹资、偿债、日常营运和发展能力及前景四个方面进行了分析。从分析得出该企业存在以下财务风险：在筹资方面自有资产利用率低、筹资结构单一、负债比率过高，偿债能力弱；日常营运方面资本结构比例失衡、资产周转率低，管理能力不足；未来发展前景方面盈利能力较弱，未来发展动力不足等问题，虽然该企业在这五年当中经历了停工期、建设期和预售期，特殊的经营阶段对分析结果有一定影响，但仍然能够从中反映出该企业的经营过程当中存在的实质问题。最后，针对北京太平洋城房地产开发有限公司存在的问题，我们提出，企业应从两方面来控制和降低其财务风险，一方面是风险防范，即全面提高风险意识，并建立适合自己的一套风险预警系统，另一方面对财务活动的各个环节提出具体的控制措施，如优化资本结构控制筹资风险，加强投资项目前期阶段的可行性分析以降低决策的盲目性来控制投资风险，加强日常现金流的管理和合理安排资产结构控制营运风险，建立健全内部控制制度等。
英文摘要：	In recent years real estate industry has developed rapidly in our country and became the expenditure industry relating national economy and people's livelihood, especially since 2009, The implementation of monetary policy brought the housing market further warming ,at the same time, brought some serious problems, such as house prices rising too fast, unreasonable structure of commercial housing supply, housing investment enthusiasm Unprecedented, etc., these problems are increasingly serious, making the residents’ purchase pressure increased and great impact on people's daily life. The series of problems drew the attention of the national government, which took a series of control measures successively. However, the frequent regulation policy brings great operation pressure to the enterprise capital, makes the financial risk increasing. if the enterprise could not adapt to and make a response to the policy quickly , it would lead to sharp fluctuations under operating conditions——reflected through the financial situation and finally affected the enterprise survival and development. In view of the above consideration, it is particularly important for the real estate enterprises to analyze and control the financial risk. Therefore, we took it as the research direction in this paper. In the process of research, firstly, arranged the basic theory of research on the basis of the elated literature of the financial risk and its control r at home and abroad, including definition, classification and characteristics of financial risk, and then introduces the related theory of financial risk and control, mainly include the internal control theory, principal-agent theory and the comprehensive risk management theory. At the same time, we analyzed the real estate industry characteristics due to its particularity in order to lay a theoretical foundation for later study. Secondly, the article adopted the case study method and selected the Beijing Pacific city real estate development co., LTD as the research object. Analyze four aspects from financing, solvency and day-to-day operations and development ability and the prospect, using its five annual financial statements from 2008 to 2012. There are some financial risks from the analysis of the enterprise : In terms of financing aspect, it has lower own asset utilization, single financing structure, high debt ratio and weak debt paying ability; In terms of investing aspect, it has higher investment risk and low returns; In terms of operating aspect, it has imbalance Capital structure, low asset turnover and lack of management ability; In terms of development prospect, it has weak Profit ability and lack of the steam of future development. Finally, in view of the problems existing in Beijing Pacific city real estate development co., LTD., we put forward that enterprise should control and reduce the financial risk from two aspects, one hand is risk prevention, arising the comprehensive risk awareness and established a set of suitable risk early warning system for their own. on the other hand, raised specific control measures towards the financial activities, such as optimizing the capital structure in order to control financing risks, strengthen feasibility analysis on the early stage of the investment project to reduce blindness of the decision to control investment risk, strengthen the daily management of cash flow and arrange assets structure reasonably to control the operating risk, establish a sound internal control system, etc.
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