论文总字数：27488字

摘 要

随着当前我国的经济制度不断完善及其产业结构的优化和转型升级,房地产行业对于国民经济的贡献度正在逐年上涨,俨然已经成为了国民经济发展的一个重要因素。但是,近年来由于党中央政府对于房地产领域的宏观调控力度进一步加大、土地价格快速上涨、行业之间的市场竞争日趋激烈、民众的购房需求逐步变得更加多样化，来自于房地产行业的挑战也在持续地加大，若是想要在当前的宏观环境中生存乃至更好地发展下去，就需要房地产企业不断提高警觉性以及树立风险意识。房地产企业由于其行业特殊性，所以比起其他行业的企业来说它们需要更多的资金投入，这显然比其他企业更易产生财务风险。财务风险是企业生存与发展过程中不得不面对的风险，它在企业生产与经营的每个角落里随处可见。所以对于任何一个房地产企业而言，重视财务风险、学会识别与评估财务风险并且针对自身实际情况采取措施防范与控制财务风险有着不可比拟的重要性。

本文首先将房地产企业、上市公司、财务风险的概念进行了释义，以方便下文的研究。然后归纳了有关财务风险的国内外研究成果，发现财务风险识别与评估方法分析、财务风险成因分析与财务风险控制分析这三方面为学者们对于财务风险研究的侧重点。之后阐述房地产行业的特征及现状，选取行业内较为有代表性的房地产上市公司——华夏幸福地产为例，介绍其发展状况。接着根据企业2015-2019年的年报数据，采用财务比率分析法识别其财务风险，采用单变量模型分析法和新型Z- Score模型分析法评估其财务风险，并且分析其成因。最后根据成因提出了相应的防范与控制财务风险的措施，以实现企业的可持续发展，使华夏幸福这一品牌形象深入人心。

经研究发现，华夏幸福地产的财务风险主要表现为：政策变动使得住宅销售遇瓶颈；经济情况的差异使得产业园区PPP模式难复制；行业竞争激烈；规模扩张速度不合理；资本结构不合理；应收账款回流慢。针对上述风险，提出了如下财务风险防范与控制措施：关注政策变动；针对各区域不同经济情况因地制宜；关注对手，认清自己；坚持走品牌路线；谨慎快速扩展，实现稳步发展；建立科学合理的资本结构；加强存货及应收账款的管理；增强财务风险防范意识；建立财务风险防范考核制度；培养专业化财务风险防范人才。

关键词：房地产上市公司；华夏幸福基业股份有限公司；财务风险识别；财务风险评估；财务风险防范与控制

Prevention And Control of Financial Risks of Listed Real Estate Companies: Taking China Fortune Land Development Co., Ltd. as an Example

Abstract

With the continuous improvement of my country"s economic system and the optimization, transformation and upgrading of its industrial structure, the contribution of the real estate industry to the national economy is increasing year by year, and it has become an important factor in the development of the national economy. However, in recent years, due to the further strengthening of the Party Central Government’s macro-control on the real estate sector, the rapid increase in land prices, the increasingly fierce market competition among industries and the people’s diversified housing needs, challenges from the real estate industry is also continuously increasing. If you want to survive and develop better in the current macro environment, real estate companies need to continuously increase their vigilance and establish risk awareness. Due to the particularity of their industry, real estate companies need more capital investment than companies in other industries, which is obviously more prone to financial risks than other companies. Financial risk is a risk that an enterprise has to face in the process of survival and development. It can be seen everywhere in the production and operation of the enterprise. Therefore, for any real estate company, it is of incomparable importance to attach importance to financial risks, learn to identify and evaluate financial risks, and take measures to prevent and control financial risks according to their actual conditions.

This article first explains the concepts of real estate companies, listed companies, and financial risks to facilitate the following research. Then I summarized the domestic and foreign research results on financial risk, and found that the three aspects of financial risk identification and evaluation method analysis, financial risk cause analysis and financial risk control analysis are the focus of scholars on financial risk research. After that, the characteristics and current situation of the real estate industry are explained, and China Fortune Real Estate, a representative listed real estate company in the industry, is selected as an example to introduce its development status. Then, based on the company"s five-year annual report data from 2015 to 2019, the financial ratio analysis method is used to identify its financial risks, the univariate model analysis method and the new Z-score model analysis method are used to evaluate its financial risks, and the causes of its financial risks are analyzed. Finally, corresponding measures to prevent and control financial risks are put forward according to the causes to realize the sustainable development of the enterprise and make the brand image of China Fortune Land deeply rooted in the hearts of the people.

According to research, the financial risks of China Fortune Land Development are mainly manifested as: policy changes make residential sales encounter bottlenecks; differences in economic conditions make it difficult to replicate the PPP model of industrial parks; industry competition is fierce; scale expansion speed is unreasonable; capital structure is unreasonable; Slow return of accounts receivable. In response to the above risks, the following financial risk prevention and control measures are proposed: pay attention to policy changes; adapt to local conditions according to different economic conditions in each region; pay attention to opponents and recognize yourself; adhere to the brand line; expand cautiously and rapidly to achieve steady development; establish scientific and reasonable Capital structure; strengthen the management of inventory and accounts receivable; enhance the awareness of financial risk prevention; establish a financial risk prevention assessment system; cultivate professional financial risk prevention talents.

Keywords: Real estate listed company; China Fortune Land Development Co., Ltd.; Financial risk identification; Financial risk assessment; Financial risk prevention and control

目 录

摘 要 I

Abstract II

第一章 绪 论 5

1.1 研究目的及意义 5

1.1.1 研究目的 5

1.1.2 研究意义 5

1.2 研究内容及方法 2

1.2.1 研究内容 2

1.2.2 研究方法 2

1.3 相关概念界定 3

1.3.1 房地产企业 3

1.3.2 上市公司 3

1.3.3 财务风险 3

1.4 全文结构框架 3

第二章 文献综述 5

2.1 财务风险的识别与评估方法分析 5

2.2 财务风险成因分析 5

2.3 财务风险控制分析 5

2.4 文献述评 6

第三章 华夏幸福地产行业及公司介绍 7

3.1 房地产行业的特征及现状 7

3.1.1 房地产行业的特征 7

3.1.2 房地产行业的现状 7

3.2 公司简介 8

第四章 华夏幸福地产财务风险的识别与评估分析 9

4.1 基于公司数据的财务风险识别 9

4.1.1 偿债能力分析 9

4.1.2 营运能力分析 10

4.1.3 盈利能力分析 11

4.1.4 现金流能力分析 12

4.2 基于模型分析的财务风险评估 12

4.2.1 单变量模型分析法 12

4.2.2 新型Z- Score模型分析法 13

第五章 华夏幸福地产财务风险的成因分析 16

5.1 外因分析 16

5.2 内因分析 16

第六章 华夏幸福地产财务风险的防范与控制建议 17

剩余内容已隐藏，请支付后下载全文，论文总字数：27488字