發(fā)布時間：2018-03-13 04:11

  本文選題：房地產　切入點：蘭州新區(qū)　出處：《蘭州財經大學》2017年碩士論文　論文類型：學位論文

【摘要】：最近十年,中國的房地產行業(yè)得到了快速發(fā)展。然而,與此同時出現的負面效應也越來越突出。在國家宏觀調控政策出臺之后,國內大多數房地產企業(yè)的商品房銷售難已成為阻礙房地產企業(yè)進一步發(fā)展的嚴重障礙,有的房企陷入了財務困境。下一步房地產業(yè)如何發(fā)展,成為中央和地方共同關注的問題。隨著蘭州新區(qū)的設立,大批房地產企業(yè)涌入,但是由于目前蘭州新區(qū)實體產業(yè)發(fā)展緩慢和交通不便等因素,蘭州新區(qū)商品房空置率相當驚人。在蘭州新區(qū)開發(fā)的一部分房地產企業(yè)出現了盈利水平持續(xù)下降、舉債數額巨大、資金鏈斷裂的風險增加、流動資金流不動等財務困境問題。XG房地產公司作為進入蘭州新區(qū)的首批房地產企業(yè)之一,借助蘭州新區(qū)發(fā)展的重要契機,其項目建成后將成為蘭州新區(qū)重要的地標性建筑。但是,由于XG房地產公司前期的盲目投資和高額的民間借貸,再加上蘭州新區(qū)實體經濟發(fā)展的并不樂觀,商品房市場出現了供過于求的狀況。目前,該房地產公司的投資者對蘭州新區(qū)未來發(fā)展的信心不足,不愿或無力對項目繼續(xù)追加投資,再加上融資渠道單一,前期的借款無法按時償還,導致資金鏈斷裂,項目建設成為爛尾工程。面對財務困境,XG房地產公司迫切需要尋求走出困境的策略。本文在對財務困境相關理論進行梳理的基礎上,對該公司的財務困境現狀進行描述,再用財務指標對該公司財務困境的嚴重程度進行衡量,并從宏觀和微觀兩個角度對該公司出現財務困境的原因進行分析,包括政治環(huán)境、經濟環(huán)境、社會環(huán)境和技術環(huán)境等宏觀原因,和企業(yè)投資盲目、缺乏長期規(guī)劃、公司經營管理不善、企業(yè)風險管理體系不健全、缺少有經驗的人才等微觀原因。最后,對本文的研究結論進行梳理,并且從企業(yè)自身層面給出合理化的改進建議。此研究發(fā)現,該公司已經出現了債務逐年增加、償債能力不足等財務困境表現。如果按以前的經營方式繼續(xù)建設項目的話,將會面臨更嚴重的財務困境。希望此案例分析可以給其他面臨類似問題的公司提供借鑒。
[Abstract]:In the last ten years, the real estate industry in China has developed rapidly. However, the negative effects have become more and more prominent at the same time. The difficulty in selling commercial housing for most real estate enterprises in China has become a serious obstacle to the further development of real estate enterprises. Some housing enterprises have fallen into financial difficulties. How to develop the real estate industry next? It has become a common concern of the central and local governments. With the establishment of the new Lanzhou District, a large number of real estate enterprises are pouring in. However, due to the slow development of the real estate industry in Lanzhou New District and the inconvenience of transportation and other factors, The vacancy rate of commercial housing in Lanzhou New area is quite astonishing. Some real estate enterprises developed in Lanzhou New area have seen a continuous decline in profit level, huge amounts of debt and increased risk of capital chain breakage. XG Real Estate Company, as one of the first batch of real estate enterprises entering Lanzhou New District, takes advantage of the important opportunity for the development of Lanzhou New District. The project will become an important landmark building in Lanzhou New District after its completion. However, due to the blind investment of XG Real Estate Company in the early stage and the high level of private borrowing, and the development of the real economy in Lanzhou New area is not optimistic, At present, the investors of the real estate company lack confidence in the future development of Lanzhou New District, so they are unwilling or unable to continue to invest in the project, plus a single source of financing. Previous loans could not be repaid on time, resulting in a break in the capital chain. The project construction has become a rotten project. Facing the financial distress XG real estate company urgently needs to seek the strategy to get out of the predicament. This paper describes the current situation of the financial distress of the company on the basis of combing the relevant theory of financial distress. Then using financial indicators to measure the severity of the company's financial distress, and from the macro and micro perspectives to analyze the causes of the company's financial distress, including the political environment, the economic environment, Macro reasons such as social environment and technological environment, and microcosmic reasons such as blind investment, lack of long-term planning, poor management and management of the company, imperfect enterprise risk management system, lack of experienced personnel, etc. Finally, The conclusion of this paper is combed out, and some reasonable suggestions are given from the enterprise's own level. This study finds that the company's debt has been increasing year by year. Financial distress, such as insufficient solvency, will be more serious if the project continues to operate in the way it used to be. I hope this case study can be used for reference by other companies facing similar problems.
【學位授予單位】：蘭州財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.42

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