【摘要】：自我國(guó)房地產(chǎn)市場(chǎng)化,房地產(chǎn)行業(yè)得到了飛速的發(fā)展,一躍成為了我國(guó)國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)。房地產(chǎn)行業(yè)的急速發(fā)展也帶來(lái)一系列問題,如房?jī)r(jià)上漲過(guò)快、房地產(chǎn)企業(yè)負(fù)債比例高、商品房庫(kù)存積壓、土地占用量大等,為了穩(wěn)定房地產(chǎn)市場(chǎng),國(guó)務(wù)院頒布了許多政策對(duì)房地產(chǎn)市場(chǎng)進(jìn)行調(diào)控,各地政府也在國(guó)家政策的調(diào)整下紛紛出臺(tái)地方政策,對(duì)房地產(chǎn)市場(chǎng)進(jìn)行控制。自2011年以來(lái),國(guó)家重點(diǎn)限制商品房出售,頒布了限貸限購(gòu)政策以抑制不斷上漲的商品房?jī)r(jià)格。2015年政策雖然解除了限貸限購(gòu)的控制力度,卻嚴(yán)格控制土地供給,將重心放在“去庫(kù)存”上。因政策的頻繁變更和干預(yù),同時(shí)消費(fèi)者購(gòu)買力不足,房地產(chǎn)項(xiàng)目開發(fā)成本上升,市場(chǎng)經(jīng)濟(jì)增長(zhǎng)整體趨于平緩,房地產(chǎn)市場(chǎng)在多方面的影響下出現(xiàn)了下行趨勢(shì)。在這樣的外部環(huán)境下,房地產(chǎn)企業(yè)負(fù)債比率過(guò)高、負(fù)債經(jīng)營(yíng)、現(xiàn)金獲取能力不足、債務(wù)償還壓力大等問題就會(huì)更加明顯。因這些問題產(chǎn)生的財(cái)務(wù)風(fēng)險(xiǎn)給企業(yè)帶來(lái)的影響也會(huì)更大。為此如何識(shí)別房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)、對(duì)風(fēng)險(xiǎn)進(jìn)行評(píng)價(jià)、分析財(cái)務(wù)風(fēng)險(xiǎn)的成因就是房地產(chǎn)企業(yè)在市場(chǎng)環(huán)境復(fù)雜多變的情況下重點(diǎn)關(guān)注的方向�；谶@樣的背景,本文選擇了大連萬(wàn)達(dá)商業(yè)地產(chǎn)股份有限公司作為研究案例,對(duì)其財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行分析。本文從萬(wàn)達(dá)地產(chǎn)經(jīng)營(yíng)范圍、經(jīng)營(yíng)狀況、發(fā)展戰(zhàn)略等方面入手,依據(jù)財(cái)務(wù)風(fēng)險(xiǎn)分類中資本循環(huán)運(yùn)動(dòng)角度選取財(cái)務(wù)指標(biāo)。就萬(wàn)達(dá)地產(chǎn)籌資、投資、回收和收益分配四個(gè)方面進(jìn)行財(cái)務(wù)分險(xiǎn)識(shí)別,以萬(wàn)達(dá)地產(chǎn)財(cái)務(wù)報(bào)表數(shù)據(jù)作為依據(jù),建立能夠反映萬(wàn)達(dá)地產(chǎn)方面能力的財(cái)務(wù)指標(biāo)。運(yùn)用因子分析法構(gòu)建萬(wàn)達(dá)地產(chǎn)財(cái)務(wù)風(fēng)險(xiǎn)評(píng)價(jià)模型,以萬(wàn)達(dá)地產(chǎn)財(cái)務(wù)數(shù)據(jù)為基礎(chǔ),對(duì)其財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行評(píng)價(jià)。根據(jù)評(píng)價(jià)結(jié)果,結(jié)合財(cái)務(wù)風(fēng)險(xiǎn)識(shí)別的結(jié)果,對(duì)萬(wàn)達(dá)地產(chǎn)財(cái)務(wù)風(fēng)險(xiǎn)的成因進(jìn)行分析。最后根據(jù)前文的結(jié)論,提出有針對(duì)性的具體合理的財(cái)務(wù)風(fēng)險(xiǎn)管理建議。
[Abstract]:Since China's real estate marketization, the real estate industry has developed rapidly and become the pillar industry of our national economy. The rapid development of the real estate industry has also brought a series of problems, such as the rapid rise in house prices, the high debt ratio of real estate enterprises, the overstocking of commercial housing stock, the large amount of land occupied, and so on. In order to stabilize the real estate market, The State Council has promulgated many policies to regulate the real estate market, and local governments have introduced local policies to control the real estate market. Since 2011, the state has focused on restricting the sale of commercial housing, promulgating a policy of restricting loans and purchasing to curb the rising prices of commercial housing. Although the 2015 policy has lifted the restrictions on lending and purchasing, it has strictly controlled the supply of land. Focus on "destocking". Because of the frequent changes and interventions of policies and the insufficient purchasing power of consumers, the development cost of real estate projects is rising, the overall growth of market economy tends to be flat, and the real estate market has a downward trend under the influence of many aspects. In such an external environment, the debt ratio of real estate enterprises is too high, debt management, lack of cash acquisition capacity, debt repayment pressure will become more obvious. The financial risk caused by these problems will also bring greater impact to the enterprise. Therefore, how to identify the financial risks of real estate enterprises, evaluate the risks, and analyze the causes of financial risks is the focus of attention of real estate enterprises in the complex and changeable market environment. Based on this background, this paper chooses Dalian Wanda Commercial Real Estate Co., Ltd as a case study to analyze its financial risk. This paper starts with Wanda's real estate management scope, management status and development strategy, and selects financial indexes according to the angle of capital circulation movement in the classification of financial risk. On the basis of Wanda real estate financing, investment, recovery and income distribution, the financial index which can reflect the Wanda real estate capability is established based on the Wanda real estate financial statement data. The financial risk evaluation model of Wanda real estate is constructed by using factor analysis method. Based on the financial data of Wanda real estate, the financial risk of Wanda real estate is evaluated. According to the evaluation results, combined with the results of financial risk identification, the causes of Wanda real estate financial risk are analyzed. Finally, according to the previous conclusions, the paper puts forward specific and reasonable financial risk management suggestions.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 郭黎明;;淺析如何構(gòu)建房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理體系[J];現(xiàn)代經(jīng)濟(jì)信息;2016年20期

2 張利霞;;我國(guó)房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)控制研究[J];中國(guó)鄉(xiāng)鎮(zhèn)企業(yè)會(huì)計(jì);2016年08期

3 劉昱含;;房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理研究[J];審計(jì)與理財(cái);2016年05期

4 王萌萌;;房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理文獻(xiàn)綜述[J];現(xiàn)代經(jīng)濟(jì)信息;2016年02期

5 張銀平;;房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理體系構(gòu)建[J];財(cái)會(huì)通訊;2015年26期

6 王賾;;房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)控制研究[J];財(cái)會(huì)學(xué)習(xí);2015年12期

7 杜俊娟;;我國(guó)房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的預(yù)警與防范[J];會(huì)計(jì)之友;2013年10期

8 伍晗潉;;房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理的對(duì)策分析[J];財(cái)經(jīng)界(學(xué)術(shù)版);2013年04期

9 張曉萍;孔慶景;;我國(guó)房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)產(chǎn)生環(huán)節(jié)及防范措施思考[J];中國(guó)證券期貨;2012年11期

10 勞燕玲;李江風(fēng);;房地產(chǎn)項(xiàng)目的風(fēng)險(xiǎn)管理探究[J];前沿;2012年10期

，

本文編號(hào)：2316961