本文關(guān)鍵詞：我國房地產(chǎn)上市公司財務(wù)風(fēng)險研究　出處：《石家莊經(jīng)濟學(xué)院》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來房地產(chǎn)行業(yè)過熱現(xiàn)象嚴重，房地產(chǎn)市場出現(xiàn)“三外”現(xiàn)象，“外行搞房地產(chǎn)”、“外來資金搞地產(chǎn)”、“外來人搞地產(chǎn)”，，房地產(chǎn)市場淘金隊伍迅速加大。在追逐高額利潤的趨勢下，在房地產(chǎn)商的炒作下，房價節(jié)節(jié)高升，房地產(chǎn)市場秩序混亂，亟待需求規(guī)范。我國房地產(chǎn)業(yè)起步較晚，房地產(chǎn)周期從強度、時間兩個方面，雖然存在不同于其他國特點，但其危機引起的破壞性顯而易見。上世紀90年代房地產(chǎn)泡沫斷裂后，大量的房地產(chǎn)企業(yè)產(chǎn)生的不良貸款，長達10余年仍未能完全化解。 房地產(chǎn)企業(yè)是我國經(jīng)濟的支柱，行業(yè)關(guān)聯(lián)性大，對我國經(jīng)濟有著重要的影響。我國現(xiàn)階段以投資、出口貿(mào)易和擴大內(nèi)需三個方面作為拉動經(jīng)濟增長的主要手段，房地產(chǎn)業(yè)在投資、拉動內(nèi)需中扮演著重要角色，對經(jīng)濟的增長功不可沒，未來幾十年房地產(chǎn)業(yè)仍然會占據(jù)經(jīng)濟發(fā)展的主導(dǎo)地位，近年來與該行業(yè)有關(guān)的話題成為人們最關(guān)心的議題。它屬于資金密集企業(yè)，因此對于資金的控制，掌握，以及運用，可謂至關(guān)重要。投資大、風(fēng)險高、收益高、周期長，這些行業(yè)特點預(yù)示著房地產(chǎn)企業(yè)存在著較高的財務(wù)風(fēng)險。而且我國金融體系還不完善，過多的房地產(chǎn)商存在著較高的預(yù)收賬款，以及較高的貸款費用，整體的資產(chǎn)負債率在百分之70以上，甚至高達百分之90，負債經(jīng)營現(xiàn)象嚴重。一旦資金鏈條出現(xiàn)斷裂，將造成巨大的損失。近年來國家出臺相關(guān)政策控制房價的上漲，收緊貸款；我國融資渠道仍具有局限性，融資來源主要是為銀行貸款為主的單一融資，因此國家的調(diào)控政策無疑為房地產(chǎn)企業(yè)埋下了財務(wù)風(fēng)險的隱患。 國外對于財務(wù)風(fēng)險的研究起步早,研究深度與廣度都要強于國內(nèi),國內(nèi)對財務(wù)危機風(fēng)險研究處于在對國外研究成果和方法的借鑒引用上。本文通過研究國內(nèi)外房地產(chǎn)的預(yù)警模型，選取營運能力，資產(chǎn)的運營能力，償債能力，發(fā)展能力，以及現(xiàn)金流量的能力為財務(wù)指標(biāo)。選取部分上市公司的為樣本，進行分析研究，以此確定財務(wù)風(fēng)險模型，并對財務(wù)風(fēng)險控制提出相應(yīng)的建議。
[Abstract]:In recent years, the real estate industry overheating phenomenon is serious, the real estate market "three" phenomenon, "lay in the real estate", "foreign capital to engage in real estate, foreign real estate, the real estate market gold team rapidly increase. In the pursuit of high profits under the trend in real estate speculation. Prices rise, the real estate market disorder, demand specification. China's real estate industry started late, the real estate cycle from two aspects of strength, time, although there are different from other country characteristics, but the damage caused by the crisis is obvious. In 90s the real estate bubble rupture, a large number of real estate enterprises generate non-performing loans, as long as 10 years is still not fully resolved.
The real estate industry is the pillar of China's economy, industry association, has an important impact on China's economy. The present stage of our country to investment, as a major means to promote economic growth in the three aspects of export trade and expand domestic demand, investment in real estate, plays an important role in stimulating domestic demand, on the economy the growth contributed, the dominant position in the next few decades the real estate industry will still account for the economic development in recent years, associated with the industry as the topic of the people most concerned about the topic. It belongs to capital intensive enterprises, so the control of funds, as well as the use of hands, can be described as critical. Large investment and high risk. High yield, long cycle, the characteristics of the industry indicates that the real estate enterprises have higher financial risk. And China's financial system is not perfect, too much of the real estate business has a high pre accounts, and higher loan fees With the overall asset liability ratio of more than seventy percent, even up to ninety percent, the debt management is serious. Once the capital chain is broken, it will cause huge losses. In recent years the introduction of relevant national policies to control housing prices, tightening loans; China's financing channel still has its limitation, financing is the main source of financing for a single bank loans, so the national control policies for the real estate enterprises undoubtedly laid the financial risk.
The initial research about financial risk study abroad early, the depth and breadth are stronger than the domestic, domestic research on risk of financial crisis in the foreign research methods and reference. Through the early warning model of domestic and foreign real estate, selected assets operation ability, operation ability, solvency, development ability, and cash flow capacity for financial indicators. The listed companies selected as samples, analysis and study, in order to determine the model of financial risk, and financial risk control and put forward the corresponding suggestions.

【學(xué)位授予單位】：石家莊經(jīng)濟學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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本文編號：1399771