本文選題：房地產(chǎn) + 資金鏈風(fēng)險　； 參考：《江蘇科技大學(xué)》2013年碩士論文

【摘要】：房地產(chǎn)企業(yè)的資金鏈一直是一個備受學(xué)術(shù)界關(guān)注的話題。然而當(dāng)前眾多學(xué)者對企業(yè)資金鏈問題的研究較多注重定性分析，對可能造成資金鏈斷裂的成因及其防范措施一一闡述，缺乏實證數(shù)據(jù)的支撐，以至于降低了其結(jié)論的說服力。就財務(wù)風(fēng)險預(yù)警而言，大多數(shù)學(xué)者把資金鏈風(fēng)險直接并入財務(wù)風(fēng)險、企業(yè)破產(chǎn)等問題進(jìn)行研究，較少有學(xué)者專門針對企業(yè)的資金鏈風(fēng)險進(jìn)行識別與預(yù)警研究。張金昌等人設(shè)計了識別資金鏈斷裂的八個指標(biāo)，在資金鏈斷裂成因理論分析的基礎(chǔ)上，選取上市公司的財務(wù)數(shù)據(jù)進(jìn)行了實證檢驗。然而值得我們懷疑的是其得出的一般性研究結(jié)論不一定適合房地產(chǎn)上市公司。為此，，本文采用理論與實證相結(jié)合的研究方法專門對房地產(chǎn)上市公司的資金鏈風(fēng)險問題進(jìn)行研究。 本文以房地產(chǎn)上市公司資金鏈為研究對象，首先，在國內(nèi)外學(xué)者企業(yè)資金鏈相關(guān)問題研究的基礎(chǔ)之上，對以往學(xué)術(shù)研究中混淆不清的資金鏈風(fēng)險及其與財務(wù)風(fēng)險、財務(wù)危機(jī)、企業(yè)破產(chǎn)之間的關(guān)系進(jìn)行了界定和說明。其次，借助于房地產(chǎn)上市公司相關(guān)的財務(wù)數(shù)據(jù)和指標(biāo)，認(rèn)真分析了房地產(chǎn)上市公司資金鏈風(fēng)險的表現(xiàn)形式及其影響因素。而后，利用資金鏈風(fēng)險識別指標(biāo)及修正判別標(biāo)準(zhǔn)的Z值模型和加入現(xiàn)金流量指標(biāo)的F分?jǐn)?shù)模型，并以房地產(chǎn)上市公司為樣本空間對指標(biāo)的識別能力及預(yù)警效果進(jìn)行了對比分析。接著，針對房地產(chǎn)上市公司資金鏈風(fēng)險的成因，從企業(yè)內(nèi)外兩個方面，提出了防范建議。最后，以H公司為例，利用修正后的Z值預(yù)警模型及資金鏈風(fēng)險識別指標(biāo)對其資金鏈風(fēng)險進(jìn)行預(yù)警分析，通過分析指出了該公司資金鏈風(fēng)險形成的原因并提出了相應(yīng)的防范建議。
[Abstract]:The capital chain of real estate enterprises has been a topic of academic concern. However, many scholars pay more attention to qualitative analysis and explain the causes and preventive measures that may lead to the breakage of the financial chain, which lacks the support of empirical data, which reduces the persuasiveness of the conclusion. As far as early warning of financial risk is concerned, most scholars directly incorporate capital chain risk into financial risk, enterprise bankruptcy and other issues, and few scholars specifically focus on the identification and early warning of enterprise capital chain risk. Zhang Jinchang and others designed eight indexes to identify the breakage of the capital chain. On the basis of the theoretical analysis of the cause of the breakage of the fund chain, the financial data of the listed companies were selected to carry out an empirical test. However, it is doubtful that its general conclusions may not be suitable for real estate listed companies. Therefore, this paper studies the capital chain risk of real estate listed companies by combining theory with empirical research. This paper takes the capital chain of listed real estate companies as the research object. First of all, on the basis of the research on the problems related to the capital chain of domestic and foreign scholars, the paper makes a study of the risk of the capital chain which is confused with the financial risk and financial crisis in the past academic research. The relationship between enterprise bankruptcy is defined and explained. Secondly, with the help of the financial data and indicators of the listed real estate companies, the paper analyzes the manifestation of the capital chain risk of the listed real estate companies and its influencing factors. Then, using the risk identification index of the capital chain, the Z-value model of the modified discriminant criterion and the F-score model with the cash flow index, and taking the real estate listed company as the sample space, the paper makes a comparative analysis on the recognition ability and the early warning effect of the index. Then, in view of the causes of capital chain risk of real estate listed companies, the paper puts forward some preventive suggestions from inside and outside the enterprises. Finally, taking H Company as an example, using the modified Z-value early-warning model and the risk identification index of the capital chain to carry on the early-warning analysis to its capital chain risk. The paper points out the reasons for the formation of the risk of the company's capital chain and puts forward the corresponding preventive suggestions.
【學(xué)位授予單位】：江蘇科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4

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本文編號：1968651