摘 要

房地產(chǎn)是我國(guó)重要的支柱產(chǎn)業(yè)，在國(guó)民經(jīng)濟(jì)中具有基礎(chǔ)性和先導(dǎo)性的地位和作用。目前，國(guó)內(nèi)房地產(chǎn)企業(yè)資金來(lái)源渠道較為單一，將近50%的資金來(lái)源于銀行貸款。房地產(chǎn)的高額利潤(rùn)使得房地產(chǎn)開(kāi)發(fā)企業(yè)更為關(guān)心能否籌集所需要的資金，而很少結(jié)合項(xiàng)目開(kāi)發(fā)各階段的特點(diǎn)，有針對(duì)性的優(yōu)化籌資結(jié)構(gòu)和科學(xué)使用資金。當(dāng)前，資金運(yùn)行及管理成為房地產(chǎn)企業(yè)關(guān)注的熱點(diǎn)問(wèn)題，如何進(jìn)行資金運(yùn)行和風(fēng)險(xiǎn)管理成為房地產(chǎn)理論和實(shí)踐中的重要課題。本文以理論分析為基礎(chǔ)，以R房地產(chǎn)項(xiàng)目為例，研究了房地產(chǎn)開(kāi)發(fā)中各階段資金運(yùn)行機(jī)制，發(fā)現(xiàn)了存在資金漏損的環(huán)節(jié)，分析了資金漏損的原因并提出了相應(yīng)的防范措施，從而為房地產(chǎn)企業(yè)有效管理資金，，防范財(cái)務(wù)風(fēng)險(xiǎn)，提高資金使用效益提供決策建議。
全文共有六個(gè)部分：一是總論，提出研究背景，綜述國(guó)內(nèi)外文獻(xiàn)，提出研究思路和主要方法；二是理論上分析房地產(chǎn)開(kāi)發(fā)過(guò)程中資金運(yùn)行機(jī)制，對(duì)房地產(chǎn)開(kāi)發(fā)、資本與資金以及各階段運(yùn)行特點(diǎn)進(jìn)行理論分析；三是分析R房地產(chǎn)項(xiàng)目開(kāi)發(fā)過(guò)程中的資金運(yùn)行狀況與效果。其中，對(duì)項(xiàng)目開(kāi)發(fā)過(guò)程中各階段資金預(yù)算情況進(jìn)行分析，并對(duì)項(xiàng)目開(kāi)發(fā)中資金使用情況作了追蹤。同時(shí)，對(duì)于整個(gè)項(xiàng)目的資金投用效果作了全面評(píng)價(jià)；四是分析R房地產(chǎn)項(xiàng)目的資金漏損情況，重點(diǎn)分析資金漏損的原因和帶來(lái)的風(fēng)險(xiǎn)；五是分析房地產(chǎn)項(xiàng)目開(kāi)發(fā)中的資金漏損防范對(duì)策；六是研究結(jié)論與展望。
論文研究表明：房地產(chǎn)開(kāi)發(fā)主要分為前期策劃、建設(shè)施工、驗(yàn)收交付三個(gè)主要階段，而資金漏損主要出現(xiàn)在前期策劃和建設(shè)施工兩個(gè)階段，而驗(yàn)收交付階段的資金相對(duì)充足。資金漏損風(fēng)險(xiǎn)主要包括項(xiàng)目終止風(fēng)險(xiǎn)、施工延遲風(fēng)險(xiǎn)、資金鏈全面斷裂風(fēng)險(xiǎn)、運(yùn)作成本升高風(fēng)險(xiǎn)、項(xiàng)目質(zhì)量下降風(fēng)險(xiǎn)、會(huì)計(jì)虛假記錄風(fēng)險(xiǎn)、社會(huì)不穩(wěn)定風(fēng)險(xiǎn)等。這些風(fēng)險(xiǎn)產(chǎn)生的主要原因有：預(yù)算方式不合理、項(xiàng)目管理不科學(xué)、資金籌措難度較大、成本控制不嚴(yán)、會(huì)計(jì)制度不健全等。對(duì)此，本文提出了防范房地產(chǎn)項(xiàng)目開(kāi)發(fā)中資金漏損風(fēng)險(xiǎn)的對(duì)策建議，包括：建立完善的科學(xué)的項(xiàng)目預(yù)算管理體系，強(qiáng)化房地產(chǎn)項(xiàng)目重點(diǎn)環(huán)節(jié)的資金控制，拓寬房地產(chǎn)項(xiàng)目的籌資融資渠道，注重企業(yè)的成本控制，特別是采取有效的納稅籌劃方式，有效防范房地產(chǎn)開(kāi)發(fā)風(fēng)險(xiǎn)，并建立完善的會(huì)計(jì)和審計(jì)制度。
論文的新意在于結(jié)合R項(xiàng)目的運(yùn)作實(shí)際情況，分析了項(xiàng)目各環(huán)節(jié)的資金漏損情況。同時(shí)，對(duì)于項(xiàng)目資金漏損的原因做了分析，有些深層次的原因具有一定的原創(chuàng)性。此外，在房地產(chǎn)開(kāi)發(fā)項(xiàng)目資金漏損對(duì)策分析方面，也提出了一些創(chuàng)新性的觀點(diǎn)。

關(guān)鍵詞：房地產(chǎn)企業(yè)；項(xiàng)目開(kāi)發(fā)；資金漏損；風(fēng)險(xiǎn)防控
 
ABSTRACT

Real estate is an important pillar industry in China which has the basic and leading position and function in the national economy. At present, the source and channel of fund is single in domestic real estate enterprise, and nearly 50% of fund is from the bank loans. The high profits of the real estate makes real estate developers are more concerned about whether to raise the required funds, but not to optimize the financing structure and to use the funds scientifically with comprehensive consideration of the characteristics of each stage in development process. The operation and management of funds become the hot issues of real estate enterprises, and also, the fund running and risk management becomes an important issue in the theory and practice of real estate. Based on the theory analysis and the case of R real estate project, this paper studies the fund running mechanism in each stage of development process and discovers the existence of fund leakage, analyzes the reasons and puts forward some corresponding preventive measures, so as to provide the suggestions on decision making for real estate enterprises to manage funds effectively, prevent the financial risk and improve the fund running efficiency.
 This paper is divided into six parts: Chapter one is the introduction which puts forward the research background and the domestic and international literature review, and proposes the research ideas and methods. Chapter two theoretically analyzes the fund operation mechanism in the process of real estate development, including the real estate development, the capital and funds, and the operation characteristics of each stage. Chapter three analyzes the funds operating status and effect of the R real estate project development process. This part studies the fund budget of each stage, investigates the use of funds in the project development, and comprehensively evaluates the implementation of the project funds. Chapter four analyzes the fund leakage in the R real estate project development project, and focuses on the analysis of the causes and risks. Chapter five is the countermeasures to avoid the fund leakage in the development of real estate projects. The last chapter is the research conclusion and the prospect.
Research shows that the real estate development is mainly divided into the prophase planning stage, the construction stage and the late acceptance stage, and the fund leakage mainly comes in the pre planning and construction stages; and to the late acceptance stage, the corresponding funds are more adequate. The fund leakage risks mainly includes the project termination risk, the construction delays risk, the capital chain comprehensive fracture risk, the increased the cost of operation risk, the project quality decreased risk, the accounting record false risk and the social risk of instability and others. The main reasons of above risks are that the budget way is unreasonable, the project management is unscientific, the financing is difficulty, the cost control is lax and the accounting system is not perfect, etc. This paper proposes some countermeasures and suggestions to prevent the fund leakage risks in the real estate project development, including that to establish the scientific and perfect project budget management system, to strengthen the fund control of the key segments of the real estate project, to broaden the real estate financing channels, to pay attention to control the cost of enterprise, in particular, to take effective tax planning methods in order to effectively prevent the risk of real estate development and establish a perfect system of accounting and auditing.
 The innovation of this paper is that combined with the actual situation of R project operation, it analyzes the fund leakage status of each stage in project and the related reasons, and some of which is original. In addition, it also puts forward some innovative ideas in the countermeasure analysis of the fund leakage in the real estate development project.
Key words: Real Estate Enterprise; Project Development; Fund Leakage; Risk Prevention 

目    錄
摘 要 I
ABSTRACT III
1 總  論 1
1.1 研究背景與問(wèn)題提出 1
1.1.1 研究背景 1
1.1.2 研究問(wèn)題和價(jià)值 2
1.2 國(guó)內(nèi)外研究綜述 2
1.2.1 國(guó)外研究現(xiàn)狀 2
1.2.2 國(guó)內(nèi)研究現(xiàn)狀 4
1.3 研究思路與目標(biāo) 5
1.3.1 研究思路 5
1.3.2 研究目標(biāo) 6
1.4 研究?jī)?nèi)容與方法 6
1.4.1 研究?jī)?nèi)容 6
1.4.2 研究方法 7
2 房地產(chǎn)開(kāi)發(fā)過(guò)程中資金運(yùn)行過(guò)程及機(jī)理分析 8
2.1 相關(guān)概念界定 8
2.1.1 房地產(chǎn)開(kāi)發(fā) 8
2.1.2 資本與資金 8
2.2  房地產(chǎn)開(kāi)發(fā)中資金運(yùn)行的階段及特點(diǎn) 9
2.2.1 前期階段 9
2.2.2 建設(shè)階段 11
2.2.3 竣工驗(yàn)收和銷(xiāo)售階段 11
2.3房地產(chǎn)開(kāi)發(fā)中資金運(yùn)行的總過(guò)程 12
2.4 房地產(chǎn)開(kāi)發(fā)中資金運(yùn)行效率的內(nèi)涵及考核指標(biāo) 14
2.4.1 房地產(chǎn)開(kāi)發(fā)中資金運(yùn)行效率的內(nèi)涵 14
2.4.2 房地產(chǎn)開(kāi)發(fā)中資金運(yùn)行效率考核指標(biāo) 15
2.5 房地產(chǎn)開(kāi)發(fā)中資金漏損機(jī)理分析 16
2.5.1 資金漏損的內(nèi)涵 16
2.5.2 在房地產(chǎn)開(kāi)發(fā)中資金漏損可能存在的運(yùn)行階段 17
3  X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)的資金運(yùn)行狀況與效果分析 18
3.1  X公司R項(xiàng)目有關(guān)情況分析 18
3.1.1 X公司簡(jiǎn)介 18
3.1.2 R房地產(chǎn)項(xiàng)目概況 19
3.2  X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)過(guò)程的資金預(yù)算分析 21
3.2.1 項(xiàng)目前期階段的資金預(yù)算分析 21
3.2.2 項(xiàng)目建設(shè)階段的資金預(yù)算分析 22
3.2.3 項(xiàng)目驗(yàn)收階段的資金預(yù)算分析 22
3.3 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)過(guò)程中資金的實(shí)際運(yùn)行分析 23
3.3.1 項(xiàng)目前期階段的資金使用情況 23
3.3.2 項(xiàng)目建設(shè)階段的資金使用情況 24
3.3.3 項(xiàng)目驗(yàn)收階段的資金使用情況 25
3.4 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)資金預(yù)算執(zhí)行效果評(píng)價(jià) 25
4  X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)資金漏損環(huán)節(jié)與風(fēng)險(xiǎn)分析 28
4.1 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)的資金漏損狀況及成因分析 28
4.1.1 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)的資金漏損狀況 28
4.1.2 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)的資金漏損成因分析 29
4.2 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)資金漏損導(dǎo)致的風(fēng)險(xiǎn) 30
4.2.1項(xiàng)目終止風(fēng)險(xiǎn) 31
4.2.2項(xiàng)目施工延遲風(fēng)險(xiǎn) 31
4.2.3資金鏈斷裂風(fēng)險(xiǎn) 31
4.2.4運(yùn)作成本升高風(fēng)險(xiǎn) 31
4.2.5項(xiàng)目質(zhì)量下降風(fēng)險(xiǎn) 32
4.2.6會(huì)計(jì)虛假記錄風(fēng)險(xiǎn) 32
4.2.7社會(huì)不穩(wěn)定風(fēng)險(xiǎn) 32
4.3 X公司R房地產(chǎn)項(xiàng)目開(kāi)發(fā)資金漏損風(fēng)險(xiǎn)成因分析 32
4.3.1 風(fēng)險(xiǎn)管理不系統(tǒng) 33
4.3.2 風(fēng)險(xiǎn)管理措施不健全 33
4.3.3 風(fēng)險(xiǎn)管理保障不完善 34
5 X公司房地產(chǎn)項(xiàng)目開(kāi)發(fā)中資金漏損風(fēng)險(xiǎn)防范對(duì)策建議 36
5.1 以完善的預(yù)算管理體系防范資金漏損風(fēng)險(xiǎn) 36
5.1.1 分解細(xì)化預(yù)算項(xiàng)目 36
5.1.2 設(shè)定預(yù)算控制標(biāo)準(zhǔn) 36
5.1.3 實(shí)行動(dòng)態(tài)預(yù)算調(diào)整 36
5.2 以關(guān)注項(xiàng)目重點(diǎn)環(huán)節(jié)防范資金漏損風(fēng)險(xiǎn) 37
5.3 以拓寬籌資融資渠道防范資金漏損風(fēng)險(xiǎn) 37
5.3.1 房地產(chǎn)項(xiàng)目的主要融資模式 37
5.3.2  積極開(kāi)拓房地產(chǎn)項(xiàng)目融資渠道 39
5.4 以嚴(yán)格納稅籌劃防范資金漏損風(fēng)險(xiǎn) 40
5.4.1房地產(chǎn)項(xiàng)目營(yíng)業(yè)稅的納稅籌劃措施 40
5.4.2 房地產(chǎn)企業(yè)增值稅的納稅籌劃措施 41
5.4.3 房地產(chǎn)企業(yè)所得稅的納稅籌劃措施 43
5.4.4 房地產(chǎn)企業(yè)其他稅種納稅籌劃措施 45
5.5 以有力的控制措施防范資金漏損風(fēng)險(xiǎn) 46
5.6 以完善的會(huì)計(jì)審計(jì)制度防范資金漏損風(fēng)險(xiǎn) 48
5.6.1 建立完善的會(huì)計(jì)制度體系 48
5.6.2 建立完善的審計(jì)制度體系 49
6 研究結(jié)論與展望 49
6.1 研究結(jié)論 49
6.2 研究展望 50
參考文獻(xiàn) 51
致  謝 55

1 總  論

1.1 研究背景與問(wèn)題提出
1.1.1 研究背景
房地產(chǎn)是我國(guó)的重要支柱產(chǎn)業(yè)，在國(guó)民經(jīng)濟(jì)中具有基礎(chǔ)性和先導(dǎo)性的地位和作用。隨著經(jīng)濟(jì)快速增長(zhǎng)，國(guó)內(nèi)房地產(chǎn)行業(yè)得到了迅猛發(fā)展，房地產(chǎn)投資額由2003年的1.12萬(wàn)億元增長(zhǎng)到2014年的9.5萬(wàn)億元。2014年，國(guó)內(nèi)商品房銷(xiāo)售面積達(dá)到12.1億平方米，銷(xiāo)售額突破7.63萬(wàn)億元。伴隨著房地產(chǎn)行業(yè)的發(fā)展，國(guó)內(nèi)房地產(chǎn)市場(chǎng)也出現(xiàn)了非常多的問(wèn)題。房地產(chǎn)企業(yè)為了搶奪市場(chǎng)，瘋狂拿地，倉(cāng)促開(kāi)發(fā)，資金占用嚴(yán)重，部分企業(yè)甚至出現(xiàn)資金鏈緊張的情況。綠地集團(tuán)采用高負(fù)債的發(fā)展模式在全國(guó)快速擴(kuò)張，近年來(lái)不斷購(gòu)買(mǎi)土地，高峰時(shí)期土地投資達(dá)到300多億元，資產(chǎn)負(fù)債率達(dá)到100%以上，面臨超過(guò)200億元的短期債務(wù)壓力，而持有的現(xiàn)金根本不能償還債務(wù)，不得不通過(guò)出售項(xiàng)目回籠資金償還債務(wù)，以避免破產(chǎn)。國(guó)家宏觀調(diào)控使得房地產(chǎn)市場(chǎng)行情出現(xiàn)了一定程度的回落，進(jìn)一步減緩了房地產(chǎn)銷(xiāo)售資金回籠，房地產(chǎn)開(kāi)發(fā)資金受到嚴(yán)重影響，部分企業(yè)資金緊張，面臨資不抵債，甚至出現(xiàn)破產(chǎn)的狀況。房地產(chǎn)作為資金密集型行業(yè)，造成房地產(chǎn)企業(yè)資金緊張的主要原因有房地產(chǎn)企業(yè)資金管理不當(dāng)，沒(méi)有考慮未來(lái)資金供給和需求情況；短期債務(wù)較多，到期還本壓力大；項(xiàng)目開(kāi)發(fā)周期長(zhǎng)，資金回籠速度慢，特別是在市場(chǎng)不景氣的時(shí)期。在這種背景下，加強(qiáng)房地產(chǎn)企業(yè)資金管理和風(fēng)險(xiǎn)防控就顯得尤為重要。
目前，國(guó)內(nèi)房地產(chǎn)企業(yè)的資金來(lái)源渠道比較單一，將近50%的資金來(lái)源于銀行貸款，房地產(chǎn)的高額利潤(rùn)使得房地產(chǎn)開(kāi)發(fā)企業(yè)更為關(guān)心能否籌集所需要的資金，而很少結(jié)合項(xiàng)目開(kāi)發(fā)各階段的特點(diǎn)優(yōu)化籌資結(jié)構(gòu)以及科學(xué)使用資金。資金運(yùn)行及管理成為房地產(chǎn)企業(yè)關(guān)注的熱點(diǎn)問(wèn)題，如何合理運(yùn)用資金和風(fēng)險(xiǎn)管理已經(jīng)是房地產(chǎn)理論和實(shí)踐中的重要課題。擁有充足的資金是資本密集型行業(yè)—房地產(chǎn)項(xiàng)目順利開(kāi)發(fā)的重要保障條件，在競(jìng)爭(zhēng)激烈的房地產(chǎn)市場(chǎng)，房地產(chǎn)企業(yè)越來(lái)越關(guān)注如何提高資金運(yùn)行管理水平，以期資金良性循環(huán)，確保項(xiàng)目開(kāi)發(fā)順利進(jìn)行，并化解財(cái)務(wù)等風(fēng)險(xiǎn)。本文以理論分析為基礎(chǔ),結(jié)合作者所從事的R項(xiàng)目為案例，研究房地產(chǎn)開(kāi)發(fā)中各階段資金運(yùn)行機(jī)制，發(fā)現(xiàn)其存在的資金漏損，并分析資金漏損的原因以及提出相應(yīng)的防范措施，從而為房地產(chǎn)企業(yè)有效管理資金，防范財(cái)務(wù)等風(fēng)險(xiǎn)提供建議。

6.2 研究展望

本文的研究仍存在不足之處，主要是筆者基礎(chǔ)理論掌握不夠深入，對(duì)于資金漏損的相關(guān)理論分析不夠透徹。同時(shí)，R項(xiàng)目運(yùn)作過(guò)程中，出現(xiàn)的漏損項(xiàng)并不多，且漏損的形式比較單一，這不利于得出更加詳實(shí)的結(jié)論。同時(shí)，在資金漏損過(guò)程中，更多地分析了資金“漏”的問(wèn)題，而忽略了“損”的問(wèn)題分析，主要是R項(xiàng)目的特點(diǎn)決定了很少存在資金損失的問(wèn)題。
下一步，將繼續(xù)關(guān)注國(guó)內(nèi)外關(guān)于房地產(chǎn)項(xiàng)目資金漏損的有關(guān)理論研究動(dòng)態(tài)，并結(jié)合實(shí)踐進(jìn)行認(rèn)真思考研究。同時(shí)，高度關(guān)注X公司的房地產(chǎn)項(xiàng)目，特別是研究其各個(gè)環(huán)節(jié)的資金漏損控制情況，并結(jié)合理論研究，提出新的問(wèn)題和解決對(duì)策與建議，為房地產(chǎn)企業(yè)長(zhǎng)期健康可持續(xù)發(fā)展，提供理論借鑒和參考。
 
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