鲁商置业股份有限公司财务风险评价研究

发布时间：2018-01-01 02:36

本文关键词：鲁商置业股份有限公司财务风险评价研究　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：自1978年相关土地法的制定开始,房地产市场伴随着我国改革开放的步伐走过了风云变幻的40年。这几十年来,房地产行业以其强大的推动力,繁荣了上下游产业,改善了人民的日常生活与社会的基础设施建设,更促进着我国国民经济滚滚向前,牢牢占据了支柱地位。然而与此同时,鉴于房地产资金需求大、投资回收慢等行业特点以及其对国家宏观调控的敏感性,我国房地产行业上市公司存在着许多不利的发展因素,例如负债和所有者权益占资产的比重相差甚远、其两者之间的比例结构也不甚合理以及对于某一种筹资方式的高度依赖等,由此导致了房企的财务风险一直以来普遍高出其他各行各业的现象。2015年,国家为响应去库存和供给侧改革,五次降息、四次降准,为房企营造了较为宽松的融资环境。但2016年的最新数据显示,房地产企业的整体资产负债率不断攀升而净利润率和毛利率却在不断下跌,这必然将加剧其财务风险,房地产行业仍面临着巨大的挑战。因此,面对纷繁复杂的外部环境,结合行业自身特点,识别企业所面临的财务风险继而进行相应的预警和抵御,是每一家房企管理者亟待解决的问题。基于上述宏观背景,本文从目前所有房地产上市公司中选取了同时具有行业特征和自我特点的公司作为研究对象,以相应的财务风险理论作为研究指导,运用财务指标分析法结合企业内外部环境全面剖析该企业目前存在的财务风险并总结产生财务风险的根本原因,最终根据评价结果提出具有针对性的防范和完善措施。首先,本文对国内外相关期刊文献进行了梳理和评价,总结了财务风险分析地几种常见方法以及针对房地产上市公司财务风险开展的学术活动;其次,列示了有关财务风险的经典理论作为写作基础,以指导后文的案例开展;再次,着重介绍了本文案例企业鲁商置业股份有限公司的基本情况以及其所处的房地产行业目前面临的财务风险现状;最后,采用案例分析的方法对鲁商置业股份有限公司2006-2015十年间的财务报表数据,分别从筹资、投资、资产流动以及关联交易风险选取了24个量化财务指标综合评价其财务风险情况并指明内部成因。研究结果表明:鲁商置业存在着巨大的财务风险,主要体现在负债率高、盈利能力不足、存货积压严重以及资金利用效率低下等各个方面。鉴于此,本文根据研究结论为鲁商置业提出下述三条建议:第一,增强盈利能力,提高经营效率;第二,拓宽融资渠道,优化资本结构;第三,规范关联交易,优化资源配置,以期能够对其他房地产上市公司降低自身财务风险提升企业整体价值有所帮助。
[Abstract]:Since the beginning of 1978 to develop the relevant law of the land, the real estate market with China's reform and opening up the pace through the 40 years. Amidst the winds of change over the past few decades, the real estate industry with its powerful impetus, the prosperity of the upstream and downstream industries, improve the infrastructure construction and the social people's daily life, more promotion of me national economy rolling forward, firmly occupy the pillar position. But at the same time, in view of the real estate investment funds demand, slow recovery industry and its sensitivity to the national macro-control, China's real estate industry listed companies there are many unfavorable factors of the development, such as the liabilities and owners' equity accounted for the proportion of the assets varies well, the proportion between the two is not reasonable, for a kind of financing mode is highly dependent on housing prices, resulting in financial risk has been generally higher than the He walks the phenomenon of.2015 years, in response to the national inventory and supply side reforms, cut interest rates five times, four times RRR, to create a more relaxed environment for financing housing prices. But the latest data show that in 2016, the real estate enterprise's overall balance rate rising and net profit margin and gross margin has been this fall, will inevitably aggravate the financial risk, the real estate industry still faces enormous challenges. Therefore, in the face of the complicated external environment, combined with its own characteristics, identify the financial risks faced by the enterprises and the corresponding early warning and defense, each housing enterprises management problems to be solved. The macro background based on this, from the current listing of all real estate companies were selected with the characteristics of the industry and the self characteristics of the company as the research object, with the theory of financial risk corresponding as the research guide, the use of financial Index analysis method combined with the internal and external environment of the enterprise comprehensive analysis of current financial risk and summarizes the main causes of financial risk, according to the evaluation results has put forward measures according to prevention and sex. Firstly, the domestic and foreign related literature undertook combing and evaluation, summarized the common methods of financial risk analysis and according to several real estate listed companies financial risk to carry out academic activities; secondly, lists the classical theory about the financial risk as the basis for writing, to guide the development of the case; again, emphatically introduces the basic status of the financial risk in the case of enterprise Lushang Limited by Share Ltd and the real estate industry is currently facing finally, the financial statements data; using the method of case analysis of Lushang Limited by Share Ltd 2006-2015 ten years, divided Not from financing, investment, liquidity and transaction risks associated with selected 24 quantitative evaluation of financial indicators of the financial risk situation and points out the internal causes. The results show that: Lushang there is a huge financial risk, mainly reflected in the high rate of debt, lack of profitability, inventory backlog serious and inefficient use of funds etc.. In view of this, based on the research conclusion Lushang made three recommendations as follows: first, to enhance profitability and improve operational efficiency; second, to broaden the financing channels, optimize the capital structure; third, regulating related transactions and optimize the allocation of resources, in order to other real estate companies reduce their financial risk and improve the overall the value of help.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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