兰州新区XG房地产公司的财务困境及应对策略研究

发布时间：2018-03-13 04:11

本文选题：房地产　切入点：兰州新区　出处：《兰州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：最近十年,中国的房地产行业得到了快速发展。然而,与此同时出现的负面效应也越来越突出。在国家宏观调控政策出台之后,国内大多数房地产企业的商品房销售难已成为阻碍房地产企业进一步发展的严重障碍,有的房企陷入了财务困境。下一步房地产业如何发展,成为中央和地方共同关注的问题。随着兰州新区的设立,大批房地产企业涌入,但是由于目前兰州新区实体产业发展缓慢和交通不便等因素,兰州新区商品房空置率相当惊人。在兰州新区开发的一部分房地产企业出现了盈利水平持续下降、举债数额巨大、资金链断裂的风险增加、流动资金流不动等财务困境问题。XG房地产公司作为进入兰州新区的首批房地产企业之一,借助兰州新区发展的重要契机,其项目建成后将成为兰州新区重要的地标性建筑。但是,由于XG房地产公司前期的盲目投资和高额的民间借贷,再加上兰州新区实体经济发展的并不乐观,商品房市场出现了供过于求的状况。目前,该房地产公司的投资者对兰州新区未来发展的信心不足,不愿或无力对项目继续追加投资,再加上融资渠道单一,前期的借款无法按时偿还,导致资金链断裂,项目建设成为烂尾工程。面对财务困境,XG房地产公司迫切需要寻求走出困境的策略。本文在对财务困境相关理论进行梳理的基础上,对该公司的财务困境现状进行描述,再用财务指标对该公司财务困境的严重程度进行衡量,并从宏观和微观两个角度对该公司出现财务困境的原因进行分析,包括政治环境、经济环境、社会环境和技术环境等宏观原因,和企业投资盲目、缺乏长期规划、公司经营管理不善、企业风险管理体系不健全、缺少有经验的人才等微观原因。最后,对本文的研究结论进行梳理,并且从企业自身层面给出合理化的改进建议。此研究发现,该公司已经出现了债务逐年增加、偿债能力不足等财务困境表现。如果按以前的经营方式继续建设项目的话,将会面临更严重的财务困境。希望此案例分析可以给其他面临类似问题的公司提供借鉴。
[Abstract]:In the last ten years, the real estate industry in China has developed rapidly. However, the negative effects have become more and more prominent at the same time. The difficulty in selling commercial housing for most real estate enterprises in China has become a serious obstacle to the further development of real estate enterprises. Some housing enterprises have fallen into financial difficulties. How to develop the real estate industry next? It has become a common concern of the central and local governments. With the establishment of the new Lanzhou District, a large number of real estate enterprises are pouring in. However, due to the slow development of the real estate industry in Lanzhou New District and the inconvenience of transportation and other factors, The vacancy rate of commercial housing in Lanzhou New area is quite astonishing. Some real estate enterprises developed in Lanzhou New area have seen a continuous decline in profit level, huge amounts of debt and increased risk of capital chain breakage. XG Real Estate Company, as one of the first batch of real estate enterprises entering Lanzhou New District, takes advantage of the important opportunity for the development of Lanzhou New District. The project will become an important landmark building in Lanzhou New District after its completion. However, due to the blind investment of XG Real Estate Company in the early stage and the high level of private borrowing, and the development of the real economy in Lanzhou New area is not optimistic, At present, the investors of the real estate company lack confidence in the future development of Lanzhou New District, so they are unwilling or unable to continue to invest in the project, plus a single source of financing. Previous loans could not be repaid on time, resulting in a break in the capital chain. The project construction has become a rotten project. Facing the financial distress XG real estate company urgently needs to seek the strategy to get out of the predicament. This paper describes the current situation of the financial distress of the company on the basis of combing the relevant theory of financial distress. Then using financial indicators to measure the severity of the company's financial distress, and from the macro and micro perspectives to analyze the causes of the company's financial distress, including the political environment, the economic environment, Macro reasons such as social environment and technological environment, and microcosmic reasons such as blind investment, lack of long-term planning, poor management and management of the company, imperfect enterprise risk management system, lack of experienced personnel, etc. Finally, The conclusion of this paper is combed out, and some reasonable suggestions are given from the enterprise's own level. This study finds that the company's debt has been increasing year by year. Financial distress, such as insufficient solvency, will be more serious if the project continues to operate in the way it used to be. I hope this case study can be used for reference by other companies facing similar problems.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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