万达商业地产战略转型的财务风险分析

发布时间：2018-11-07 16:51

【摘要】：自我国房地产市场化,房地产行业得到了飞速的发展,一跃成为了我国国民经济的支柱产业。房地产行业的急速发展也带来一系列问题,如房价上涨过快、房地产企业负债比例高、商品房库存积压、土地占用量大等,为了稳定房地产市场,国务院颁布了许多政策对房地产市场进行调控,各地政府也在国家政策的调整下纷纷出台地方政策,对房地产市场进行控制。自2011年以来,国家重点限制商品房出售,颁布了限贷限购政策以抑制不断上涨的商品房价格。2015年政策虽然解除了限贷限购的控制力度,却严格控制土地供给,将重心放在“去库存”上。因政策的频繁变更和干预,同时消费者购买力不足,房地产项目开发成本上升,市场经济增长整体趋于平缓,房地产市场在多方面的影响下出现了下行趋势。在这样的外部环境下,房地产企业负债比率过高、负债经营、现金获取能力不足、债务偿还压力大等问题就会更加明显。因这些问题产生的财务风险给企业带来的影响也会更大。为此如何识别房地产企业财务风险、对风险进行评价、分析财务风险的成因就是房地产企业在市场环境复杂多变的情况下重点关注的方向。基于这样的背景,本文选择了大连万达商业地产股份有限公司作为研究案例,对其财务风险进行分析。本文从万达地产经营范围、经营状况、发展战略等方面入手,依据财务风险分类中资本循环运动角度选取财务指标。就万达地产筹资、投资、回收和收益分配四个方面进行财务分险识别,以万达地产财务报表数据作为依据,建立能够反映万达地产方面能力的财务指标。运用因子分析法构建万达地产财务风险评价模型,以万达地产财务数据为基础,对其财务风险进行评价。根据评价结果,结合财务风险识别的结果,对万达地产财务风险的成因进行分析。最后根据前文的结论,提出有针对性的具体合理的财务风险管理建议。
[Abstract]:Since China's real estate marketization, the real estate industry has developed rapidly and become the pillar industry of our national economy. The rapid development of the real estate industry has also brought a series of problems, such as the rapid rise in house prices, the high debt ratio of real estate enterprises, the overstocking of commercial housing stock, the large amount of land occupied, and so on. In order to stabilize the real estate market, The State Council has promulgated many policies to regulate the real estate market, and local governments have introduced local policies to control the real estate market. Since 2011, the state has focused on restricting the sale of commercial housing, promulgating a policy of restricting loans and purchasing to curb the rising prices of commercial housing. Although the 2015 policy has lifted the restrictions on lending and purchasing, it has strictly controlled the supply of land. Focus on "destocking". Because of the frequent changes and interventions of policies and the insufficient purchasing power of consumers, the development cost of real estate projects is rising, the overall growth of market economy tends to be flat, and the real estate market has a downward trend under the influence of many aspects. In such an external environment, the debt ratio of real estate enterprises is too high, debt management, lack of cash acquisition capacity, debt repayment pressure will become more obvious. The financial risk caused by these problems will also bring greater impact to the enterprise. Therefore, how to identify the financial risks of real estate enterprises, evaluate the risks, and analyze the causes of financial risks is the focus of attention of real estate enterprises in the complex and changeable market environment. Based on this background, this paper chooses Dalian Wanda Commercial Real Estate Co., Ltd as a case study to analyze its financial risk. This paper starts with Wanda's real estate management scope, management status and development strategy, and selects financial indexes according to the angle of capital circulation movement in the classification of financial risk. On the basis of Wanda real estate financing, investment, recovery and income distribution, the financial index which can reflect the Wanda real estate capability is established based on the Wanda real estate financial statement data. The financial risk evaluation model of Wanda real estate is constructed by using factor analysis method. Based on the financial data of Wanda real estate, the financial risk of Wanda real estate is evaluated. According to the evaluation results, combined with the results of financial risk identification, the causes of Wanda real estate financial risk are analyzed. Finally, according to the previous conclusions, the paper puts forward specific and reasonable financial risk management suggestions.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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