HG房地产项目财务风险控制研究

发布时间：2018-11-29 09:26

【摘要】：在中国买房观念深入人心,特别是近些年经济的高速增长,人们的生活质量不断提高消费需求扩大,各处都掀起了"买房热",居民对住宅的高需求刺激着房地产行业的迅猛发展。房地产行业对项目所进行的投资活动相比于其他行业有着自身的特点,对项目的投资开工前期就需要投入大量资金,对企业的经济实力有很高的要求,但是投入的资金短时间内无法收回,所以项目取得收益的周期通常都会经历好几年。房地产行业的独特性意味着企业在投资过程中会遇到太多不确定性因素的影响,因此虽然房地产行业的投资项目收益高,但这也意味着高风险与之伴随。特别是大量的资金投入,基本上房地产企业都会向银行借款或者使用其他方式进行融资,因此大部分房地产企业都有着高的负债率,这样会让财务风险出现的概率加大。而且从2016年年初起,各地的房价都迎来了新一波的增长,商品房出现有价无市的局面,为此政府为了抑制房地产行业过热的情况,颁布了新政策对行业进为进行管控。既有外部环境的制约,又有在内部环境的影响,房地产企业的财务风险时有发生,逐渐受到了管理者的重视。本文从HG房地产项目一个具体的例子出发,对财务风险进行了相关的研究,通过在对国内外相关文献的阅读并加以自己的理解,对房地产项目财务风险的特点、分类以及发生的原因进行总结。以财务风险的相关理论作为基石,结合了HG项目目前所处的内外环境,对具体情况进行一个整体分析。从投资环节、前期开发环节、销售环节,通过对成本、销售收入、利润的预估,试图通过一系列的财务指标对财务风险进行量化,通过一系列基础的财务数据,运用盈亏平衡分析法和敏感性分析法,对项目的可行性进行了相关的探讨。以此来识别项目进行过程中的财务风险,并提出风险控制的措施。本文希望通过对房地产项目的财务风险研究,为企业的管理者提供相关建议。
[Abstract]:In China, the concept of buying a house is deeply rooted in the people's mind, especially with the rapid economic growth in recent years, people's quality of life is constantly improving and consumption demand is expanding, and there has been a "buying frenzy" all over the country. Residents' high demand for housing stimulates the rapid development of the real estate industry. Compared with other industries, the investment activities of the real estate industry in the project have their own characteristics. It is necessary to invest a large amount of capital in the early stage of the project investment, which requires a high demand for the economic strength of the enterprise. But the money invested can't be recovered in a short period of time, so the cycle of project income usually lasts several years. The uniqueness of the real estate industry means that companies will encounter too many uncertainties in the process of investment, so although the real estate industry investment project income is high, but this also means high risk with it. Especially a large amount of capital investment, basically real estate enterprises will borrow from the bank or use other means to finance, so most real estate enterprises have a high debt ratio, which will increase the probability of financial risk. And since the beginning of 2016, housing prices have welcomed a new wave of growth, commercial housing market situation, in order to curb the overheating of the real estate industry, the government issued a new policy to regulate the industry. The financial risks of real estate enterprises occur from time to time because of the restriction of the external environment and the influence of the internal environment, which has been paid more and more attention by the managers. Based on a specific example of HG real estate project, this paper makes a related study on financial risk, through reading and understanding the relevant literature at home and abroad, the characteristics of financial risk of real estate project. Classification and causes of occurrence are summarized. Taking the theory of financial risk as the cornerstone and combining the internal and external environment of the HG project, this paper makes an overall analysis of the specific situation. From the aspects of investment, pre-development, sales, through the estimate of cost, sales income and profit, trying to quantify the financial risk through a series of financial indicators, through a series of basic financial data, Using break-even analysis and sensitivity analysis, the feasibility of the project is discussed. In order to identify the financial risks in the process of the project, and put forward risk control measures. This paper hopes to provide relevant suggestions for enterprise managers through the study of financial risk of real estate projects.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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