我国房地产上市公司财务风险研究

发布时间：2018-01-09 03:13

本文关键词：我国房地产上市公司财务风险研究　出处：《石家庄经济学院》2014年硕士论文　论文类型：学位论文

【摘要】：近年来房地产行业过热现象严重，房地产市场出现“三外”现象，“外行搞房地产”、“外来资金搞地产”、“外来人搞地产”，，房地产市场淘金队伍迅速加大。在追逐高额利润的趋势下，在房地产商的炒作下，房价节节高升，房地产市场秩序混乱，亟待需求规范。我国房地产业起步较晚，房地产周期从强度、时间两个方面，虽然存在不同于其他国特点，但其危机引起的破坏性显而易见。上世纪90年代房地产泡沫断裂后，大量的房地产企业产生的不良贷款，长达10余年仍未能完全化解。房地产企业是我国经济的支柱，行业关联性大，对我国经济有着重要的影响。我国现阶段以投资、出口贸易和扩大内需三个方面作为拉动经济增长的主要手段，房地产业在投资、拉动内需中扮演着重要角色，对经济的增长功不可没，未来几十年房地产业仍然会占据经济发展的主导地位，近年来与该行业有关的话题成为人们最关心的议题。它属于资金密集企业，因此对于资金的控制，掌握，以及运用，可谓至关重要。投资大、风险高、收益高、周期长，这些行业特点预示着房地产企业存在着较高的财务风险。而且我国金融体系还不完善，过多的房地产商存在着较高的预收账款，以及较高的贷款费用，整体的资产负债率在百分之70以上，甚至高达百分之90，负债经营现象严重。一旦资金链条出现断裂，将造成巨大的损失。近年来国家出台相关政策控制房价的上涨，收紧贷款；我国融资渠道仍具有局限性，融资来源主要是为银行贷款为主的单一融资，因此国家的调控政策无疑为房地产企业埋下了财务风险的隐患。国外对于财务风险的研究起步早,研究深度与广度都要强于国内,国内对财务危机风险研究处于在对国外研究成果和方法的借鉴引用上。本文通过研究国内外房地产的预警模型，选取营运能力，资产的运营能力，偿债能力，发展能力，以及现金流量的能力为财务指标。选取部分上市公司的为样本，进行分析研究，以此确定财务风险模型，并对财务风险控制提出相应的建议。
[Abstract]:In recent years, the real estate industry overheating phenomenon is serious, the real estate market "three" phenomenon, "lay in the real estate", "foreign capital to engage in real estate, foreign real estate, the real estate market gold team rapidly increase. In the pursuit of high profits under the trend in real estate speculation. Prices rise, the real estate market disorder, demand specification. China's real estate industry started late, the real estate cycle from two aspects of strength, time, although there are different from other country characteristics, but the damage caused by the crisis is obvious. In 90s the real estate bubble rupture, a large number of real estate enterprises generate non-performing loans, as long as 10 years is still not fully resolved.
The real estate industry is the pillar of China's economy, industry association, has an important impact on China's economy. The present stage of our country to investment, as a major means to promote economic growth in the three aspects of export trade and expand domestic demand, investment in real estate, plays an important role in stimulating domestic demand, on the economy the growth contributed, the dominant position in the next few decades the real estate industry will still account for the economic development in recent years, associated with the industry as the topic of the people most concerned about the topic. It belongs to capital intensive enterprises, so the control of funds, as well as the use of hands, can be described as critical. Large investment and high risk. High yield, long cycle, the characteristics of the industry indicates that the real estate enterprises have higher financial risk. And China's financial system is not perfect, too much of the real estate business has a high pre accounts, and higher loan fees With the overall asset liability ratio of more than seventy percent, even up to ninety percent, the debt management is serious. Once the capital chain is broken, it will cause huge losses. In recent years the introduction of relevant national policies to control housing prices, tightening loans; China's financing channel still has its limitation, financing is the main source of financing for a single bank loans, so the national control policies for the real estate enterprises undoubtedly laid the financial risk.
The initial research about financial risk study abroad early, the depth and breadth are stronger than the domestic, domestic research on risk of financial crisis in the foreign research methods and reference. Through the early warning model of domestic and foreign real estate, selected assets operation ability, operation ability, solvency, development ability, and cash flow capacity for financial indicators. The listed companies selected as samples, analysis and study, in order to determine the model of financial risk, and financial risk control and put forward the corresponding suggestions.

【学位授予单位】：石家庄经济学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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