X公司私募房地产投资基金运行的财务风险控制研究

发布时间：2018-04-18 04:13

本文选题：私募房地产投资基金 + 财务风险　；参考：《湖南大学》2014年硕士论文

【摘要】：改革开放以来，伴随我国社会主义市场经济的快速发展，我国私募股权基金历了从无到有、从小到大的发展历程。经过20多年的发展，我国私募股权基金获得了快速发展。房地产行业与国民生活息息相关，房价一直是人们关注的话题，因此房地产企业的发展对国民经济有着重要影响，2009年开始,国家对房地产市场出台了宏观政策的调控，使得行业资金压力扩大，筹资渠道的拓宽成为房地产行业的燃眉之急。这时私募股权投资成功吸引了房地产商的注意力，私募房地产投资基金得到极大的发展。私募房地产投资基金作为新兴的金融创新产品，其创新性和不确定性，使私募房地产投资基金的运营连同管理公司都面临着很多潜在的危机，其中一个非常重要的风险就是财务风险。房地产行业在所有行业中财务风险最高，私募股权基金本身风险也很高，把私募股权基金运用到这个行业来，更需要基金管理者谨慎地面对财务风险。机遇与挑战并存，面对机遇，企业如何控制私募房地产投资基金运行的财务风险，用何种策略对财务风险进行识别、衡量、分析和控制，成为企业管理理论和实践工作中急需解决的课题。本文采用案例形式对私募房地产投资基金财务风险控制问题进行研究，首先系统地阐述了私募房地产投资基金运行中财务风险控制的基本理论，接着结合X公司基金运行的实际情况，从融资、投资和退出三个阶段详细分析其所面临的财务风险以及已采取的相关控制措施，经分析发现X公司私募房地产投资基金存在融资制度不完善、融资渠道有限、投资项目估值不科学、投资工具单一以及退出机制兑付等问题。针对这些问题，，提出完善X公司私募房地产投资基金财务风险防范措施的具体思路和建议，以期能够对X公司私募房地产投资基金财务风险管理有所裨益，X公司私募房地产公司财务风险的控制措施和改进方法具有普遍的应用意义，国内各大基金管理公司可以根据自身情况加以借鉴。
[Abstract]:Since the reform and opening up, with the rapid development of our socialist market economy, private equity funds in China have experienced the development from scratch, from small to large.After more than 20 years of development, private equity funds in China have achieved rapid development.The real estate industry is closely related to national life, housing prices have been a topic of concern to people, so the development of real estate enterprises has an important impact on the national economy. Since 2009, the state has introduced macro-control policies on the real estate market.Make the industry capital pressure to expand, financing channels to broaden the real estate industry's urgent need.At this time, private equity investment successfully attracted the attention of real estate investors, private real estate investment funds have a great development.As a new financial innovation product, Private Real Estate Investment Fund (PREF) is faced with many potential crises because of its innovation and uncertainty.One of the most important risks is financial risk.The real estate industry has the highest financial risk in all industries, and the private equity fund itself is also very risky. To apply the private equity fund to this industry, fund managers need to face the financial risk carefully.Facing the opportunity, how to control the financial risk of the private real estate investment fund, how to identify, measure, analyze and control the financial risk with what strategy?It has become an urgent task in the theory and practice of enterprise management.In this paper, the financial risk control of private real estate investment funds is studied in the form of cases. Firstly, the basic theory of financial risk control in the operation of private real estate investment funds is systematically expounded.Then combined with the actual situation of X company fund operation, from the financing, investment and exit three stages of detailed analysis of its financial risks and the relevant control measures have been taken,It is found that X Company's private real estate investment fund has some problems, such as imperfect financing system, limited financing channels, unscientific valuation of investment projects, single investment tool and payment of withdrawal mechanism.Aiming at these problems, this paper puts forward some concrete ideas and suggestions on how to improve X Company's financial risk prevention measures for private real estate investment funds.In order to benefit X company private real estate investment fund financial risk management and X company private real estate company financial risk control measures and improvement methods have universal application significance,Domestic major fund management companies can use for reference according to their own circumstances.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F832.51

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