房地产上市公司资金链风险问题研究

发布时间：2018-06-02 11:47

本文选题：房地产 + 资金链风险　；参考：《江苏科技大学》2013年硕士论文

【摘要】：房地产企业的资金链一直是一个备受学术界关注的话题。然而当前众多学者对企业资金链问题的研究较多注重定性分析，对可能造成资金链断裂的成因及其防范措施一一阐述，缺乏实证数据的支撑，以至于降低了其结论的说服力。就财务风险预警而言，大多数学者把资金链风险直接并入财务风险、企业破产等问题进行研究，较少有学者专门针对企业的资金链风险进行识别与预警研究。张金昌等人设计了识别资金链断裂的八个指标，在资金链断裂成因理论分析的基础上，选取上市公司的财务数据进行了实证检验。然而值得我们怀疑的是其得出的一般性研究结论不一定适合房地产上市公司。为此，，本文采用理论与实证相结合的研究方法专门对房地产上市公司的资金链风险问题进行研究。本文以房地产上市公司资金链为研究对象，首先，在国内外学者企业资金链相关问题研究的基础之上，对以往学术研究中混淆不清的资金链风险及其与财务风险、财务危机、企业破产之间的关系进行了界定和说明。其次，借助于房地产上市公司相关的财务数据和指标，认真分析了房地产上市公司资金链风险的表现形式及其影响因素。而后，利用资金链风险识别指标及修正判别标准的Z值模型和加入现金流量指标的F分数模型，并以房地产上市公司为样本空间对指标的识别能力及预警效果进行了对比分析。接着，针对房地产上市公司资金链风险的成因，从企业内外两个方面，提出了防范建议。最后，以H公司为例，利用修正后的Z值预警模型及资金链风险识别指标对其资金链风险进行预警分析，通过分析指出了该公司资金链风险形成的原因并提出了相应的防范建议。
[Abstract]:The capital chain of real estate enterprises has been a topic of academic concern. However, many scholars pay more attention to qualitative analysis and explain the causes and preventive measures that may lead to the breakage of the financial chain, which lacks the support of empirical data, which reduces the persuasiveness of the conclusion. As far as early warning of financial risk is concerned, most scholars directly incorporate capital chain risk into financial risk, enterprise bankruptcy and other issues, and few scholars specifically focus on the identification and early warning of enterprise capital chain risk. Zhang Jinchang and others designed eight indexes to identify the breakage of the capital chain. On the basis of the theoretical analysis of the cause of the breakage of the fund chain, the financial data of the listed companies were selected to carry out an empirical test. However, it is doubtful that its general conclusions may not be suitable for real estate listed companies. Therefore, this paper studies the capital chain risk of real estate listed companies by combining theory with empirical research. This paper takes the capital chain of listed real estate companies as the research object. First of all, on the basis of the research on the problems related to the capital chain of domestic and foreign scholars, the paper makes a study of the risk of the capital chain which is confused with the financial risk and financial crisis in the past academic research. The relationship between enterprise bankruptcy is defined and explained. Secondly, with the help of the financial data and indicators of the listed real estate companies, the paper analyzes the manifestation of the capital chain risk of the listed real estate companies and its influencing factors. Then, using the risk identification index of the capital chain, the Z-value model of the modified discriminant criterion and the F-score model with the cash flow index, and taking the real estate listed company as the sample space, the paper makes a comparative analysis on the recognition ability and the early warning effect of the index. Then, in view of the causes of capital chain risk of real estate listed companies, the paper puts forward some preventive suggestions from inside and outside the enterprises. Finally, taking H Company as an example, using the modified Z-value early-warning model and the risk identification index of the capital chain to carry on the early-warning analysis to its capital chain risk. The paper points out the reasons for the formation of the risk of the company's capital chain and puts forward the corresponding preventive suggestions.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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