近年来，我国经济快速发展，城镇化进程加快，房地产行业发展迅速。房地 产己成为拉动经济增长的重要力量，在我国经济中占重要地位。自 2016 年起， 我国经济呈现出中速稳定增长的新态势，国内一、二线城市房价呈现出稳定增长 的态势，依旧一房难求。三、四线城市房产却与往年同期相比，呈现出量价下降 的态势，同时房地产开发商的投资也较往年少。由于我国房地产行业起步较迟， 国内还未形成成熟的房地产金融市场，目前国内房地产开发商也以银行贷款为主 要融资渠道。这使房地产企业呈现出融资成本高、自我融资能力差等问题。TH 房地产公司作为其中一员，也面临着同样的融资问题。通过运用有效的风险分析 和识别方法，对 TH 房地产公司融资风险管理进行研究有着重要的现实意义。 本文运用文献研究法、归纳法、案例分析法，以房地产融资风险及相关风险 控制理论为出发点，首先介绍了我国房地产融资风险的理论，包括对融资渠道的 介绍、对融资风险的定义和分类以及对房地产融资风险理论基础的介绍。然后概 述了我国房地产企业的融资方式、影响融资的主要因素以及我国房地产业的基本 融资状况，并分析房地产企业风险因素及其主要成因。接着重点对 TH 房地产公 司的融资状况和及其风险管理现状进行详细剖析，主要介绍了 TH 房地产公司的 主要融资渠道和规模，分析了其融资状况和面临的融资风险。结合 TH 房地产公 司现行的融资风险管理流程，分析其风险管理流程中存在的问题。同时，本文针 对 TH 房地产公司目前的融资风险管理模式，提出了优化其融资风险管理系统的 思路，即分别讲述融资风险识别指标的确立，融资风险程度的评估，融资风险管 控措施。最后，本文提出了 TH 房地产公司改善融资风险管理的措施主要有完善 财务管理系统、健全风险预警体系、建立风险反馈机制、优化资本结构、强化内 部控制。 关键词：TH 房地产公司；企业融资；融资风险管理I ABSTRACT In recent years, China's economy has developed rapidly, the process of urbanization has accelerated, and the real estate industry has developed rapidly. Real estate has become an important driving force for the growth of the economy, and occupies an important position in China's economy.Since 2016, China's economy has shown a new trend of medium speed and steady growth. The price of domestic and second tier cities has shown a steady growth trend, and is still hard to buy a house . Compared with the same period in previous years, the property of the three or four tier cities showed a decline in volume and price. At the same time, the investment of real estate developers is also less than in previous years. Because of the late start of the real estate industry in China, the mature real estate financial market has not yet formed in China. At present, domestic real estate developers also use bank loans as the main financing channel. This makes the real estate enterprises present the problems of high financing cost and poor self-financing ability. TH real estate company , as one of them, is also facing the same financing problem. By using effective risk analysis and identification methods, it is of great practical significance to study TH risk management. This paper uses literature research method, induction method and case analysis method, Based on the theory of real estate financing risk and related risk control, this paper first introduces the theory of real estate financing risk in China, including the introduction of financing channels, the definition and classification of financing risk and the introduction of the theoretical basis of real estate financing risk. Then it outlines the financing modes of real estate enterprises in China, the main factors affecting financing and the basic financing situation of real estate industry in China, and analyses the risk factors of real estate enterprises and their main causes. Next, the financing situation and risk management status of TH are analyzed in detail. The main financing channels and scale of the company are introduced, and the financing status and financing risks are analyzed. Combined with TH's current financing risk management process, it analyzes the problems existing in its risk management process. At the same time, in view of TH's current financing risk management mode, this paper puts forward the idea of optimizing its financing risk management system, namely, the establishment of financing risk identification index, the evaluation of financing risk degree, and the financing risk management and control measures. Finally, this paperII puts forward the measures to improve the financing risk management by TH. The main measures include improving the financial management system, improving the risk early warning system, establishing risk feedback mechanism, optimizing capital structure and strengthening internal control. KEYWORDS: TH Real Estate Company; Enterprise Financing; Financing Risk Management1 目 录 第一章 绪论.............................................................................................1 第一节 研究背景和研究意义.............................................................................1 一、研究背景..................................................................................................1 二、研究意义..................................................................................................1 第二节 国内外研究现状.....................................................................................2 一、国外研究现状..........................................................................................2 二、国内研究现状..........................................................................................4 第三节 研究思路和研究方法.............................................................................6 一、研究思路..................................................................................................6 二、研究方法..................................................................................................7 第四节 本文的创新之处.....................................................................................7 第二章 概念界定与相关理论 ................................................................8 第一节 融资风险及其管理.................................................................................8 一、融资风险..................................................................................................8 二、融资风险管理..........................................................................................8 第二节 房地产企业融资风险及其管理.............................................................9 一、房地产企业融资的主要特点..................................................................9 二、房地产企业融资的主要模式..................................................................9 三、房地产融资风险管理的基本概念及特点............................................10 第三节 房地产融资理论基础...........................................................................12 一、传统融资理论........................................................................................12 二、权衡理论................................................................................................13 三、融资次序理论........................................................................................13 四、控制权理论............................................................................................13 第三章 TH 房地产公司基本情况及融资风险....................................14 第一节 TH 房地产公司基本情况....................................................................14 第二节 TH 房地产公司融资现状....................................................................142 一、TH 房地产公司融资的渠道.................................................................14 二、TH 房地产公司的融资规模.................................................................19 第三节 TH 房地产公司融资风险分析............................................................20 一、长期融资到期还本时间集中................................................................20 二、经营业务同质化程度高........................................................................21 三、现金流量不足........................................................................................21 第四章 TH 房地产公司融资风险管理现状与问题分析....................22 第一节 TH 房地产公司融资风险管理的目标、原则和内容........................22 一、TH 房地产公司融资风险管理的目标.................................................22 二、TH 房地产公司融资风险管理的原则.................................................22 三、TH 房地产公司融资风险管理的内容.................................................23 第二节 TH 房地产公司融资风险管理的组织设计........................................24 一、融资风险管理的组织机构....................................................................24 二、融资风险管理的制度设计....................................................................24 第三节 TH 房地产公司融资风险管理程序和方法........................................24 一、TH 房地产公司融资风险识别现状.....................................................24 二、TH 房地产公司融资风险评价现状.....................................................25 三、TH 房地产公司融资风险控制现状.....................................................27 第四节 TH 房地产公司现有的融资风险管理存在的问题............................27 一、组织设计不够完善................................................................................28 二、融资风险识别因素选取不足................................................................28 三、融资风险评价方法不科学....................................................................28 四、融资风险控制措施不到位....................................................................28 第五章 TH 房地产公司融资风险管理优化........................................30 第一节 TH 房地产公司组织设计优化............................................................30 一、完善公司组织机构建设........................................................................30 二、修订融资风险管理制度........................................................................30 第二节 TH 房地产公司融资风险识别优化....................................................30 一、财务报表分析法....................................................................................30 二、TH 房地产公司融资风险分布.............................................................38 第三节 TH 房地产公司融资风险评估优化....................................................383 一、AHP 层次分析法概述...........................................................................39 二、TH 房地产公司融资风险指标的选择.................................................41 三、融资风险评估模型建立........................................................................42 四、融资风险评价结果分析........................................................................44 第四节 TH 房地产公司融资风险管理策略选择优化....................................46 一、完善财务管理系统................................................................................46 二、健全风险预警系统................................................................................47 三、建立风险反馈机制................................................................................47 四、优化资本结构........................................................................................47 五、强化内部控制........................................................................................48 第六章 研究结论与不足 ......................................................................49 第一节 研究结论...............................................................................................49 第二节 研究不足...............................................................................................49