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MBA硕士毕业论文_C地产财务风险控制研究

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I RC 地产财务风险控制研究 摘要 在我国经济体制改革和市场化进程中,房地产行业可以称得上是最具代表性的产业之 一。其在拉动国内外投资快速增长、扩大内需、促进居民消费增长、发展实体经济等方面 做出了突出贡献。房地产上市公司是房地产企业的重要代表,是我国房地产业的重要组成 部分。RC 地产作为我国最大的房地产上市公司之一,其经营状况并不乐观。本文将以 RC 地产作为研究样本,对样本公司进行财务风险识别,构建 RC 地产财务风险评价模型,并 根据研究结论,提出了有针对性的财务风险控制措施。具体来说,本文首先结合国内外房 地产企业财务风险的研究现状和相关文献对论文的研究背景、研究目的和研究意义进行了 介绍,提出了研究思路和创新点。其次,主要从 RC 地产财务风险的类别、财务风险控制 现状以及财务风险控制存在的问题方面进行了阐述。接着,运用财务比率分析法、Z 值模 型法和 F 分数模型法对 RC 地产的财务风险进行识别和评价,并在此基础上,结合国家总 体政策、行业环境和 RC 地产微观角度三个方面进行风险原因分析。最后,针对 RC 地产 的财务风险原因进行分析同时结合公司的具体情况提出了合理性的建议,希望为与 RC 地 产类似的房地产上市公司提供一定的参考与借鉴。 关键词:RC 地产;财务风险识别;财务风险控制吉林大学博士(或硕士)学位论文 II Abstract The real estate industry can be considered as one of the most representative industries in China’s economic reform and marketization process and has significantly contributed to China’s development by driving domestic demand and consumption and attracting foreign and domestic investments to power growth of the real economy. Publicly traded real estate companies play an integral and vital role in the real estate industry, while as one of the largest listed real estate companies in China, RC Real Estate is experiencing operational turmoil. Based on RC Real Estate’s financial information as sample data, this essay identifies the financial risks of RC Real Estate and establishes an assessment model to evaluate financial risks. Specific financial risk control measures are thus developed based on the assessment. In particular, this essay first introduces the background, objective and value of this study and proposes the innovative approach of this study based on the status quo of financial risk analysis of domestic and foreign real estate companies. The essay then discusses RC Real Estate’s financial risks by examining risk type and current issues of financial risk control. Financial ratio analysis and Z- and F-score models are utilized to identify and evaluate RC Real Estate’s financial risks, which are consequently analyzed based on the perspectives of national policy, industry environment and corporate-specific operation. Last but not least, recommendations are proposed on the basis of the RC Real Estate’s financial risk analysis, in hope of providing reference to listed real estate companies that are in similar situation. Keyword: RC Real Estate; Financial risk identification; Financial risk control目录 III 目录 第 1 章 绪论............................................................................................... 1 1.1 研究的背景与意义............................................................................1 1.1.1 研究背景..................................................................................... 1 1.1.2 研究意义..................................................................................... 2 1.2 研究的内容与方法............................................................................2 1.3 文献综述............................................................................................3 1.3.1 国外文献综述.............................................................................3 1.3.2 国内文献综述.............................................................................4 1.4 本文研究思路和论文结构............................................................... 7 1.5 论文的创新点....................................................................................7 第 2 章 财务风险评价与控制相关理论...................................................9 2.1 风险与财务风险................................................................................9 2.1.1 风险............................................................................................. 9 2.1.2 财务风险..................................................................................... 9 2.1.3 财务风险的特点.........................................................................9 2.1.4 对房地产行业财务风险的分析与评价...................................10 2.1.5 房地产行业财务风险的防范和控制.......................................10 2.2 财务风险管理理论分析................................................................. 11 2.2.1 财务风险预警理论...................................................................11 2.2.2 财务分析理论...........................................................................13 2.2.3 财务风险控制理论...................................................................13吉林大学博士(或硕士)学位论文 IV 2.3 财务风险控制识别分析模型......................................................... 13 2.3.1 Z 值模型....................................................................................13 2.3.2 F 分数模型................................................................................14 2.4 财务杠杆..........................................................................................15 第 3 章 RC 地产财务风险控制现状及存在的问题..............................16 3.1 RC 地产公司简介...........................................................................16 3.2 RC 地产财务风险控制现状...........................................................16 3.3 RC 地产财务风险控制存在的问题...............................................19 3.3.1 财务风险管理意识薄弱...........................................................19 3.3.2 过度依赖财务杠杆...................................................................19 3.3.3 风险预警体系不完善...............................................................20 第 4 章 RC 地产财务风险识别与评价................................................... 21 4.1 财务杠杆与财务风险的关系......................................................... 21 4.2 去杠杆条件下 RC 地产财务比率分析识别法..............................22 4.2.1 短期偿债能力分析...................................................................22 4.2.2 长期偿债能力分析...................................................................25 4.2.3 营运能力分析...........................................................................26 4.3 Z 值预警模型分析识别法..............................................................27 4.4 F 分数模型多变量分析识别与评价..............................................29 4.5 RC 地产财务风险综合识别与评价...............................................30 第 5 章 RC 地产财务风险原因分析........................................................31 5.1 宏观政策调控引起财务风险......................................................... 31目录 V 5.1.1 金融货币政策...........................................................................31 5.1.2 土地政策...................................................................................32 5.1.3 税收政策...................................................................................32 5.2 房地产行业发展引起的财务风险.................................................32 5.2.1 国家保障性住房政策对房地产行业的替代效应.................. 32 5.2.2 我国房地产行业资本结构不合理引起财务风险.................. 33 5.2.3 行业竞争日趋激烈...................................................................33 5.3RC 地产公司微观层面引起的财务风险........................................34 5.3.1 负债水平高及资本结构不合理导致的财务风险.................. 34 5.3.2 投资增加导致的投资风险.......................................................34 5.3.3 资产使用效率不高及成本控制不力引起的营运风险..........35 5.3.4 公司风险管控体系不够完善...................................................36 第 6 章 RC 地产财务风险规避对策及建议...........................................37 6.1 积极把握国家宏观调控政策......................................................... 37 6.2 寻求地产转型增强竞争实力......................................................... 37 6.3 加强公司内部建设,提高财务管理水平.....................................39 6.3.1 推动融资的创新建设...............................................................39 6.3.2 健全风险管理体系...................................................................39 6.3.3 加强内部控制建设...................................................................40 6.3.4 控制投资风险...........................................................................42 6.3.5 加强项目造价成本控制...........................................................43 第 7 章 研究结论与展望.........................................................................44吉林大学博士(或硕士)学位论文 VI 7.1 研究结论..........................................................................................44 7.2 研究不足与展望..............................................................................45。。。。。。以下内容略