分类号F275密级公开
收藏编号学号190727034
学校代码10386编号___________
(专题研究)
融资收紧背景下J 房地产企业财务结构问
题研究
研究方向：财务管理
研究生姓名：常燕伟
指导教师、职称：房桃峻副教授
协助导师、职称：
所在学院：经济与管理学院
答辩委员会主席：童益恭高级会计师
二〇二二年六月
融资收紧背景下J 房地产企业财务结构问题研究
摘要
合理的财务结构对于企业有着十分重要的意义，不仅能使企业优化资源配置，
提高资源利用效率，从而提升企业价值，练好“内功”夯实长远发展基础；还能
提高企业风险抵御能力，度过困难期。
近年来，中央出台“去杠杆”、“房住不炒”等一系列政策，旨在扭转当下房
地产企业金融属性越发明显的局面，促进其平稳发展。然而，在政府不断加码融
资收紧政策的背景下，不少房地产企业财务结构纷纷亮起“红灯”，严重干扰了
国民经济的健康稳定运行。本文采取案例研究法，选取J 房地产企业作为研究对
象，分析其在融资紧缩时期财务结构存在的问题，然后提出优化对策，以帮助J
企业纠偏财务结构，化解财务风险，提高自身竞争力，同时为其他房地产企业优
化财务结构提供借鉴。
不同于其他研究者研究融资政策调控与企业财务风险的关系，多从宏观层面
入手，视角集中在银行信贷供给收紧引发的企业财务风险。本文从企业微观层面
入手，将J 房地产企业财务结构细分为资产结构、资本结构，以其2015年-2021
年财务数据进行序列分析，分别探究资产结构流动性、安全性、模式匹配性，以
及资本结构安全性、经济性、调整活动合理性，进而发现J 企业在融资紧缩时期
财务结构问题。在优化J 企业财务结构时，遵循“前期预警-中期加强运营-后期
完善机制”的思路。在前期预警环节，通过构建财务结构评价体系，采用因子分
析法对指标进行降维处理，然后利用Logistic 线性回归方程构建预警模型，对
J 企业进行财务风险预警；财务结构危机爆发时企业应通过提高运营能力，加速
资产流动，强化自身“造血”本领；渡过财务结构危机后应完善相关机制，形成
制度性保障。
通过本文研究，发现在融资紧缩时期，房地产企业财务结构较为脆弱，无法
使企业有效应对严峻的外部环境，会诱发财务风险，企业应提高风险防范能力，
化被动为主动，加强自身运营和完善机制，实现财务结构优化。
关键词：融资紧缩;房地产业；财务结构;财务风险预警
I
Research on the financial structure of J real
estate Enterprises under the background of
funding crunch
Abstract
The reasonable financial structure is of great significance to real estate enterprises,
which can not only optimize resource allocation and improve resource utilization
efficiency,but also enhance enterprise value and lay a solid foundation for long-term
development.Moreover,It can improve the ability of a enterprises to resist risks and
help them overcome difficulties.
In recent years,the central government has issued a series of policies such as
"deleveraging"and "housing rather than speculation",aiming to reverse the
increasingly obvious financial attributes of real estate enterprises and promote their
stable development.however,under the circumstance of the government's more and
more tightening financing policies,many real estate enterprises have shown "red lights"
of their financial structures,which seriously interfered with the healthy and stable
operation of the national economy.In this paper,the case study method is adopted to
select J real estate enterprise as the research object.This paper analyzes the problems
existing in its financial structure,and then puts forward optimization countermeasures
to help J enterprise correct the financial structure,resolve financial risks,improve their
competitiveness,meanwhile provide reference for other real estate enterprises to
optimize their financial structure.
Differing from other researchers'studies on the relationship between credit policies
and corporate financial risks,most of them focus on the corporate financial risks caused
by the tightening of bank credit supply from the macro level.Starting from the micro
level of enterprises,this paper subdivides the financial structure into asset structure and
capital structure,and takes the financial data of J real estate enterprise from 2015to
2021for serial analysis,to further explore the liquidity,security and pattern matching
of asset structure,as well as the security,economy and rationality of adjustment
activities of capital structure,finally finds the problems in its financial structure.When
optimizing the financial structure of J enterprise,the idea of "early warning -
strengthening operation in the middle -perfecting mechanism in the later stage"should
be followed.In the early warning stage,the financial structure evaluation system is built,
II
and the factor analysis method is used to reduce the dimension of the indicators,then
the Logistic linear regression equation is used to build the early warning model to carry
out the financial risk.When the financial structure crisis breaks out,we should improve
the operation ability,accelerate the flow of assets,and strengthen the ability of
"hematopoietic".After the financial structure crisis,we should perfect the relevant
mechanism and form institutional guarantee.
Through this paper,it is found that in the period of funding crunch,the financial
structure of real estate enterprises is relatively fragile,which can not help enterprises
effectively cope with the severe external environment,and will induce financial risks.
Enterprises should improve their risk prevention ability,turn passivity into initiative,
strengthen their own operation and improve the mechanism,then realize the
optimization of financial structure.
Key words:Funding crunch;The real estate industry;Financial
structure;Financial risk warning
III
目录
第一章绪论...............................................................................................1
1.1研究背景及研究意义.......................................................................1
1.1.1研究背景.....................................................................................1
1.1.2研究意义.....................................................................................1
1.2国内外研究综述...............................................................................1
1.2.1关于财务结构的研究.................................................................2
1.2.2关于资产结构的研究.................................................................3
1.2.3关于资本结构的研究.................................................................4
1.2.4融资收紧对企业资本结构的影响.............................................8
1.2.5文献述评.....................................................................................8
1.3研究方法...........................................................................................9
1.3.1文献研究法.................................................................................9
1.3.2案例研究法.................................................................................9
1.3.3对比分析法.................................................................................9
1.3.4因子分析法和线性回归法.........................................................9
1.4研究内容与创新之处.....................................................................10
1.4.1研究内容...................................................................................10
1.4.2创新之处...................................................................................11
第二章基本概念和研究理论基础........................................................13
2.1财务结构的内涵.............................................................................13
2.2企业财务结构出现问题的认定....................................................14
2.3融资紧缩周期界定.........................................................................15
2.4研究理论基础.................................................................................15
2.4.1优序融资理论...........................................................................15
2.4.2厂商理论...................................................................................16
2.4.3复杂适应系统理论...................................................................16
2.4.4权变理论...................................................................................16
第三章J 房地产企业概况及其财务结构问题......................................17
3.1J 房地产企业概况...........................................................................17
3.2J 企业财务结构问题.......................................................................19
3.2.1J 企业资产结构问题.................................................................19
3.2.2J 企业资本结构问题.................................................................29
3.3本章小结.........................................................................................40
第四章J 企业财务结构问题原因分析..................................................41