进入本世纪后，房地产行业在中国的发展进入了黄金期。这一行业属于较为 典型的资金密集型行业，在整个企业运行的过程中，每一个环节和步骤都对资金 有很大的需求，而且由于经营模式性质的原因导致项目的运转周期会比较长，促 使企业面临投资回收期长和投资变现能力差等一些问题，这些问题的存在导致房 地产企业需要承受大过于其他行业的财务风险。如何才能有效防范和应对是现阶 段亟待解决的问题。房地产行业影响力较大的企业都已经着手研究如何通过完善 财务风险管理的方法来加强企业管理，进而提升市场的综合竞争力。由此可以看 出，财务风险管理研究的重要意义。 针对上述情况，本人参考大量的文献资料，结合国内外对房地产行业的财务 风险研究的现状对该问题进了行更深入的探索。本文以 ZY 房地产公司为案例，以 公司财务活动为主线，分别从筹资风险、投资风险、营运风险和资金回收风险这 几个角度对该企业进行研究。从这四个方向对 ZY 房地产公司运行过程中的财务风 险进行识别和原因分析。最后，针对 ZY 房地产公司的情况给出具体有利于完善财 务风险管理的对策和建议，进而提升 ZY 房地产公司的财务风险管理能力。 关键词，房地产公司；财务风险；风险防范Abstract After entering this century, the field of real estate has come to a golden period in China. This industry is a typical capital-intensive one that have great needs for the capitals in the process of operation. Moreover, the nature of the business model makes the operation cycle of the project longer, which causes enterprises to face some problems, such as long payback period and poor liquidity of investment. The existence of these problems leads to real estate enterprises to bear greater financial risks than other industries. How to effectively prevent and solve such problems is the urgent issue. The influential enterprises in the real estate industry have begun to study how to improve financial risk management methods to strengthen enterprise management, thus enhancing the comprehensive competitiveness of the market. So, it is obvious that the research for finance risk management has important significance. In accordance with the above situations, abundant document have been referred to and the current situation of studying the finance risks of real estate at abroad is combined to make a deeper explorations. This paper takes ZY Real Estate Company as an example and the company's financial activities are taken as the main line.The studies for the enterprise are made from the angles of financing risk, investment risk, operation risk and capital recovery risk. From these four directions, this paper identifies and analyses the financial risks of ZY Real Estate Company during its operation. Finally, according to the situation of ZY Real Estate Company, specific countermeasures and suggestions are proposed to improve the financial risk management so as to improve the financial risk management ability of ZY Real Estate Company. Key words，real estate company;financial risks; risk prevention目 录 第 1 章 绪 论...............................................................................................................1 1.1 选题的背景及意义............................................................................................1 1.2 国内外文献综述................................................................................................2 1.2.1 国外文献综述.........................................................................................2 1.2.2 国内文献综述.........................................................................................4 1.3 论文的研究内容和方法....................................................................................6 1.3.1 研究内容.................................................................................................6 1.3.2 研究方法.................................................................................................7 1.4 创新之处............................................................................................................7 第 2 章 房地产企业及其财务风险管理相关理论.........................................................8 2.1 房地产行业发展现状........................................................................................8 2.2 房地产企业经营特点........................................................................................9 2.3 财务风险理论基础..........................................................................................10 2.3.1 财务风险的概念...................................................................................10 2.3.2 财务风险的种类...................................................................................10 2.3.3 财务风险的特征...................................................................................12 2.3.4 财务风险的分析方法...........................................................................13 2.4 房地产公司财务风险管理的内容..................................................................14 第 3 章 ZY 房地产公司财务风险管理现状..................................................................16 3.1 公司概况..........................................................................................................16 3.2 ZY 房地产公司财务风险识别.........................................................................17 3.2.1 筹资风险识别.......................................................................................17 3.2.2 投资风险识别.......................................................................................20 3.2.3 营运风险识别.......................................................................................23 3.2.4 资金回收风险识别...............................................................................25 第 4 章 ZY 房地产公司财务风险成因分析及综合评价..............................................284.1 外部风险原因..................................................................................................28 4.2 内部风险原因..................................................................................................29 4.2.1 筹资风险成因分析...............................................................................29 4.2.2 投资风险成因分析...............................................................................31 4.2.3 营运风险成因分析...............................................................................32 4.2.4 资金回收风险成因分析.......................................................................33 4.3 ZY 房地产公司财务风险管理综合评价.........................................................34 第 5 章 完善 ZY 房地产公司财务风险管理的对策.....................................................35 5.1 加强 ZY 房地产公司财务风险控制...............................................................35 5.1.1 筹资风险控制.......................................................................................35 5.1.2 投资风险控制.......................................................................................37 5.1.3 营运风险控制.......................................................................................37 5.1.4 资金回收风险控制...............................................................................39 5.2 建立健全公司内部财务风险预警系统...........................................................41 5.3 加强管理人员和财务人员的素质与修养.......................................................41 5.4 灵活应对市场与国家政策变化.......................................................................42 结 论.........................................................................................................................43