房地产行业可拉动内需，带动家具、家电、住宅装修等一系列产业的发展， 其发展状况与民生密切相关，和建筑业合在一起，是国民经济的支柱产业。2017 年以来，房地产金融监管持续趋严，规范购房融资行为、严格资金管控，推动 房地产行业去杠杆、降低风险成为国家政策重中之重。而根据商品房销售数据 显示，自2016年以来，销售总面积增长放缓，2019年销售住房总面积相比2018 年更是实现负增长，房地产企业营收下降银根紧缩，企业经营难度持续增加， 财务风险问题凸显。因此，识别和评价房地产企业财务风险，并以此制定相关 防范措施具有很强的现实意义。 房地产行业财务风险的形成集中在筹资、投资和运营环节，为了更好的了 解房地产企业的筹资、投资和运营管理，防范和控制房地产企业的财务风险， 展开论文。本文以YH房地产企业为例，以YH房地产企业的发展情况为支点， 结合财务报表数据分析，用财务指标分析法识别财务风险，运用Z-score模型、 F-score模型评价YH房地产企业财务风险。通过对YH房地产企业的经营发展研 究，对其在筹资、投资和运营环节中偿债能力、获利能力和营运能力的优劣势 进行识别，运用财务风险模型对YH房地产企业财务风险进行整体评价，分析出 YH房地产企业各个环节财务风险，并在此基础上提出财务风险管理对策，以期 给其他房地产企业管理财务风险提供参考。 通过对YH房地产企业财务风险的研究发现其存在筹资成本高、投资回报慢、 营收降低期偿债能力差等财务风险问题，需要YH房地产企业积极采取有效应对 措施降低风险。针对以上问题，建议YH房地产企业正确识别和评价投资、筹资 和运营环节财务风险，从筹资、投资和运营管理着手，降低财务风险。提出了 具体管理建议：筹资管理方面，要降低筹资成本、改善资本结构、加强内部控 制，提升偿债能力；投资管理方面，要提高资产质量、建立风险改进机制、跟 进项目创新，提升获利能力；运营管理方面，要提高资金利用率、健全资金管 理制度、加深与政府合作，提升营运能力。 关键词：财务风险；风险识别；风险评价；风险管理对策 V Abstract Therealestateindustrycanpulldomesticdemandupandpromotethe developmentofaseriesofindustriessuchasfurniture,homeappliancesand residentialdecoration.Itsdevelopmentstatusiscloselyrelatedtothepeople's livelihood.Togetherwiththeconstructionindustry,itisthepillarindustryofthe nationaleconomy.Since2017,thesupervisionofrealestatefinancehasbecome increasinglystrict,thefinancingbehaviorofhousingpurchasehasbeenstandardized, capitalcontrolhasbeenstrictlyenforced,andthedeleveragingandriskreductionof therealestateindustryhasbecomethetoppolicypriority.Accordingtothedataof commercialhousingsales,since2016,thegrowthofthetotalareaofsaleshasslowed down,andthetotalareaofhousingsalesin2019hasrealizedanegativegrowth comparedwiththatin2018.Therevenueofrealestateenterpriseshasdecreasedand themoneysupplyhasbeentightened.Therefore,itisofgreatpracticalsignificanceto identifyandevaluatethefinancialrisksofrealestateenterprisesandformulate relevantpreventivemeasuresaccordingly. Theformationoffinancialrisksintherealestateindustryfocusesonfinancing, investmentandoperation.Inordertobetterunderstandthefinancing,investmentand operationmanagementofrealestateenterprises,andpreventandcontrolthefinancial risksofrealestateenterprises,thispaperisintroduced.ThispapertakesYHreal estateenterprisesasanexample,takesthedevelopmentofYHrealestateenterprises asthefulcrum,combineswiththeanalysisoffinancialstatementdata,identifies financialriskswithfinancialindexanalysismethod,andevaluatesfinancialrisksof YHrealestateenterpriseswithz-scoremodelandf-scoremodel.ThroughstudyYH realestateenterprise'soperationanddevelopment,inthefinancing,investment,and operatinglinksofdebtpayingability,profitabilityandoperationability,whichcan identifytheadvantagesanddisadvantagesofusingthemodeloffinancialrisktothe overallevaluation,YHrealestateenterprisefinancialriskanalysiseachlinkYHreal estateenterprisefinancialrisk,andbasedonthis,advancesthefinancialrisk managementmeasures,inordertoprovidereferencesforotherrealestateenterprise financialriskmanagement. VI ThroughtheresearchonthefinancialrisksofYHrealestateenterprises,itis foundthatYHrealestateenterpriseshavefinancialriskssuchashighfinancingcost, slowinvestmentreturnandpoorsolvencyintheperiodofrevenuereduction,which requiresYHrealestateenterprisestoactivelytakeeffectivemeasurestoreducerisks. Inviewoftheaboveproblems,itissuggestedthatYHrealestateenterprisescorrectly identifyandevaluatethefinancialrisksininvestment,financingandoperation,and startfromfinancing,investmentandoperationmanagementtoreducefinancialrisks. PutforwardspecificmanagementSuggestions:financingmanagement,toreduce financingcost,improvecapitalstructure,strengtheninternalcontrol,improve solvency;Intermsofinvestmentmanagement,weshouldimproveassetquality, establishriskimprovementmechanism,followupprojectinnovationandenhance profitability.Intermsofoperationandmanagement,itisnecessarytoimprovethe utilizationrateoffunds,improvethefundmanagementsystem,deepenthe cooperationwiththegovernmentandimprovetheoperationcapacity. Keywords:financialrisk;Riskidentification;Riskassessment;Riskmanagement countermeasures VII 目录 第一章绪论...............................................................................................1 第一节研究背景与意义......................................................................................1 一研究背景......................................................................................................................1 二研究意义......................................................................................................................2 第二节相关研究概述..........................................................................................2 一财务风险定义与类型..................................................................................................2 二财务风险识别与评价方法..........................................................................................4 第三节研究思路与内容......................................................................................8 一研究思路......................................................................................................................8 二研究内容......................................................................................................................8 第四节研究方法与技术路线..............................................................................9 一研究方法......................................................................................................................9 二技术路线......................................................................................................................9 第二章YH房地产企业发展现状..........................................................11 第一节房地产行业发展状况............................................................................11 第二节YH房地产企业简介...............................................................................14 一企业简介....................................................................................................................14 二组织架构....................................................................................................................14 第三节YH房地产企业财务状况.......................................................................15 一企业筹资状况............................................................................................................15 二企业投资状况............................................................................................................16 三企业运营状况............................................................................................................17 第三章YH房地产企业财务风险识别.................................................19 第一节筹资风险识别........................................................................................19 一短期偿债能力............................................................................................................20 VIII 二长期偿债能力............................................................................................................22 三潜在偿债能力............................................................................................................23 第二节投资风险识别..................................