：随着我国经济发展进入新常态，国家对房地产行业的管控是 越来越严。在融资难、经济增速放缓及政策调控日趋严厉的背景下， 我国的房地产行业的发展面临前所未有的压力，财务风险管理也就越 来越受到重视。 衡阳YT房地产公司（以下简称YT公司）作为我国中小型房地产 公司，主要从事房地产开发。作为资金需求量大且建设周期长的YT 公司，在发展过程中会受到各种财务风险的影响，进一步会影响到公 司的营运、盈利及发展，使公司陷入财务困境的可能性增大。因而， 对YT公司的财务风险进行综合评价并提出有效的控制措施，有利于 公司的可持续发展。 通过对YT公司财务风险的研究，得到如下研究结论及成果：（1） YT公司财务风险划分为筹资风险、投资风险、营运风险、发展能力 风险和资金回收风险（2）通过对财务风险的识别与分析，找出YT公 司可能存在的财务风险因素，并建立了YT公司财务风险评价指标。 筹资风险主要有：流动比率、速动比率、资产负债率及利息保障倍数； 投资风险主要有：总资产净利率、净资产收益率、成本费用利润率； 营运风险主要有：应收账款周转率、存货周转率、流动资产周转率、 总资产周转率；发展能力风险主要有：营业利润增长率、营业收入增 长率、净资产增长率、资本保值增值率；资金回收风险主要有：现金 流量比率、资产现金回收率、盈余现金保障倍数。（3）利用层次分析 法和模糊综合评价法对YT公司财务风险进行评价分析，确定该公司 II 的风险等级水平为“高”。（4）通过对YT公司财务风险的识别、分析 及综合评价，从而在此基础上提出了YT公司财务风险的应对措施。 本文综合分析了YT公司财务风险，并有针对性地提出了控制应 对措施，对公司风险控制起到了积极的作用，同时也可以为衡阳市或 其他省市的中小房地产企业的财务风险控制提供借鉴和指导。 关键词：房地产公司；财务风险；层次分析法；模糊综合评价 III RESEARCH ON FINANCIAL RISK CONTROL OF HENGYANG TY REAL ESTATE COMPANY Huiyan Chen(MBA) Directed by Dongsheng Xiao Abstract:With the development of China's economic entering the new normal, the country's control over the real estate industry is getting stricter and stricter.The development of China's real estate industries are facing unprecedented pressure under the background of financing difficulty, economic growth slowdown and increasingly severe policy regulation. Financial risk management has been paid more and more attention. HengYang TY Real Estate Company(hereinafter referred to as TY Company) is one of small and medium-sized real estate company in China.Which mainly engages in real estate development. With the large capital demand and long construction cycle of YT company, it will be affected by various financial risks in the development process, which will further affect the company's operation, profit and development and increase the possibility of the company getting into financial difficulties.Therefore, to comprehensively evaluate the financial risk of YT company and put forward effective control measures is conducive to the sustainable development of the company. By the research on financial risk of YT company,some conclusions IV are obtained as following:（1）The financial risk of YT company is divided into funding risk, investment risk, operating risk, development capacity risk and capital recovery risk.（2）Through financial risk analysis and classification, we find the possible financial risk factors of YT company and established the indictor system of financial risk assessment.Funding risk mainly including: current ratio, quick ratio, asset-liability ratio and interest guarantee multiple;Investment risk mainly including: net interest rate of total assets, return on equity, profit rate of cost and expense;Operating risk mainly including:receivables turnover, inventory turnover, current assets turnover, total assets turnover; Development capacity risk mainly including: operating profit growth rate, operating income growth rate, net asset growth rate, capital appreciation rate;Capital recovery risk mainly including: cash flow ratio, cash recycling rate of assets and cash guarantee ratio of surplus.（3）The method of AHP and fuzzy comprehensive evaluation were used to analyze financial risk of YT company. The author obtained the “high” conclusion of financial risk. On the basis of riskidentification, risk analysis and risk comprehension evaluation, the author put forward financial risk countermeasures to deal with the YT company. This paper comprehensively analyzed the financial risk of YT company, and put forward corresponding control measures, which played a positive role in the company risk control, and also provided reference and V guidance for the financialrisk control ofsmall and medium-sized real estate enterprises in Hengyang city or other provinces and cities. Keywords:real estate company; financial risk; AHP; fuzzy compre hensive evaluation 目 录 摘要 .................................................... Ⅰ Abstract ................................................ Ⅲ 第1章 绪论 .............................................. 1 1.1 本文研究背景与意义 ................................ 1 1.1.1 本文研究背景 ................................. 1 1.1.2 本文研究意义 ................................. 2 1.2 国内外研究现状 .................................... 2 1.2.1 财务风险管理控制的国外研究现状 ............... 2 1.2.2 财务风险管理控制的国内研究现状 ............... 4 1.3 研究思路与方法 .................................... 6 1.3.1 研究思路 ..................................... 6 1.3.2 研究方法 ..................................... 6 1.4 研究的主要内容 .................................... 7 第2章 相关理论基础 ...................................... 9 2.1财务风险理论概述 .................................. 9 2.1.1 财务风险的概念 ............................... 9 2.1.2 财务风险的类型 ............................... 9 2.1.3 财务风险的分析方法 .......................... 10 2.2 财务风险控制理论概述 ............................. 12 2.2.1 财务风险控制的概念 .......................... 12 2.2.2 财务风险控制的目标 .......................... 12 2.2.3 财务风险控制的主要内容 ...................... 13 第3章 衡阳YT房地产公司财务风险的确定与识别 ............ 15 3.1 衡阳YT房地产公司简介 ............................ 15 3.2 衡阳YT房地产公司财务风险的调查 .................. 16 3.2.1 调查目的 .................................... 16 3.2.2 调查对象与调查方式的确定 .................... 16 3.2.3 指标体系的确定 .............................. 17 3.2.4 调查问卷设计 ................................ 17 3.2.5 数据的信度和效度分析 ........................ 17 3.3 衡阳YT房地产公司财务风险的识别 .................. 18 3.3.1 筹资活动财务风险识别 ........................ 18 3.3.2 投资活动财务风险识别 ........................ 21 3.3.3 营运活动财务风险识别 ........................ 23 3.3.4 发展能力财务风险识别 ........................ 25 3.3.5资金回收财务风险识别 ........................ 27 3.4 衡阳YT房地产公司财务风险识别结果 ................ 29 第4章 衡阳YT房地产公司财务风险水平综合评价 ............ 31 4.1 衡阳YT房地产公司财务风险的定性分析 .............. 31 4.2 衡阳YT房地产公司财务风险评价体系 ................ 32 4.3 衡阳YT房地产公司财务风险评价 .................... 33 4.3.1 层次分析法在衡阳YT房地产公司财务风险评价中的应 用 ................................................ 33 4.3.2 模糊综合法在衡阳YT房地产公司财务风险评价中的应 用 ................................................ 34 4.3.3 衡阳YT房地产公司财务风险指标权重确定 ....... 36 4.3.4 衡阳YT房地产公司财务风险评价结果分析 ....... 40 4.3.5 衡阳YT房地产公司财务风险等级确定 ........... 44 第5章 衡阳YT房地产公司财务风险控制措施 ................ 45 5.1 衡阳YT房地产公司筹资活动财务风险的控制措施 ...... 45 5.1.1 优化公司资本结构，控制筹资风险 .............. 45 5.1.2 拓宽公司筹资渠道，降低筹资成本 .............. 46 5.2 衡阳YT房地产公司投资活动财务风险的控制措施 ...... 46 5.2.1 拓宽投资领域，分散投资风险 .................. 46 5.2.2 加强对内对外投资管理，控制投资风险 .......... 47 5.3 衡阳YT房地产公司营运活动财务风险的控制措施 ...... 47 5.3.1 加强存货管理，避免存货跌价准备 .............. 47 5.3.2 加强应收账款管理，减少坏账损失 .............. 48 5.3.3 加快总资产及流动资产周转，减少运营风险 ...... 48 5.4 衡阳YT房地产公司发展能力财务风险的控制措施 ...... 48 5.4.1 针对市场变化去规避发展风险 .................. 48 5.4.2针对政