大连理工大学专业学位硕士学位论文
摘
要
近年来，地产行业从爆炸性的增长到渐趋稳定，房地产市场的发展观念也随之发生
变化，同时不断增长的市场集中度和不断压缩的市场发展空间加剧了房地产公司的经营
困难。由于前些年房价的过快增长，房地产行业已经成为中国利润最大的产业，而随着
受到金融危机的冲击，房地产的潜在财务风险因素逐步凸显，现在的房地产公司更加注
重公司全周期的财务状况，以保证公司持续稳健的发展。另外，由于前些年房价的过快
增长，以及受到金融危机影响，房地产的潜在财务风险因素逐步凸显，因此，对房地产
项目财务风险全周期管理的研究有着十分重要的意义。
本文以房地产开发商为研究视角，针对 A房地产项目，基于全生命周期的理论，对
A房地产项目进行系统的财务风险研究，从而构建了全周期的财务风险管理策略。本文
首先对房地产项目的财务风险类型进行了分析，并梳理了财务风险管理的方法，据此分
析了房地产项目财务风险的成因及可能存在的问题。其次，针对 A房地产项目，具体分
析了其经营现状及可能存在的财务风险并进行了风险因素识别，包括投资决策阶段、项
目实施节点、运营管理阶段及融资阶段。据此构建了管理策略的目标，并通过选择适当
的投资测算模型、财务指标的动态评估及建立风险管理体系，构建了项目全周期财务风
险管理策略。经过对供应计划、销售计划、产品规划、成本费用进行风险管理，此项目
在确保了现金流回正及利润率未降低的前提下，销售收入增长了 5900万，成本降低 200
万，净利润增加了 100万的效果，实现了单项目的自负盈亏，规避了股东的二次经营投
入，保障了项目的平稳开发，并促进有质量的企业发展。最后，本文基于前文的理论与
项目全周期风险管理的管控过程及效果提出了应对房地产项目全周期财务风险的相应
保障策略。
可以预期，A房地产项目全周期财务风险管理策略的构建，对其稳健发展具有一定
的参考价值。
关键词：房地产开发项目；全生命周期；风险管理
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沈阳 A房地产项目全周期财务风险管理研究
Research on financial risk management of Shenyang A real estate project
Abstract
In recent years, the real estate industry has grown from explosive growth to gradually
stabilizing, and the developmentconcept of the real estatemarket has also changed
accordingly. At the same time, the increasing market concentration and the ever-compressing
market development space have exacerbated the operating difficulties ofcompanies. There
has also been a major change in the operating mode of real estate companies, paying more
attention to the full-cycle financial situation to ensure the company's operating status. In
addition, due to the rapid growth of housing prices in previous years and the impact of the
financial crisis, thepotential financial risk factors havegradually become prominent.
Therefore, the research on the full-cycle management project financial risks is of great
significance.
This paper takes the real estate developer as the research perspective, and aims at the A
real estate project, based on the theory of the whole life cycle, conducts a systematic financial
risk research, thereby constructing a full-cycle financial risk management strategy. This
article first analyzes the types of financial risks of real estate projects, and sorts out the
methods of financial risk management, and analyzes the causes and possible problems of
financial risks of real estate projects based on this. Secondly it specifically analyzed its
operating status and possible financial risks and identified risk factors. Based on this, the goal
of the management strategy was constructed, and the appropriate investment measurement
model, dynamic evaluation of financial indicators, and A risk management system has been
established and a financial risk management strategy for the entire project period has been
established. After conducting risk management on supply planning, sales planning, product
planning, and cost and expense, this project has ensured that the cash flow is back and the
profit margin is not reduced. The sales revenue has increased by 59 million, the cost has been
reduced by 2 million, and the net profit has increased. The effect of 1 million. Finally,
according to the management and control process and effects of this project risk management,
the guarantee means of risk management strategy is proposed.
It can be expected that the construction of a full-cycle financial risk management strategy
for the A real estate project has reference value for its steady development.
Key Words: Real estate development projects;full life cycle;risk management
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大连理工大学专业学位硕士学位论文
目
录
摘
要.................... I
Abstract..................... II
1绪论......................1
1.1研究背景.................1
1.2研究意义.................3
1.3国内外研究综述............4
1.3.1国外研究综述............4
1.3.2国内研究综述............5
1.4内容结构与安排............6
1.4.1研究内容.............6
1.4.2研究方法.............6
2.1房地产财务风险类型...........7
2.1.1现金流风险................7
2.1.2盈利能力风险............7
2.1.3融资能力风险............8
2.2财务风险管理方法...............8
2.2.1财务报表分析............8
2.2.2杜邦财务分析............9
3沈阳A房地产项目全周期财务风险识别........10
3.1沈阳A房地产公司概况...........10
3.1.1企业概况..................10
3.1.2经营现状..................10
3.2沈阳A房地产项目的现状..............11
3.2.1项目概况..................11
3.2.2主要经济技术指标................13
3.2.3项目现状..................13
3.3沈阳A房地产项目财务风险的识别............14
3.3.1投资决策阶段的风险识别...........15
3.3.2项目实施阶段的风险识别...........19
3.3.3运营管理阶段的风险识别...........21
3.3.4融资阶段的风险识别............22
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