论文题目
专业：工商管理硕士
硕士生：姓名（评阅版及答辩版，该处留空）
指导教师：姓名+职称（评阅版及答辩版，该处留空）
摘 要
随着我国市场经济的飞速发展，城镇化的进程的不断地加快，在经济全球化的大背景下，我国房地产市场呈现了蓬勃的发展势头，近年来房地产已成为我国经济增长的引擎和国民经济的重要支柱产业。但我国房地产行业整体起步较晚，行业发展时间较短，在成长过程中受到资金不足、经验欠缺、资本市场不健全等问题的困扰，房地产企业存在长期高度依赖银行融资，高杠杆已呈常态化。伴随着投资增幅过大、房价增长过快、投机炒房等问题的出现，使房地产经济有了泡沫化风险。为防止房地产行业可能出现的泡沫化风险，中央政府以“稳定房价”、“房住不炒”为目标，出台了一系列土地、金融、税收等方面的调控政策稳定房价，随着调控政策的不断深入，在各种因素的共同影响下，房地产可能出现的财务风险将会贯穿于企业生产经营的各个方面，对企业的健康发展带来严峻的考验。
本文针对房地产企业的财务风险隐患，选取近年来通过高杠杆融资实现快速发展的SD地产作为案例的研究对象，从财务风险概念、财务风险成因以及房地产行业财务风险应对等方面对国内外文献进行归纳，介绍财务风险相关概念、财务杠杆和资本结构等相关理论，对企业财务状况进行分析，重点对公司的偿债能力、盈利能力、营运能力、成长能力指标进行了分析，通过上述指标的分析发现SD地产在2014-2018年发展过程中，公司抓住了房地产这一波上行的趋势，通过高杠杆融资实现了公司规模的快速增长。在规模快速实现增长的同时，通过对公司核心的财务指标进行分析发现，公司偿债能力、盈利能力，成长能力等指标均呈现了下行的趋势，通过指标的分析发现SD地产在近几年利用高杠杆融资扩张的模式下积累了较大的财务风险，整体财务状况有待改善。同时，本文从筹资、投资、营运等方面入手深度剖析财务风险形成的原因，筹资风险主要由财务杠杆过高，负债规模过大，融资结构、债务期限不够合理引起；投资风险则是因为投资项目考虑不周全、宏观政策影响和利润下降导致；营运风险的成因在于企业存货增长较快，存货周转速度慢，销售应对市场的变化能力不足，受政策影响大；通过财务风险形成的原因有针对性的对公司提出应对策略，涵盖合理控制财务杠杆、适当降低负债规模，拓宽融资渠道，降低融资成本；项目投资前做好科学规划、充分做好项目可行性分析，密切关注政策导向，加快存货周转率，提升公司营运水平等多个方面。通过案例的分析可得知：SD地产的高杠杆特点显著，潜在财务风险较大，财务风险的形成不仅仅由高杠杆引起，更有对投资项目缺乏全面的分析，盈利能力弱等其他诸多因素影响。
本文的案例研究有利于SD地产防范高速发展过程中存在的财务风险，同时也可为其他同等规模房企在快速发展过程中降低财务风险提供实践借鉴和参考。
关键词：房地产 高杠杆 财务风险 SD地产
Title
Major: Master of Business Administration
Name: XXX
Supervisor: Professor XXX
ABSTRACT
With the rapid development of China's market economy, the process of urbanization has been accelerating. In the context of economic globalization, China's real estate market has shown a vigorous development momentum. In recent years, real estate has become the engine of China's economic growth and an important pillar industry of the national economy. However, China's real estate industry as a whole started late and developed in a short time. In the growth process, it was plagued by problems such as lack of capital, lack of experience and unsound capital market. Real estate enterprises have been highly dependent on bank financing for a long time, and high leverage has become normal. Accompanied by the excessive growth of investment, excessive growth of housing prices, speculation and other problems, the real estate economy has a bubble risk. To prevent possible bubble risk of real estate industry, the central government to "stable prices", "room to live not fire" as the goal, a series of land, finance, tax and other aspects of the regulation and control policy stable prices, with the deepening of the regulation policy, in under the influence of various factors, the real estate financial risks that may occur will run through all aspects of the enterprise production and operation, the severe test to the healthy development of the enterprise.
This article in view of the real estate enterprise financial risk, to select high leverage in recent years by rapid development of real estate in SD as the research object of case study, from the concept of financial risk, financial risk and financial risk of real estate industry, summarized the domestic and foreign literature, introduces the concepts of financial risk, financial leverage and capital structure theory, analysis of enterprise financial position, the key to the company's solvency, profitability, operation ability, growth ability index are analyzed, through the analysis of the above indicators found SD property in the process of development from 2014 to 2018, The company took advantage of the upward trend of real estate and realized the rapid growth of company scale through highly leveraged financing. In the rapid growth of the scale, through the analysis of the company's core financial indicators, it was found that the company's solvency, profitability, growth ability and other indicators showed a downward trend, through the analysis of indicators found that SD real estate inIn recent years, the mode of high leverage financing expansion has accumulated greater financial risk, and the overall financial situation remains to be improved. At the same time, this paper from financing, investment, operation and other aspects of in-depth analysis of the causes of the formation of financial risk, financing risk is mainly caused by excessive financial leverage, debt scale is too large, financing structure, debt maturity is not reasonable; Investment risk is due to the lack of consideration of investment projects, the impact of macro policies and the decline in profits. The cause of operational risk lies in the rapid growth of inventory, slow turnover of inventory, insufficient ability of sales to cope with market changes, and great influence of policies. Through the causes of the formation of financial risks, specific countermeasures are proposed for the company, including reasonable control of financial leverage, appropriate reduction of debt scale, expansion of financing channels and reduction of financing costs; Before project investment, make scientific planning, fully perform project feasibility analysis, pay close attention to policy guidance, speed up inventory turnover, improve company operation level and other aspects. Through the analysis of the case, we can know that SD real estate has significant characteristics of high leverage, and the potential financial risk is large. The formation of financial risk is not only caused by high leverage, but also due to the lack of comprehensive analysis of investment projects, weak profitability and other factors.
The case study in this paper is helpful for SD real estate to prevent financial risks existing in the process of rapid development, and can also provide practical reference and reference for other real estate enterprises of the same scale to reduce financial risks in the process of rapid development.
Keywords: real estate; high leverage; financial risk; SD real estate
目录
摘要
ABSTRACT
目录
第1章 绪论
1.1研究背景
1.2研究目的及意义 9
1.2.1研究目的 9
1.2.2研究意义 9
1.3研究思路和研究方法 10
1.3.1研究思路 10
1.3.2研究方法 10
第2章 文献综述与理论基础 11
2.1文献综述 11
2.1.1国外文献综述 11
2.1.2国内文献综述
2.2理论研究
2.2.1企业成长理论
2.2.2企业生命周期理论
2.2.3企业融资基本理论
第3章 财务风险相关理论概述
3.1财务风险概述
3.1.1财务风险概念
3.1.2财务风险成因
3.2财务风险理论基础
3.2.1财务杠杆理论 20
3.2.2资本结构理论 21
第4章SD地产公司财务状况及风险分析 22
4.1SD地产公司基本情况 22
4.2SD财务状况分析 24
4.2.1偿债能力
4.2.2盈利能力 26
4.2.3营运能力 27
4.2.4成长能力 28
4.3SD财务风险分析 30
4.3.1筹资风险 30
4.3.2投资风险 31
4.2.3营运风险 34
第5章SD地产公司财务风险成因及应对策略
5.1SD财务风险成因分析
5.1.1筹资风险成因
5.1.2投资风险成因 38
5.1.3营运风险成因 39
5.1.4流动性风险成因 39
5.2SD财务风险应对策略 40
5.2.1筹资风险应对策略 41
5.2.2投资风险应对策略 42
5.2.3营运风险应对策略 43
第6章 结论与启示 44
结论 44
启示 45
参考文献 46
致谢 48
