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       得益于国民经济的迅速发展、经济对城市化进程的协同促进和人类对高质量生活的升级追求，房地产行业一度跃至与民生相关的重要产业地位。然而，任何一种发展 壮大都不可一蹴而就，房地产行业无疑也伴有相继而生的挑战。一方面，“房地产行 业投资过热”的问题高居热点榜单，致使国家大力出手干预，其发展在一定程度上受到抑制；另一方面，囿于行业自身具有的生产周期长、资金依赖性强、债务融资比例大等特点，房地产企业正遭受着巨大的财务风险。因此，如何提前预知风险并加以防范成了房地产企业需要迫切解决的问题。财务预警模型是企业预知财务风险的最佳工具，它可以方便管理者查寻企业经营、财务活动出现的问题，以及时下发补救措施，防止风险扩大化。

  本文选取 L 房地产公司为案例对象，以微观经济预警理论和风险管理理论为研究基础，在进一步梳理相关文献，认同功效系数法优越性的基础上，以此为方法构建财务预警模型。具体内容如下：首先，对 L 房地产公司进行警兆识别，发现公司已出现众多财务风险迹象，在此基础上，进一步从内外部环境方面，找出致使该公司出现这 些迹象的根源；其次，对 L 房地产公司财务预警现状及缺陷进行一一阐明，引出其构建财务预警模型的必要性与可行性；然后，在财务预警指标体系构建原则的指导下，搭建四大能力及投资者保护五个方面的财务预警指标体系，之后引入层次分析法为各指标赋权，并划分警限区间，确定各指标的标准值，完成功效系数法财务预警模型的构建；接下来，对模型进行预警检验，检验的数据选取 L 房地产公司 2017-2019 年的预警指标实际值；最后，提出财务预警模型在 L 房地产公司运用的具体保障措施。

       研究结果表明，L 房地产公司在 2017-2019 年均为有警状态，公司的实际财务状况也与该预警结果基本吻合，这表明该财务预警模型对公司来说是有效且适用的。通过该模型在公司内部的实施，L 房地产公司的健康发展得到了有效保证。

   As national economy tends to thriving improvement, the coordinated promotion of the economy to the process of urbanization, and the senior pursuit of human life quality, the status of the real estate industry come back to significant related to people's livelihood. However, any kind of evolution cannot be achieved in the moment, and the real estate industry is up against adverse conditions. First, as the "investment fever in the real estate industry" is a Topic-Prominent of gambit, the state has vigorously intervened, so its prospect has been confined to a certain extent; Second, limited by the unique trait of the real estate industry, its operation period is long and capital dependent, and the trait of high debt have caused these companies to suffer uncertainty hinder. Therefore, the pressing matter that real estate companies need to solve is how to assess and respond to risks in advance. The financial early warning model is the best tool for companies to predict financial risks. It is convenient for managers to find problems in commonplace and financial activities, and to issue remedial measures in time to prevent risks from leaping.

      This report selects L real estate company as the object, and then uses the micro-economic warning theory and risk management theory as the research foundation. Further searching and sorting out relevant documents, on the basis of recognizing the superiority of the efficiency coefficient method, using this method to construct a financial early warning model. The specific content is as follows: First, identify the warning signs of L real estate company and find that the company has already shown many signs of financial risks. On this basis, we will further find out the root causes of these signs from relevant environment. L real estate company’s financial early warning status and shortcomings are clarified one by one, leading to the necessity and feasibility of building a financial early warning model; then, under the guidance of the principles of financial early warning indicator system construction, four major capabilities and five aspects of investor protection are built The financial early-warning indicator system is introduced, and then the analytic hierarchy process is introduced to assign weights to each indicator, and the warning limit interval is divided, the standard value of each indicator is determined, and the construction of the financial early-warning model of the efficacy coefficient method is completed; Secondly, clarify the financial early warning status and deficiencies of L real estate company one by one, showing the necessity of building a financial early warning model; then, based on the principles of constructing a financial early warning indicator system, build five aspects in this system. After that, the analytic hierarchy process is used as the weighting of each indicator, distinguish the warning limit interval, calculate the standard value of each indicator, and finally complete the construction of the early warning model; Next, the early-warning test of the model is carried out. The data selected the actual value of L Real Estate Company in 2017-2019. Finally, the specific safeguard measures for the financial early warning model used in L real estate company are proposed.

  The research results show that the L real estate company is in an alert state from 2017 to 2019, there is no substantial difference between the company's actual financial situation and the data of the early warning results. indicating that the financial warning model is effective and applicable to the company. Through the implementation of this model within the company, the healthy development of L real estate company has been effectively guaranteed.