会计学院知识库

  随着我国的城镇化建设不断加速，房地产行业逐步进入了市场化模式，现如今该行业慢慢发展成国家经济的重要支柱之一。但是房地产市场相比较起步较晚，在发展过程中受到经济市场饱和、自身经验不足以及资金缺口较大等问题的困扰，也因其带有天然的特性和复杂性，使得行业整体不能很好地实现良性发展。因此，如何能够有效地避免和降低企业经营过程中的财务风险，对于房地产企业是非常重要的。    

  本文选取高负债经营特征显著的房地产企业绿地控股作为研究对象，首先归纳国内外关于财务风险管理、财务杠杆效应、财务杠杆与财务风险的关系以及房地产行业的财务风险评价这四个方面的相关文献，介绍财务风险和风险成因的基本概念，梳理与本文主题密切相关的资本结构、财务杠杆以及风险控制等相关理论；其次详细分析企业财务经营状况，通过各指标计算发现，绿地控股各项能力存在一定的不足，在此基础之上识别绿地控股的财务风险，并运用Z值模型和F值模型评估检验，更准确地衡量绿地控股财务风险的等级状况；随后深入剖析财务风险的内外部成因，内部从筹资、投资、经营、监督方面来分析，外部从经济市场、城乡收入和住房政策来分析，针对企业财务风险的成因提出相对应的解决措施。通过实施这些措施，能够帮助绿地控股加强财务风险的控制。

  最后得出结论，绿地控股是非常典型的高负债经营的房地产企业，其经营状况和财务状况是不够理想的，进而加大了企业的偿债压力，进一步使其财务风险升高，可能会对企业未来的持续发展产生影响。所以，绿地控股应该及时地意识到控制财务风险的紧迫性和必要性，采取一些财务风险控制措施，让企业能够健康且持续发展。

     As urbanization continues to expedite in our country, mode of the real estate industry is becoming marketable step by step. Now the industry has gradually developed into one of the main support of the country’s economy.But the industry was developed late, and saturation of economic market, inexexperience and funding gaps hold back developement, because of its features and complexity, so that the industry as a whole can not achieve a good development. Therefore, how to availably decrease the financial risk of business operation is vital.

     The research object of this paper is Green Land Holdings, which has a significant high indebtedness characteristics. Firstly, the paper concludes the literature from: financial risk management, financial leverage effect, the relationship between financial risk leverage and financial leverage, and the financial risk assessment of real estate industry, and explain the notion of financial risk and its causes, the theories of capital structure, financial leverage and risk control which are closely related to the subject of this paper have a good comb; Secondly, a detailed analysis of the financial status of the enterprise, through the calculation of the indicators, it is found that there are some deficiencies in the ability of Green Land Holdings, on this basis, it identifies the financial risk of Green Land Holdings and uses Z-Value model and F-value model are evaluated to more accurately measure the level of financial risk of Green Land Holdings; Then dissect the internal and external causes of financial risk, and inner analyse from the financing, investment, management, supervision, and outer analyse from the economic and market, urban and rural income and policies on housing, and put forward the solution measures according to the cause. These measures can help enterprise to strengthen financial risk control.

     Finally, it is concluded that Green Land Holdings is a very typical real estate enterprise with high debt management.Its operating and financial situation is not ideal enough, which increases the pressure of enterprise debt repayment and further its financial risk. May have an impact on the future continuance progress of enterprises. Therefore, Green Land Holdings should realize the urgency and necessity of controlling financial risk in time, and take action on financial risk to make enterprises healthy and continuous operation.