Study on the Financial Risks of Real Estate Enterprise

ABSTRACT

The real estate industry has a high investment, high-risk, long life cycle, high-yield characteristics, through the invasion of the financial crisis facing the industry adjustment, financial risk has become a lot of real estate company survival and development of the urgent need to address the real problem. Characteristics and genesis of the financial risk of the real estate companies, financial risk assessment system was built for the industry characteristics, the causes of the financial risk for the real estate industry targeted preventive measures.

1.INTRODUCTION

Chinarsquo;s macro-economic growth slowdown triggered by the global financial crisis because the U.S. supreme mortgage, the real economy has been to a certain extent. The real estate industry as one of the pillar industries of the national economy entered an adjustment phase, during this period, the state has adopted a series of macro regulation and control of land, tax, fiscal, monetary and credit policy, to guide the development of the market, aimed at supporting the demand for owner-occupied, inhibition of investment demand. 2009 to 2012 data show that residential land in Beijing, Shanghai cumulative trading volume of less than 60 million square meters, less than 30 million square meters in Guangzhou, Shenzhen, less than 10 million square meters.

In 2012 real estate sales 1,113,040,000 square meters, an increase of 1.8%, reduced by 0.6 percentage points higher than the 1-11 months. In 2012, the national real estate investment 7.1804 trillion yuan, an increase of 16.2% over the previous year name (after deducting price factors, the actual growth of 14.9%), down 0.5 percentage points higher than the first 11 months of 2011, down 11.9 percentage points. Residential investment 4.9374 trillion yuan, an increase of 11.4%, down 0.5 percentage points higher than the 1-11 months, accounting for 68.8% of the real estate development and investment.

Chinarsquo;s real estate industry started late, poor foundation, the industries have yet to achieve standardization, the imperfection of Chinarsquo;s financial system, a lot of real estate development enterprises have higher asset-liability ratio, and some even up to 90%, real estate companies are under enormous financial risk, the financial potential risks has become a lot of real estate enterprises survival and development of the urgent need to address the reality of real estate enterprises should analyze the problems found in a timely manner and to take effective preventive measures.

2.RESEARCH ON THE THEME OF CORPORATE FINANCIAL RISK

2.1The research method of foreign financial risk.

Comprehensive analysis of financial ratios (Gao 2007). It will need to analyze the indicators as a whole analysis of the enterprisersquo;s financial position and operating conditions (Geng 2007), such as representatives of DuPont financial analysis system and the Wall proportion score (Lin and Zheng 2007).

Multivariate financial risk model (Long and Zheng 2007). It is based on the characteristic index as the explanatory variable, the use of quantitative statistical methods to derive early warning model (Zhu 2008), the use of this model to predict the likelihood of certain events, early detection signal of the financial crisis, making the company the ability to take on the crisis in the bud decision-making (Li and Mao 2007).

New method of capital market theory and information science Innovation. With the rapid development of the capital markets and financial instruments, financial ratios based on statistical analysis methods have not accurately reflect the rapidly changing dynamic value of the creditors and shareholders of the assets in the capital markets, and put forward a series of new methods

2.2The theme of domestic research.

Financial Risk Assessment is mainly through the balance sheet, income statement, cash flow statement, analysis of the enterprisersquo;s financial situation and its trend of changes, internal financial relationships mining enterprises from accounting information in the financial statements, financial risk assessment method university decision model, the multivariate financial risk model, and neural network analysis model (IOMA 2004).

The domestic financial risk of the real estate business is the use of these methods to establish the financial crisis early warning model, this model can predict the financial crisis on the real estate business and alarm, and domestic academic financial risk research started late, in recent years, scholars began to study the financial risk of sub-sectors. Therefore, most of the existing research is still stuck in the qualitative research and empirical research on the early warning model has been constructed.

Comprehensive China and foreign scholarsrsquo; research results of the corporate financial risk, most studies based on profit targets based on the cash flows of the financial risk is still very rare, and the main factor to affect its financial risk cash flow, cash flow indicators can well reflect the solvency and ability to pay and financial flexibility to determine the market value, reflecting the ability of enterprises to survive, at the same time, Chinarsquo;s financial risk research focuses on the system of financial markets risk research, and for the possible risks of the real estate company in the course of business, less the amount of the assessment, even if more is also a comparative analysis of the degree of risk for a specific project, and the company as a whole the study of literature is not much, so we need to investigate the real estate companyrsquo;s overall financial risk evaluation and prevention.

3.FINANCIAL RISK CHARACTERISTICS AND ORIGINS OF THE ESTATE INDUSTRY

3.1Financial risk characterist

剩余内容已隐藏，支付完成后下载完整资料

英语译文共 10 页，剩余内容已隐藏，支付完成后下载完整资料

资料编号：[605113]，资料为PDF文档或Word文档，PDF文档可免费转换为Word