房地產(chǎn)企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)與防范英語翻譯 會(huì)計(jì)學(xué)專業(yè)

Thefinancialriskandprecautionofrealestateenterprises房地產(chǎn)企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)與防范Abstract:Becauseofthesoaringhousingpricesandtheproblemsofrealestateindustry,statehasalreadyregulatedandcontrolledthisdevelopment,sothatrealestateindustrywillfacemorefinancialrisks.Inordertoleadourrealestateenterprisestoadaptnationalmacroregulationandrestriction,thispaperinvestigatesintofinancialrisksinrealestatebymeansofinductivemethodandfactoranalysisapproach.Discussionsarealsomadeaboutrisksbroughtaboutinassociationwithfinancing,investment,therecoveryofcapitalsandunstablecashflowinpropertyenterprises.Fromastrategicperspective,itprobessystematicallyintocausesforrisksabovementionedfrombothamacroscopicviewandamicroscopicview.Solutionsareproposedtopotentialrisksinroutinebusinessinpropertycompanies,e.g.financinginmultiplexways,strengtheningtherecoveryofallreceivables,performingscientificandfeasibleanalysisofinvestmentprojects,ensuringtheintegrityofcapitalchainandsoon.Troughanalysisofthisessay,onlyanalyzinganddividingthefinancialrisksscientifically,canfindmeasuresaccordingtospecificcasetoreducethefinancialrisk.Keywords:realestate;financialrisk;Measure摘要：由于房價(jià)上漲和房地產(chǎn)業(yè)的問題，國家已經(jīng)對(duì)該發(fā)展進(jìn)行了管制和調(diào)控，在這樣的背景下，房地產(chǎn)行業(yè)將面臨更多的金融風(fēng)險(xiǎn)。為了引導(dǎo)我國房地產(chǎn)企業(yè)適應(yīng)國家宏觀調(diào)控和限制，本文運(yùn)用歸納法和因子分析法對(duì)房地產(chǎn)業(yè)的金融風(fēng)險(xiǎn)進(jìn)行了調(diào)查。還討論了與融資，投資，資金回收和房地產(chǎn)企業(yè)現(xiàn)金流不穩(wěn)定有關(guān)的風(fēng)險(xiǎn)。從戰(zhàn)略角度出發(fā)，從宏觀和微觀兩個(gè)層面系統(tǒng)探討上述風(fēng)險(xiǎn)的成因，針對(duì)房地產(chǎn)公司日常業(yè)務(wù)中的潛在風(fēng)險(xiǎn)提出解決方案，例如多渠道融資，加強(qiáng)所有應(yīng)收款的回收，對(duì)投資項(xiàng)目進(jìn)行科學(xué)可行的分析，確保資金鏈的完整性等。通過對(duì)本文的分析發(fā)現(xiàn)，只有科學(xué)地分析和劃分財(cái)務(wù)風(fēng)險(xiǎn)，才能根據(jù)具體案例找出應(yīng)對(duì)措施，降低財(cái)務(wù)風(fēng)險(xiǎn)。

INTRODUCTIONWiththerapiddevelopmentofChina'seconomyandupbeatofpeople'smateriallife,thedemandforrealestatepresentsthetendencyofexpansion,whichresultsintheoverallexpansionoftherealestatescalesandtheimprovementofassetsenvironment.ButinthefaceofaseriesofcontrolpolicyofrealestateinChina,itismorepossiblethatthefinancialrisksoccurintherealestateenterprises.Thefinancialriskmanagementtowardstherealestateenterprisesshouldbeaimedtoanalyzeandsummarizethecauseofinternalfinancialrisksoftherealestateindustry.andatthesametimetothefinancialriskidentificationandmeasurementshouldbetaken,andtheappropriateandoperablecontrolstrategyshouldbetakentoavoidfinancialrisk,inordertomaketheenterprisesstayawayfromthelossesandfinallytoreachtheaimofeffectivecontrolofthefinancialriskinrealestateenterprises.緒論隨著中國經(jīng)濟(jì)的快速發(fā)展和人們物質(zhì)生活的提高，房地產(chǎn)的需求呈現(xiàn)出擴(kuò)張的趨勢，在這樣的背景下，房地產(chǎn)企業(yè)的規(guī)模迎來了全面擴(kuò)張，資產(chǎn)環(huán)境也不斷改善。但面對(duì)中國房地產(chǎn)的一系列調(diào)控政策，房地產(chǎn)企業(yè)出現(xiàn)金融風(fēng)險(xiǎn)的可能性較大。針對(duì)房地產(chǎn)企業(yè)的金融風(fēng)險(xiǎn)管理應(yīng)該旨在分析和總結(jié)房地產(chǎn)業(yè)內(nèi)部金融風(fēng)險(xiǎn)的成因。同時(shí)要采取財(cái)務(wù)風(fēng)險(xiǎn)識(shí)別和計(jì)量，并采取適當(dāng)可操作的控制策略避免財(cái)務(wù)風(fēng)險(xiǎn)，以使企業(yè)遠(yuǎn)離虧損，最終達(dá)到有效的目標(biāo)控制房地產(chǎn)企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)

II. CHARACTERIZATIONOFCURRENTREALESTATEENTERPRISEFINANCIALRISKRealestateindustrycollectsmanyoffeaturesandcontradictionsaswellasdevelopmentofmarketeconomy.Financialriskalsohasavarietyofperformance.II.當(dāng)前房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)特征分析和市場經(jīng)濟(jì)一樣，房地產(chǎn)業(yè)蘊(yùn)含著許多特點(diǎn)和矛盾。財(cái)務(wù)風(fēng)險(xiǎn)也有各種各樣的表現(xiàn)。A.financingriskTheso-calledfundingriskisenterprisesinordertoobtainthebenefitsoffinancialleverageandstrongdebt,iftheycannotrepaycapitalwithinterest,theywillbringrisktoenterprise.Corporatefinancingactivitiesarestartingpointoftheentireproductionandbusinessactivities,businessbasedonbusinessobjectivestoadjustinvestmentdemand.Today,therapiddevelopmentofglobaleconomy,thesourcesofbusinessfinancingistodiversity.Howtousetheshortesttimetoraisethenecessaryfunds,andthelowestcostofcapitalfundsistargetofenterprise.Iftheenterprisefund-raisingactivitiesintheunexpected,willgivetheentirebusinessactivitieswithimpact.Eventhesurvivalwillendangeranddevelopment.A：財(cái)務(wù)風(fēng)險(xiǎn)所謂資金風(fēng)險(xiǎn)就是企業(yè)為了獲得財(cái)務(wù)杠桿和強(qiáng)有力的債務(wù)的利益，如果不能用利息償還資本，就會(huì)給企業(yè)帶來風(fēng)險(xiǎn)。企業(yè)融資活動(dòng)是整個(gè)生產(chǎn)經(jīng)營活動(dòng)的出發(fā)點(diǎn)，企業(yè)根據(jù)經(jīng)營目標(biāo)調(diào)整投資需求?，F(xiàn)階段，全球經(jīng)濟(jì)正處于高速發(fā)展階段，商業(yè)融資的來源日趨多元化。企業(yè)的目標(biāo)往往是用最短的時(shí)間、最低的資金成本籌集必要的資金。如果企業(yè)進(jìn)行意料之外的集資活動(dòng)，就會(huì)給整個(gè)企業(yè)正常的經(jīng)營活動(dòng)帶來沖擊。即使生存下來也會(huì)危及發(fā)展。B.Investmentrisk.Realestatedevelopmentcycleislonger,duringwhichtherearemanyuncertainfactors.Iffinancingisthestartingpoint,investmentactivitiesarethekeypointofbusinessactivities.Itwilldeterminethesuccessoftheenterprise'smarketcompetitiveness;survivalanddevelopmentofenterprisesplayanimportantrole.Companiesshouldinvestigation,analysisandevaluationbeforeinvestment;selecttheprojectwhichexpectedrateofreturnaregreaterthanthecostofcapital.Inthisprocess,therearemanypossiblerisks,suchasmarketresearchiswrong,theinvestmentprojectistoolarge,poorplanning,excessivedebt,etc.,somecompaniescancontrol,somecompaniescannotcontrol.B.投資風(fēng)險(xiǎn)房地產(chǎn)開發(fā)周期較長，其間存在很多不確定因素。如果以融資為出發(fā)點(diǎn)，投資活動(dòng)是企業(yè)活動(dòng)的重點(diǎn)。它將決定企業(yè)市場競爭力能夠達(dá)到何種高度;企業(yè)的生存和發(fā)展起著重要的作用。公司應(yīng)在投資前進(jìn)行調(diào)查，分析和評(píng)估;選擇預(yù)期收益率大于資本成本的項(xiàng)目。在這個(gè)過程中，存在很多潛在的風(fēng)險(xiǎn)，比如市場調(diào)查錯(cuò)誤、投資項(xiàng)目過大、規(guī)劃不善、債務(wù)過多等等。在一些公司這些風(fēng)險(xiǎn)可以得到很好的控制，在一些公司則不能。C.Riskofcapitalrecovery.Riskofcapitalrecoveryisanotherformoffinancialriskoftheestatecompanies.Itsmainproductintheestatedevelopmentcanbesoldtothestate,duetopolicyorself-marketing,poorsalesledtomakingthepaymentslow,orbecauselendingpoliciesandproceduresofbanks,leadingcompaniesreceivethemortgagepaymentslow,recoveryoftheenterprise'scapitalandfundingneedscannotbesynchronized.C.資本回收風(fēng)險(xiǎn)資本回收風(fēng)險(xiǎn)是房地產(chǎn)公司的另一種財(cái)務(wù)風(fēng)險(xiǎn)。其在房地產(chǎn)開發(fā)中的主要產(chǎn)品可以出售給國家，由于政策或自我推銷、銷售不佳等原因，導(dǎo)致支付緩慢，或因?yàn)橘J款政策和程序的銀行，領(lǐng)先的公司收到的貸款支付緩慢，恢復(fù)企業(yè)的資金和資金需求不能同步。D.RiskofCashflowinstability.Cashflowmanagementisthebusinessthroughexternalfinancing,inventoryandaccountsreceivablemanagementandothermeans,toenableenterprisestomaintainpositivecashflowtomeettheordinarycourseofbusinessanddevelopmentneeds,ratherthanwastefulhoardingcash.Realestatehasitsparticularity,becauseallrelyoncapitaloperation,setasidecashforalongtime,cannotachievethecapitalinvestmentandmaximizeprofits,theimpactofenterprisedevelopment,notaseriouscashshortage,likelytocausecapitalstrandbreaks,seeminglycontradictory,infact,it’not.Realestatecompaniestodevelopbusinessprocesseswithlong-term,developmentandconstructionexperiencefrombuyland,landdevelopment,housingandconstructionphasestocompletionofdelivery,theflowoffundsandlonger-termturnoverrateislow,theprojectliquidityispoor,therefore,companiesneedtostrengthencashflowmanagement.Accordingtothesurvey,thecurrentrealestatecompaniesaremostlyprivateeconomicsectors,thelackofcashflowmanagementconcepts,ingoodeconomiccircumstances,theblindexpansionofproductionscaleandincreasethedifficultyoftheenterpriseriskmanagement.It’sdifficulttosustainthedevelopmentofmanycompanies;averyimportantreasonisthelowleveloffundmanagement.Toolargescale,Makethecashmanagementisoutofcontrol.D.現(xiàn)金流量不穩(wěn)定的風(fēng)險(xiǎn)現(xiàn)金流量管理是指企業(yè)通過外部融資，庫存和應(yīng)收賬款管理等手段，使企業(yè)保持積極的現(xiàn)金流，以滿足日常業(yè)務(wù)和發(fā)展需要，而不是浪費(fèi)企業(yè)已有的現(xiàn)金。房地產(chǎn)有其特殊性，因?yàn)槎家蕾囐Y本運(yùn)作，長期擱置現(xiàn)金，無法實(shí)現(xiàn)資本投入和利潤最大化，影響企業(yè)發(fā)展，沒有嚴(yán)重的現(xiàn)金短缺，容易造成資金鏈斷裂，看似矛盾，事實(shí)上，并非如此。房地產(chǎn)公司從購買土地，土地開發(fā)，住房和施工階段到完成交付，資金流和長期周轉(zhuǎn)率低，項(xiàng)目流動(dòng)性差，開發(fā)具有長期，開發(fā)和施工經(jīng)驗(yàn)的業(yè)務(wù)流程因此，企業(yè)需要加強(qiáng)現(xiàn)金流管理。據(jù)調(diào)查，目前房地產(chǎn)企業(yè)大多為民營經(jīng)濟(jì)部門，缺乏現(xiàn)金流量管理理念，處于良好的經(jīng)濟(jì)形勢下，盲目擴(kuò)大生產(chǎn)規(guī)模，加大企業(yè)風(fēng)險(xiǎn)管理難度。很難維持許多公司的發(fā)展;一個(gè)非常重要的原因是資金管理水平低。規(guī)模過大，導(dǎo)致現(xiàn)金管理失控。

III.THECAUSESOFTHEFINANCIALRISKOFREALESTATECOMPANIESIII.房地產(chǎn)公司財(cái)務(wù)風(fēng)險(xiǎn)的成因A. Diversifiedfinancingchannels1) Lawsandnationalpolicyenvironment.Astherealestatedevelopmentiscloselyrelatedtothenationaleconomy,nationalensurethehealthydevelopmentofnationaleconomy,oftenusetax,financial,economicmeanstofinanceavarietyofrealestatedevelopmentindustrytoimplementmacro-control,theimpactismainlyreflectedinthefollowingfouraspects:first,developmentoflandresourcesandlanduseplansdirectlyaffectthesupply,thusaffectingtherealestatedevelopmentstatus.Second,thevariousgovernmenttaxesandfeeswillaffectrealestateprices,whichaffectrealestatesales;third,theGovernment'spolicyonrealestatetransactionswillaffecttheflowofrealestateconditions;fourth,government'sfinancialpolicywillaffecttherealestatebusinessfinancing.A.多元化的融資渠道1)法律和國家政策環(huán)境。由于房地產(chǎn)開發(fā)與國民經(jīng)濟(jì)息息相關(guān)，國家為了確保國民經(jīng)濟(jì)健康發(fā)展，常以稅收，金融，經(jīng)濟(jì)手段為各種房地產(chǎn)開發(fā)行業(yè)融資實(shí)施宏觀調(diào)控，影響主要體現(xiàn)在以下四個(gè)方面：一是土地資源開發(fā)和土地使用規(guī)劃直接影響供應(yīng)，從而影響房地產(chǎn)開發(fā)狀況。其次，各種政府稅費(fèi)將影響房地產(chǎn)價(jià)格，影響房地產(chǎn)銷售;第三，政府的房地產(chǎn)交易政策會(huì)影響房地產(chǎn)業(yè)的條件;第四，政府的財(cái)政政策將影響房地產(chǎn)企業(yè)融資。2) Inflation.Inflationriskisalsoknownaspurchasingpowerrisk,Referstothecompletionoftheinvestmentofcapitalandinvestmentbackthemoneypurchasingpowercomparedtoreducetherisksofenterprise.Becausetherealestateinvestmentcycleislong,soaslongasinflationfactors,enterprisewillfacetheriskofinflation.Inflationriskdirectlyreducestheinvestmentrealrateofreturn.2) 通貨膨脹。通貨膨脹風(fēng)險(xiǎn)又稱為購買力風(fēng)險(xiǎn)，指投資完成后的資金與投資回購貨幣的購買力相比，降低了企業(yè)的風(fēng)險(xiǎn)。由于房地產(chǎn)投資周期較長，因此只要通脹因素，企業(yè)將面臨通脹風(fēng)險(xiǎn)。通貨膨脹風(fēng)險(xiǎn)直接降低了投資的實(shí)際回報(bào)率。3) Thechangeofmarketsupplyanddemand.Marketischanging;realestatesupplyanddemandisconstantlychanging.Supplyanddemandchangescausedbythevolatilityoftherealestatepriceswill,andrealestatedevelopmenttheexpectedreturnwillbedifferent.Moreseriously,whenarealestatemarketsupplyexceedsdemandandtoacertainextent,realestatedevelopmententerprisewillfacerealestategoodsthebacklogofthesituation,donotreceivemoneyback,unabletorepayloan,investorscaneasilyleadtobankruptcy.3）市場供求變化。市場在變化；產(chǎn)供需不斷變化。供求變化引起房地產(chǎn)價(jià)格的波動(dòng)將與房地產(chǎn)開發(fā)商的預(yù)期收益會(huì)有所不同。更嚴(yán)重的是，當(dāng)房地產(chǎn)市場供大于求的情況嚴(yán)重到一定程度，房地產(chǎn)開發(fā)企業(yè)將面臨房地產(chǎn)積壓的局面，收回款項(xiàng)困難重重，無力償還貸款，導(dǎo)致投資者很容易破產(chǎn)。B. Micro-factorsanalysis1) Lackoffinancialbudgetmanagement.Realestatebusinessistypicalofcapital-intensiveindustries,investedlarge,thedevelopmentcycleislonger,takingupmoneyforalongtime,andpooradjustmentoftheproject.Somerealestatedevelopersbelievethataslongastheprojecttoacquirelanduserights,theorganizationworksaccordingtodesigndrawings,andthenputappropriatefunding,theprojectcanbecompletedonschedule,itwillgenerateeconomicbenefits.However,iftherealestatecompaniesdonottoconsiderfromthebudget,financialanalysisofrealestatedevelopmentprojectshavenotfromthelandcosts,capitaloperation,theeconomicrateofreturnfordetailedfinancialbudget,thenthebusinesscannotsetthetargetprofit,letalonecostindexestimatinganddecompositionimplement,maycauseinthecapitalmanagement,financialmanagementblindlyoperationworkonlystayinsimpleaccounting,neglectcostcontrol,thenincreasethecostofprojectinvestment,theimpactoftheeconomicbenefits.B.微觀因素分析1) 缺乏財(cái)務(wù)預(yù)算管理。房地產(chǎn)業(yè)是典型的資本密集型產(chǎn)業(yè)，投資規(guī)模較大，開發(fā)周期較長，長期占用資金較多，項(xiàng)目調(diào)整較差。一些房地產(chǎn)開發(fā)商認(rèn)為，只要項(xiàng)目獲得土地使用權(quán)，該組織按照設(shè)計(jì)圖紙工作，然后投入適當(dāng)?shù)馁Y金，該項(xiàng)目可以按期完成，這將產(chǎn)生經(jīng)濟(jì)效益。但是，如果房地產(chǎn)公司不從預(yù)算考慮，房地產(chǎn)開發(fā)項(xiàng)目的財(cái)務(wù)分析還沒有從土地成本，資本運(yùn)作，經(jīng)濟(jì)回報(bào)率等詳細(xì)的財(cái)務(wù)預(yù)算，那么企業(yè)就無法設(shè)定目標(biāo)利潤，更let論成本指標(biāo)的估算和分解實(shí)施，可能會(huì)導(dǎo)致在資本經(jīng)營中，財(cái)務(wù)管理盲目操作工作只停留在簡單會(huì)計(jì)，忽視成本控制，進(jìn)而增加項(xiàng)目投資成本，影響經(jīng)濟(jì)效益。2) Costcontrolislax.Realestatebusinesscostmanagementcomplicatedbylandacquisitionandrelocationcompensationfee,pre-constructioncosts,infrastructurecosts;constructionandinstallationcostsconstituteaseriesofprojectcost.Whentheprojectiscomplete,theneedforcostallocation,collection,redistribution,andthenincludedintheimputationuntilthefinalbeneficiaries,thisseriesofworkrequiredtodevelopproductsbasedonthespecificcircumstancesofeachdeal.Somerealestateenterpriseonlypayattentiontotheprogressoftheprojectsandquality,andneglectofthefinancedepartmentcostcontrolinthefinancialandcostaccounting,simple,rough,makeenterprisefinancialpersonnelbecomesimplemechanicalaccounts,financialmanagementacrosstheenterpriseunabletostart,itwillaffectbusinessefficiency.2）成本控制不嚴(yán)格。房地產(chǎn)業(yè)務(wù)成本管理復(fù)雜,例如牽扯到征地拆遷補(bǔ)償費(fèi)，建設(shè)前成本，基礎(chǔ)設(shè)施成本;建筑安裝成本構(gòu)成一系列工程造價(jià)。當(dāng)項(xiàng)目完成后，需要對(duì)成本進(jìn)行分配，收集，再分配，然后將其納入到最終受益人的歸責(zé)中，這一系列工作需要根據(jù)每筆交易的具體情況開發(fā)產(chǎn)品。有的房地產(chǎn)企業(yè)只注重項(xiàng)目進(jìn)度和質(zhì)量，忽視了財(cái)務(wù)部門在財(cái)務(wù)和成本核算上的成本控制，簡單粗暴，使得企業(yè)財(cái)務(wù)人員變成了簡單的機(jī)械賬戶，企業(yè)財(cái)務(wù)管理遲遲無法開始，這會(huì)影響企業(yè)效率。3) Capitalstructureisappropriate.Capitalstructuremainlyreferstoratiorelationshipbetweenallsourcesoffundsintheequitycapitalanddebtcapital.Realestatedevelopmentcompanyfundedbyitsownfunds,opentobookingbyparagraph,bankloans,commercialdebtoffourparts,whichownfundareoftenasmallproportionoffunds,debtfundsareoftenthesourceofallfundsofenterprises,accountedformorethan60%,someevenashighas90%,manywell-knowndomesticrealestatecompany'sdebtratioisveryimpressive,suchasVankeandBaoliRealEstate'sdebtratioashighas80%.Owncapitalofenterpriseandtotalcapitalratioofborrowedcapitalisnotappropriatefortheformationofanegativeimpactonearningsoffinancialrisk.Realestatecompanieswithoperationoftheprojectmusthaveacertainamountofmoney,infullandtimelyinraisingthenecessaryfundsisdirectlyrelatedtobusinessdevelopmentactivitiescanproceedsmoothlyandthusaffectthesurvivaloftheenterprise.3）資本結(jié)構(gòu)合適。資本結(jié)構(gòu)主要指股權(quán)資本和債務(wù)資本中所有資金來源之間的比例關(guān)系。房地產(chǎn)開發(fā)公司由自有資金出資，按段開立預(yù)約，銀行貸款，商業(yè)性債務(wù)四部分，其中自有資金往往是資金的一小部分，債務(wù)資金往往是企業(yè)全部資金的來源，占超過60％，有的甚至高達(dá)90％，國內(nèi)眾多知名房地產(chǎn)公司的負(fù)債率非?？捎^，比如范克和寶麗房地產(chǎn)的負(fù)債率高達(dá)80％。企業(yè)自有資金和借入資本總資本比率不適合形成對(duì)財(cái)務(wù)風(fēng)險(xiǎn)收益的負(fù)面影響。房地產(chǎn)公司與項(xiàng)目的運(yùn)作必須有一定的資金，充分及時(shí)地籌集必要的資金直接關(guān)系到業(yè)務(wù)發(fā)展活動(dòng)能否順利進(jìn)行，從而影響企業(yè)的生存。4) Lackofcashflowmanagement.Realestatecompaniestodevelopalong-termbusinessprocess,fromlandacquisitiontogothroughthedevelopmentandconstruction,landdevelopment,housingandconstructionphasestocompletionofdelivery,theflowoffundsandlonger-termturnoverrateislow,theprojectliquidityispoor,therefore,needtostrengthencashflowmanagement.Accordingtothesurvey,China'srealestatebusiness,especiallyinlargerealestate,companiescontrolmostofthestatecapital,orisitselftransformedfromstate-ownedenterprises,suchasstate-ownedenterpriseswithlowefficiency,lackofmanagement,theinternalincentiveandrestrictivemechanismisnotperfectandotherdefectsarereflected.Companiesandseveralofdepartmentswithinenterprisesandbetweenenterprisesandsuperiorsinthecapitalcashflowmanagementanduseofthedistributionofbenefitsinareas,suchasunclearresponsibilities,poormanagement,resultingininefficientuseofcash,cashsecurity,andintegrityoftencannotbeguaranteed.4）缺乏現(xiàn)金流量管理。房地產(chǎn)公司制定了一個(gè)長期的業(yè)務(wù)流程，從征地到開發(fā)建設(shè)，土地開發(fā)，房屋建設(shè)階段到交付完成，資金流向和長期周轉(zhuǎn)率低，項(xiàng)目流動(dòng)性差，因此需要加強(qiáng)現(xiàn)金流量管理。據(jù)調(diào)查顯示，中國房地產(chǎn)企業(yè)尤其是大型房地產(chǎn)企業(yè)，控制了大部分國有資本，或者是由國有企業(yè)轉(zhuǎn)型而來，如國有企業(yè)效率低下，管理不善，內(nèi)部激勵(lì)約束機(jī)制不健全，體現(xiàn)其他缺陷。公司和企業(yè)內(nèi)部的幾個(gè)部門以及企業(yè)與上級(jí)之間在資本現(xiàn)金流量管理和利用分配方面的利益分配方面，如職責(zé)不清，管理不善，導(dǎo)致現(xiàn)金使用效率低下，現(xiàn)金安全和誠信往往可以不能保證。

IV.REALESTATECOMPANIESTOAVOIDMEASURESOFFINANCIALRISKIV.房地產(chǎn)公司避免財(cái)務(wù)風(fēng)險(xiǎn)的措施A.DiversifiedfinancingchannelsRealestatecompaniesshouldfullytapitspotential,withuseofretentionfund,whiletheimplementationofmulti-channelfinancingstrategiestosupplementthelackofcashflow.Themainsourceoffundsinmostrealestatecompaniesis:ownfunds,bankloans,constructioncontractorsadvances,opentobookingaparagraphofincome,salesrevenuesandothermoney.However,withthetightercapitalchain,companieshavetoseekmorefinancingchannels,therealestatesecuritiesfinancing(issuingstocksandbonds),trustfinancing,realestateinvestmentfunds,finance,foreigninvestmentorcooperativedevelopmentprojectsandotherfinancingwillbeattention.Inparticular,cannotimprovetheasset-liabilityratioofequity-basedfinancingisrelativelycommonforrealestatecompanieswithhighdebt.Throughdiversifiedfinancingchannels,optimizecapitalstructure,eitherfullliabilitiesoffinancialleverageandfinancialriskcanbecontrolledwithintheenterprisecanafford,isconducivetolong-termstabledevelopmentofenterprises.Realestatecompaniesshouldreviewtheirexistingfinancialriskandshortcomingsinfinancialmanagement,accordingtotheirspecificcircumstances,reducingthedebtfinancing,controllingdebtlevels,attentiontostocks,convertibleseniornotes,venturecapitalandprivateequityfundsandotherfinancingmethodstooptimizeitscapitalstructure.Thiscanreducetheinterestburden,reducefinancialriskandimprovebusinessperformance;theotherhand,itcanreducetheinterestratesoffinancialleverage,reducinginterestexpenseontheresultsofoperations.多元化的融資渠道房地產(chǎn)企業(yè)應(yīng)充分挖掘其潛力，利用留存基金，同時(shí)實(shí)施多渠道融資策略，以緩解現(xiàn)金流量不足帶來的負(fù)面影響。大多數(shù)房地產(chǎn)公司的主要資金來源集中在：自有資金，銀行貸款，建筑承包商墊款，預(yù)定一段收入，銷售收入和其他資金。但是，隨著資金鏈條緊縮，企業(yè)為了籌集足夠的資金支持自身的經(jīng)營發(fā)展，不得不尋求更多的融資渠道，在這樣的背景下，房地產(chǎn)證券融資（發(fā)行股票和債券），信托融資，房地產(chǎn)投資基金，金融，外資或合作開發(fā)項(xiàng)目等融資等新的融資途徑開始受到人們的關(guān)注。尤其是高負(fù)債的房地產(chǎn)企業(yè)來說，絕大多數(shù)都面臨不能提高股權(quán)融資這一困難。因此，拓展融資渠道就變得迫不及待，因?yàn)閷?duì)于這些企業(yè)來說，通過多元化的融資渠道，優(yōu)化資本結(jié)構(gòu)，可以控制它們負(fù)擔(dān)得起的全部負(fù)債的財(cái)務(wù)杠桿和財(cái)務(wù)風(fēng)險(xiǎn)，有利于企業(yè)的長期穩(wěn)定發(fā)展。房地產(chǎn)公司應(yīng)根據(jù)自身的具體情況，減少債務(wù)融資，控制債務(wù)水平，關(guān)注股票，可轉(zhuǎn)換優(yōu)先票據(jù)，風(fēng)險(xiǎn)投資和私募股權(quán)基金等融資方式，對(duì)其現(xiàn)有的財(cái)務(wù)風(fēng)險(xiǎn)和財(cái)務(wù)管理缺陷進(jìn)行審查，在這樣的基礎(chǔ)上，優(yōu)化其資本結(jié)構(gòu)，擺脫傳統(tǒng)資本結(jié)構(gòu)的束縛。如此一來，既可以減輕利息負(fù)擔(dān)，還能夠減少財(cái)務(wù)風(fēng)險(xiǎn)，提高業(yè)績;另一方面，它可以降低財(cái)務(wù)杠桿的利率，降低運(yùn)營結(jié)果的利息支出。B.StrengthenthemanagementofaccountsreceivableFinancialactivitiesareanimportantpartoftherecoveryoffunds.Accountsreceivableiscausedbyanimportantaspectofriskofcapitalrecovery,accountsreceivablewillacceleratecashflow.Althoughitenableenterprisestogenerateprofits,butdoesnotmakethecashincrease,ontheoppositewillmakethebusinessuseofthelimitedworkingcapitaladvancesunrealizedprofitandtaxexpenditures,acceleratecashoutflows.Astherealestatehasinvestmentandconsumergoodswiththeduality,theuncertaintyofrecoveryofrealestateinvestmentismorethanotherinvestmentvehicles.Andrealestateinvestmentalsoinvolvespoliciesandregulations,financialtrends,regionalsupplyanddemand,consumerpreferencesanddemandsideandimprovingpeople'squalityoflifeandotheraspects;thereforeitisvulnerabletochangesinvariousfactors,creatingaliquidityrisk,leadtocapitalchain.Therefore,strengtheningtherecoveryandcentralizedmanagementoffundsisparticularlyimportant.Strengthenthemanagementofaccountsreceivable.RealEstateDevelopmentCompanyshouldrecoverthecreditreceivablesassoonaspossible,baddebtlossesreducebusinessrisk,andrevitalizethestockfunds,graduallyreducethecommercialvacancyrate,reducetheamountoffundsusedtoacceleratetheflowoffunds,improvecapitalutilization,makesthedevelopmentcompanystepsintoafundsvirtuouscycleassoonaspossible.加強(qiáng)應(yīng)收賬款管理金融活動(dòng)是資金回收的重要組成部分。應(yīng)收賬款是資金追回風(fēng)險(xiǎn)的重要方面，應(yīng)收賬款的存在可以一定程度加速現(xiàn)金流。雖然它能使企業(yè)產(chǎn)生利潤，可是不會(huì)使現(xiàn)金增加，反而會(huì)使企業(yè)利用有限的營運(yùn)資金預(yù)付未實(shí)現(xiàn)的利潤和稅收支出，加速現(xiàn)金流出，致使企業(yè)面臨巨大的財(cái)務(wù)支出。由于房地產(chǎn)投資和消費(fèi)品具有二元性，房地產(chǎn)投資回收的不確定性高于其他投資工具。而房地產(chǎn)投資還涉及政策法規(guī)，金融趨勢，區(qū)域供求關(guān)系，消費(fèi)者偏好和需求方面以及提高人們的生活質(zhì)量等方面。換句話說，上述任何一個(gè)方面的變化都會(huì)對(duì)房地產(chǎn)投資產(chǎn)生相應(yīng)的影響，只要任何一個(gè)環(huán)節(jié)存在風(fēng)險(xiǎn)，那就說明房地產(chǎn)投資也將會(huì)受到相應(yīng)的沖擊;因此房地產(chǎn)投資之很容易受到各種因素的變化帶來的實(shí)際影響，進(jìn)而導(dǎo)致造成流動(dòng)性風(fēng)險(xiǎn)產(chǎn)生，甚至出現(xiàn)資金鏈斷裂的不良后果。因此，對(duì)于房地產(chǎn)企業(yè)來說，要想減少自身面臨的風(fēng)險(xiǎn)，加強(qiáng)資金的回收和集中管理尤為重要；同時(shí)重視加強(qiáng)應(yīng)收賬款管理：房地產(chǎn)開發(fā)公司應(yīng)盡快收回應(yīng)收賬款，減少損失，一定程度降低業(yè)務(wù)風(fēng)險(xiǎn)，振興股票基金，逐步降低商業(yè)空置率，減少用于加速資金流動(dòng)的資金量，提高資金使用率，使開發(fā)公司盡快步入資金良性循環(huán)，以實(shí)現(xiàn)公司的可持續(xù)發(fā)展。C.TopreventtheriskofinvestmentAmountofrealestateinvestmentprojectsislarge,fundsusedforalongtime,businessinvestmentdecisionswillfacecertainrisks.Inordertoensureinvestmentdecisionsiscorrectandeffective,wemustbaseonscientificinvestmentdecision-makingprocess,andcarefullyanalyzethefeasibilityofinvestmentprojects,financialfeasibilityanalysisisamajorofinvestmentprojectfeasibilityanalysis,itincludes:theincome,expensesandprofitsandotherbusinessindicatorsforecastingandanalysis;forcapitalinvestment,allocationoffundstransferandrecyclingoperationprocessofforecastingandanalysis;forassets,liabilities,equityprojectionsandanalysis;forecastingandanalysisofprojectcashflow,netpresentvalue,includescompensationrateandotherindicatorsandthebalancebetweenbenefitsandrisksoftheprojectforecastsandanalysis.Demonstratethetechnicalfeasibilityofinvestmentprojects,usingvariousmethodstocalculatetherelevantindicatorsinordertoreasonablydeterminethemeritsofdifferentprojects.防范投資風(fēng)險(xiǎn)房地產(chǎn)投資項(xiàng)目金額較大，資金使用時(shí)間長，因此商業(yè)投資決策將面臨一定風(fēng)險(xiǎn)。為確保投資決策的正確和有效，我們必須立足于科學(xué)的投資決策過程，并認(rèn)真分析投資項(xiàng)目的可行性，財(cái)務(wù)可行性分析是投資項(xiàng)目可行性分析的重點(diǎn)，它包括：收入，支出以及利潤和其他業(yè)務(wù)指標(biāo)進(jìn)行預(yù)測和分析;用于資金投入，資金轉(zhuǎn)移分配和回收操作過程的預(yù)測分析;用于資產(chǎn)，負(fù)債，股權(quán)預(yù)測和分析;預(yù)測和分析項(xiàng)目現(xiàn)金流量，凈現(xiàn)值，包括補(bǔ)償率等指標(biāo)以及項(xiàng)目預(yù)測和分析的效益與風(fēng)險(xiǎn)之間的平衡。展示投資項(xiàng)目的技術(shù)可行性，采用多種方法計(jì)算相關(guān)指標(biāo)，合理確定不同項(xiàng)目的優(yōu)劣。D.CashflowriskcontrolThebusinessandrealestatemanagementactivitieswillbeshownonthecashflow,cashflowproblemsinbusinesscapitalchainwillhaveafracture,itcannotguaranteeitsbusinessactivities,andwillleadtobusinessbankruptcy.Wemuststrengthenthedailycashflowmonitoringandmanagementfortheenterprisemarketingexpensesfirst,tooperatecosts,wagesandinterestonbusinessloansandotherexpensessuchascashflowandsalesintocashflowcloselyco-ordinatemanagement,prioritiescoexist;atthesametimeweoughttosignificantcashflowandscientificmanagement,controlexpensesstrictly,thereasonablenessoftheexpenditure,amount,approval,andothermultipleauditstopreventcashsecurityissues.Insummary,duetotheimperfectdevelopmentofthemarketsystem,coupledwithinvestmentsinlargerealestatecompanies,longcycle,high-riskcharacteristics,whichcausedmanyrealestatecompanieshashighaccountsreceivable,bankloans,etc.,whichtosomeextent,restrictstherealestatebusinessactivities,affectstheprofitabilityoftheenterprises,andeveninterruptsthechain,causescapitaltotheenterpriseahugefinancialrisk.Thishasalsobeenconfirmedinpracticalactivities,suchasresidentialflatsphenomena.Howtocontroltheenterprise'sfinancialriskisaproblemplacedinfrontofrealestatebusiness.Throughtheabovediscussion,wecanconcludethatonlymakeascientificdecisionoftherealestatecompany'sfinanc