綠地房地產(chǎn)公司財(cái)務(wù)風(fēng)險(xiǎn)研究外文翻譯

畢業(yè)論文外文翻譯課題名稱綠地房地產(chǎn)公司財(cái)務(wù)風(fēng)險(xiǎn)研究院系經(jīng)濟(jì)管理學(xué)院專業(yè)工商管理（金融企業(yè)管理方向）姓名賈爽指導(dǎo)教師羅荷英二一五年十月十三日外文翻譯專業(yè)工商管理（金融企業(yè)管理方向）班級(jí)12級(jí)本科1班作者賈爽指導(dǎo)老師羅荷英ONTHEREALESTATEBUSINESSANDGUARDAGAINSTFINANCIALRISKSPAPERKEYWORDSREALESTATEENTERPRISESFINANCIALRISKPREVENTIONABSTRACTSINCETHE1990S,NATIONALHOUSINGPOLICYCHANGES,THERAPIDDEVELOPMENTOFCHINASREALESTATETOMAKETHEFACEOFINCREASINGLYFIERCEMARKETCOMPETITION,THEREALESTATEINDUSTRYSHOWHIGHRISK,HIGHYIELDCHARACTERISTICS,HOWTOEFFECTIVELYAVOIDANDREDUCEFINANCIALRISK,THEREALESTATEBUSINESSSURVIVALANDDEVELOPMENTAREOFVITALIMPORTANCE,SOREALESTATECOMPANIESSHOULDACTIVELYESTABLISHMECHANISMSFORRISKIDENTIFICATIONANDAVOIDANCEMECHANISMS,THROUGHTOPREVENTION,TORESOLVETHEMATTERINSUCHMODELS,ENHANCETHEIRFINANCIALSTRENGTH,ENHANCETHEIRCOMPETITIVENESSFIRST,THEDEFINITIONOFFINANCIALRISKNARROWFUNDINGREFERSONLYTOTHERISKOFFINANCIALRISK,REFERSTOTHEBUSINESSCAUSEDBYTHEBORROWINGOFFUNDSTOREPAYMATURINGDEBTWITHTHEMONEYFUNDSTHEUNCERTAINTY,THEREISNOFINANCIALRISKOFDEBTDOESNOTEXIST,WHILETHEBROADSENSEOFTHEFINANCIALRISKISTHERISKASABUSINESSONE,SPECIFICTOENTERPRISESINTHEPRODUCTIONANDMANAGEMENTOFCAMPAIGNFUNDSINCLUDINGFUNDRAISING,FINANCING,INVESTMENTANDUSEOFFUNDS,ETC,DUETOINTERNALANDEXTERNALENVIRONMENTANDAVARIETYOFUNPREDICTABLEORUNCONTROLLABLEFACTORS,BUTINTIMETHEACTUALFINANCIALINCOMEANDTHEEXPECTEDRETURNDEVIATIONOCCURS,THUSTHERISKOFLOSSOFALLITISTHEWHOLEPROCESSOFCORPORATEFINANCIALACTIVITIESANDFINANCIALNATUREOFTHEOVERALLFINANCIALPERSPECTIVETODEFINETHECONCEPTOFFINANCIALRISKINTHEMARKETECONOMY,ALLTHEFINANCIALRISKTHROUGHOUTTHEENTERPRISEFINANCIALASPECTSOFAVARIETYOFRISKFACTORSINCORPORATEFINANCIALEMBODIEDFROMTHEPERSPECTIVEOFFINANCIALRISKEARLYWARNING,CORPORATEFINANCIALRISKISNOTLIMITEDTORISKSARISINGFROMFINANCINGACTIVITIES,IMPROPERINVESTMENTACTIVITIES,OPERATINGACTIVITIES,DISTRIBUTIONOFACTIVITYCOULDLEADTOCOMPANIESFACINGTHESAMERISK,THEREFORE,THISPAPERARGUES,REFLECTSTHEBROADFINANCIALRISKSOFFINANCIALNATURE,CANTRULYREFLECTTHEMARKETECONOMY,THERELATIONSHIPBETWEENCORPORATEFINANCIALPICTURE,SUCHADEFINITIONISMORESCIENTIFICANDRATIONALSECOND,THEREALESTATEDIVISIONOFCORPORATEFINANCIALRISKTHEREALESTATEINDUSTRYISCAPITALINTENSIVEINDUSTRIESFROMTHESOURCEOFFUNDSOFFINANCIALRISK,MAINLYFINANCINGRISK,INVESTMENTRISKANDTHERISKOFCAPITALRETURN1FINANCINGRISKSCHINASREALESTATEDEVELOPMENTWHOSEMAINMOTIVATIONISMONEYDRIVENINCURRENTMODE,REALESTATEBUSINESSGENERALLYLOWPROPORTIONOFOWNFUNDS,MAINLYUSEDTOSOLVETHEPROBLEMOFLANDCOSTS,ANDFORLATERDEVELOPMENT,ITISMORETHROUGHAVARIETYOFFINANCINGINSTRUMENTSANDPRESALESMONEYRECOVEREDTOBEADDRESSED,SOTHEREALESTATEBUSINESSBANKFUNDSCAPITALCHAINIMPORTANTPARTOFMANYREALESTATECOMPANIESWITHHIGHDEBTLEVELSDESPITETHEHIGHCOSTOFCAPITALANDTOBRINGDUETHERISKOFDEBTSERVICINGCANNOTBEBLIND,LARGESCALEMOBILIZATIONOFCAPITALHASBROUGHTGREATERFINANCIALRISK,MAINLYFEATURESLARGESIZEOFTHEDEBT,HIGHINTERESTRATESCAUSEDBYHIGHFINANCINGCOSTSDEBTMATURITYSTRUCTUREISIRRATIONAL,RESULTINGINEXCESSIVECONCENTRATIONOFDEBTMATURITY,ORDUETOLACKOFFUNDSORFAILURETOTIMELYCOMPLETETHEMARKETINGPLANWHICHLEDTOFINANCIALCRISISINEXTREMECASES,THEREISARISKOFCAPITALSTRANDBREAKS,THUSCREATINGARISKFINANCING2INVESTMENTRISKINTHELONGDEVELOPMENTCYCLEOFREALESTATE,THEREAREMANYUNCERTAINTIESTHATBUSINESSINVESTMENTPROJECTSFORDEVELOPMENTTHESUCCESSANDECONOMICEFFICIENCYOFENTERPRISESPLAYADECISIVEROLEDUETOUNCERTAINFACTORS,LEADINGREALESTATEPROJECTCANNOTACHIEVETHEEXPECTEDBENEFITS,THUSAFFECTINGTHEPROFITABILITYANDSOLVENCYRISKISINVESTMENTRISKINREALITY,MOSTTOOMUCHEMPHASISONLARGEREALESTATECOMPANIESTORAISEFUNDSONLARGEPROJECTS,THEPURSUITOFHIGHYIELD,REALESTATEDEVELOPMENTANDINVESTMENTDURINGTHECOURSEOFTHENEGLECTOFTHEMARKETANDFEASIBILITYANALYSISANDEVALUATIONOFPROJECTS,WHICHWEREASFOLLOWSINVESTMENTINTECHNOLOGYCANNOTLINEORNOTYETMATURE,MARKETRESEARCHISWRONG,AFTERTHESLOWMOVINGMARKET,BEHINDINVESTMENTPROJECTPLANNINGISTOOLARGEORTOOSMALL,ORTHEINABILITYTOCONTROLEXCESSIVEEXPANSIONOFTHEINDUSTRYMANAGEMENT,DEBTRATIOISTOOHIGHRESULTINGINHEAVYDEBTBURDEN,TECHNOLOGYANDMARKETCONDITIONSOCCURCHANGESINBUSINESSINVESTMENTPROJECTSLEADINGTOTHEACTUALINCOMEANDTHEEXPECTEDINCOMEDIFFERENCEISTOOLARGE,ETC,THETIMESPANANDTHEBREADTHOFSPACENECESSARYFORTHEFUTUREDEVELOPMENTOFTHEFINANCIALACTIVITIESANDINCREASEDUNCERTAINTY3RECOVERYOFFUNDSRISKISTHERISKOFCAPITALRECOVERYROOMREALESTATECOMPANIESTODEVELOPANOTHERFORMOFFINANCIALRISKMAINLYINREALESTATEDEVELOPMENTPRODUCTSCANBESOLDTOTHESTATE,DUETOPOLICYREASONSORSELFMARKETINGTOOLMISTAKES,POORSALESLEDTOMAKINGTHEREIMBURSEMENTISSLOW,THEBALANCEDUETOTHEENTERPRISEITSELFHIGHLEVELOFRECOVERYOFFUNDSIFTHEFUNDINGNEEDSCANNOTBESYNCHRONIZED,ITWILLCAUSEASHARPDECLINEINTHESOLVENCYOFENTERPRISES,ANDRENEWEDPRESSUREONCASHEXPENDITURES,ANDTHENINFINANCIALDIFFICULTIES,THECOMPANYSIMAGEANDREPUTATIONHASBEENSEVERELYDAMAGED,ANDEVENLEADTOBANKRUPTCYTHIRD,THEREALESTATEBUSINESSFINANCIALRISK1AREASONABLEFINANCIALBUDGETTOIMPLEMENTDUETOFINANCIALBUDGETINTHEIMPLEMENTATIONPROCESS,THEREAREMANYUNCERTAINTIES,LEADINGREALESTATECOMPANIESINTHEDEVELOPMENTPROCESSOFOPERATINGCYCLEMAYBEALOTOFPROBLEMS,WHICHDIRECTLYRELATEDTOTHEBUSINESSSUCCESSOFINVES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樣的定義更科學(xué)合理。二、房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)劃分房地產(chǎn)行業(yè)是資金密集型產(chǎn)業(yè)，資金來源主要來自金融風(fēng)險(xiǎn)，主要是融資風(fēng)險(xiǎn)、投資風(fēng)險(xiǎn)和資金回流風(fēng)險(xiǎn)。1、融資風(fēng)險(xiǎn)。中國的房地產(chǎn)發(fā)展的主要?jiǎng)訖C(jī)是金錢在電流模式的推動(dòng)下，房地產(chǎn)企業(yè)的自有資金比例普遍較低，主要用于解決土地成本的問題，對(duì)今后的發(fā)展，它更多的是通過各種融資工具和預(yù)售款項(xiàng)予以解決，所以房地產(chǎn)商業(yè)銀行資金資金鏈的重要組成部分，具有很高的債務(wù)水平，許多房地產(chǎn)企業(yè)盡管資金成本高和帶由于債務(wù)償還風(fēng)險(xiǎn)不能盲目，資本大規(guī)模動(dòng)員帶來了更大的金融風(fēng)險(xiǎn)，主要表現(xiàn)在對(duì)債務(wù)規(guī)模大，融資成本高造成的高利率。債務(wù)期限結(jié)構(gòu)不合理，導(dǎo)致債務(wù)到期過度集中，或因資金不足或未能及時(shí)完成營銷計(jì)劃，導(dǎo)致金融危機(jī)在極端情況下，存在資金鏈斷裂的風(fēng)險(xiǎn)，由此創(chuàng)造一個(gè)風(fēng)險(xiǎn)融資。2、投資風(fēng)險(xiǎn)的房地產(chǎn)開發(fā)周期長，有很多不確定因素，企業(yè)投資項(xiàng)目的成功和經(jīng)濟(jì)效益的企業(yè)發(fā)揮決定性作用，由于不確定因素，導(dǎo)致房地產(chǎn)項(xiàng)目不能達(dá)到預(yù)期的收益，從而影響盈利能力和償債能力的風(fēng)險(xiǎn)是投資風(fēng)險(xiǎn)。事實(shí)上，大型房地產(chǎn)企業(yè)大多數(shù)強(qiáng)調(diào)太多大型項(xiàng)目籌集資金，追求高收益，對(duì)市場的可行性分析和項(xiàng)目評(píng)價(jià)忽視的過程中，房地產(chǎn)開發(fā)投資，即技術(shù)投資不能行或尚未成熟，市場研究是錯(cuò)誤的，緩慢移動(dòng)的市場后，在項(xiàng)目規(guī)劃；投資太大或太小，或無法控制的行業(yè)管理的過度擴(kuò)張，負(fù)債率太高，造成沉重的債務(wù)負(fù)擔(dān)，技術(shù)和市場條件發(fā)生在商業(yè)投資項(xiàng)目的實(shí)際收益與預(yù)期收益的差異太大的變化，等，時(shí)間跨度和空間廣度的金融活動(dòng)和未來發(fā)展的不確定性增加必要的。3、回收資金風(fēng)險(xiǎn)是資金回收房地產(chǎn)企業(yè)發(fā)展的風(fēng)險(xiǎn)的另一種形式的財(cái)務(wù)風(fēng)險(xiǎn)。主要是在房地產(chǎn)開發(fā)產(chǎn)品可以出售給國家，由于政策原因或自我營銷的工具錯(cuò)誤，銷售導(dǎo)致償還緩慢，由于企業(yè)本身的資金需求不同步恢復(fù)的資金，這將導(dǎo)致企業(yè)的償債能力急劇下降，并