房地產(chǎn)企業(yè)的財務(wù)風(fēng)險與防范英語翻譯

1、The financial risk and precaution of real estate enterprises房地產(chǎn)企業(yè)的財務(wù)風(fēng)險與防范Wangyumei, Institute of Management, Xian University of Architecture &Technology, Shaanxi, China, Huasheng312王玉梅，陜西西安建筑科技大學(xué)管理學(xué)院，中國，西安，Huasheng312Liudandan, Institute of Management, Xian University of Architecture &Techno

2、logy, Shaanxi, China Ldd312.劉丹丹，陜西西安建筑科技大學(xué)管理學(xué)院，中國，西安，Ldd312.Abstract: Because of the soaring housing prices and the problems of real estate industry, state has already regulated and controlled this development, so that real estate industry will face more financial risks. In order to lead our real es

3、tate enterprises to adapt national macro regulation and restriction, this paper investigates into financial risks in real estate by means of inductive method and factor analysis approach. Discussions are also made about risks brought about in association with financing, investment, the recovery of c

4、apitals and unstable cash flow in property enterprises. From a strategic perspective, it probes systematically into causes for risks above mentioned from both a macroscopic view and a microscopic view. Solutions are proposed to potential risks in routine business in property companies, e.g. financin

5、g in multiplex ways, strengthening the recovery of all receivables, performing scientific and feasible analysis of investment projects, ensuring the integrity of capital chain and so on. Trough analysis of this essay, only analyzing and dividing the financial risks scientifically, can find measures

6、according to specific case to reduce the financial risk.Keywords: real estate ; financial risk ; Measure摘要：由于房價上漲和房地產(chǎn)業(yè)的問題，國家已經(jīng)對該發(fā)展進行了管制和調(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。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，本文運用歸納法和因子分析法對房地產(chǎn)業(yè)的金融風(fēng)險進行了調(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。從戰(zhàn)略角度出發(fā)，從宏觀和微觀兩個層面系統(tǒng)探討上述風(fēng)險的成因，針對房地產(chǎn)公司日常業(yè)務(wù)中的潛在風(fēng)險提出解決方

7、案，例如多渠道融資，加強所有應(yīng)收款的回收，對投資項目進行科學(xué)可行的分析，確保資金鏈的完整性等。通過對本文的分析發(fā)現(xiàn)，只有科學(xué)地分析和劃分財務(wù)風(fēng)險，才能根據(jù)具體案例找出應(yīng)對措施，降低財務(wù)風(fēng)險。I. INTRODUCTIONWith the rapid development of China's economy and upbeat of people's material life, the demand for real estate presents the tendency of expansion, which results in the overall expans

8、ion of the real estate scales and the improvement of assets environment. But in the face of a series of control policy of real estate in China, it is more possible that the financial risks occur in the real estate enterprises. The financial risk management towards the real estate enterprises should

9、be aimed to analyze and summarize the cause of internal financial risks of the real estate industry. and at the same time to the financial risk identification and measurement should be taken ,and the appropriate and operable control strategy should be taken to avoid financial risk, in order to make

10、the enterprises stay away from the losses and finally to reach the aim of effective control of the financial risk in real estate enterprises.I. 緒論隨著中國經(jīng)濟的快速發(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)模迎來了全面擴張，資產(chǎn)環(huán)境也不斷改善。 但面對中國房地產(chǎn)的一系列調(diào)控政策，房地產(chǎn)企業(yè)出現(xiàn)金融風(fēng)險的可能性較大。 針對房地產(chǎn)企業(yè)的金融風(fēng)險管理應(yīng)該旨在分析和總結(jié)房地產(chǎn)業(yè)內(nèi)部金融風(fēng)險的成因。 同時要采取財務(wù)風(fēng)

11、險識別和計量，并采取適當(dāng)可操作的控制策略避免財務(wù)風(fēng)險，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)的財務(wù)風(fēng)險II.CHARACTERIZATION OF CURRENT REAL ESTATE ENTERPRISE FINANCIAL RISKReal estate industry collects many of features and contradictions as well as development of market economy. Financial risk also has a variety of performance. II.當(dāng)前房地產(chǎn)企業(yè)財務(wù)風(fēng)險特征

12、分析和市場經(jīng)濟一樣，房地產(chǎn)業(yè)蘊含著許多特點和矛盾。 財務(wù)風(fēng)險也有各種各樣的表現(xiàn)。A. financing riskThe so-called funding risk is enterprises in order to obtain the benefits of financial leverage and strong debt, if they can not repay capital with interest, they will bring risk to enterprise. Corporate financing activities are starting point

13、 of the entire production and business activities, business based on business objectives to adjust investment demand. Today, the rapid development of global economy, the sources of business financing is to diversity. How to use the shortest time to raise the necessary funds, and the lowest cost of c

14、apital funds is target of enterprise. If the enterprise fund-raising activities in the unexpected, will give the entire business activities with impact. Even the survival will endanger and development.A：財務(wù)風(fēng)險所謂資金風(fēng)險就是企業(yè)為了獲得財務(wù)杠桿和強有力的債務(wù)的利益，如果不能用利息償還資本，就會給企業(yè)帶來風(fēng)險。 企業(yè)融資活動是整個生產(chǎn)經(jīng)營活動的出發(fā)點，企業(yè)根據(jù)經(jīng)營目標(biāo)調(diào)整投資需求。 現(xiàn)階段，全

15、球經(jīng)濟正處于高速發(fā)展階段，商業(yè)融資的來源日趨多元化。 企業(yè)的目標(biāo)往往是用最短的時間、最低的資金成本籌集必要的資金。 如果企業(yè)進行意料之外的集資活動，就會給整個企業(yè)正常的經(jīng)營活動帶來沖擊。 即使生存下來也會危及發(fā)展。B. Investment risk.Real estate development cycle is longer, during which there are many uncertain factors. If financing is the starting point, investment activities are the key point of busines

16、s activities. It will determine the success of the enterprise's market competitiveness; survival and development of enterprises play an important role. Companies should investigation, analysis and evaluation before investment; select the project which expected rate of return are greater than the

17、 cost of capital. In this process ,there are many possible risks, such as market research is wrong, the investment project is too large, poor planning, excessive debt, etc., some companies can control, some companies can not control.B. 投資風(fēng)險房地產(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，投資活動是企業(yè)活動的重點。 它將決定企業(yè)市場競爭力能夠

18、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)在投資前進行調(diào)查，分析和評估; 選擇預(yù)期收益率大于資本成本的項目。 在這個過程中，存在很多潛在的風(fēng)險，比如市場調(diào)查錯誤、投資項目過大、規(guī)劃不善、債務(wù)過多等等。在一些公司這些風(fēng)險可以得到很好的控制，在一些公司則不能。C. Risk of capital recovery.Risk of capital recovery is another form of financial risk of the estate companies. Its main product in the estate development can be sol

19、d to the state, due to policy or self-marketing, poor sales led to making the payment slow, or because lending policies and procedures of banks, leading companies receive the mortgage payment slow, recovery of the enterprise's capital and funding needs can not be synchronized.C. 資本回收風(fēng)險資本回收風(fēng)險是房地產(chǎn)

20、公司的另一種財務(wù)風(fēng)險。 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，或因為貸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. Risk of Cash flow instability.Cash flow management is the business through external financing, inventory and accounts receivable management and other means, to enable enterprises to maintain po

21、sitive cash flow to meet the ordinary course of business and development needs, rather than wasteful hoarding cash. Real estate has its particularity, because all rely on capital operation, set aside cash for a long time, can not achieve the capital investment and maximize profits, the impact of ent

22、erprise development, not a serious cash shortage, likely to cause capital strand breaks, seemingly contradictory, in fact, it not. Real estate companies to develop business processes with long-term, development and construction experience from buy land, land development, housing and construction pha

23、ses to completion of delivery, the flow of funds and longer-term turnover rate is low, the project liquidity is poor, therefore, companies need to strengthen cash flow management. According to the survey, the current real estate companies are mostly private economic sectors, the lack of cash flow ma

24、nagement concepts, in good economic circumstances, the blind expansion of production scale and increase the difficulty of the enterprise risk management. Its difficult to sustain the development of many companies; a very important reason is the low level of fund management. Too large scale, Make the

25、 cash management is out of control.D. 現(xiàn)金流量不穩(wěn)定的風(fēng)險現(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，而不是浪費企業(yè)已有的現(xiàn)金。房地產(chǎn)有其特殊性，因為都依賴資本運作，長期擱置現(xiàn)金，無法實現(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，項目流動性差，開發(fā)具有長期，開發(fā)和施工經(jīng)驗的業(yè)務(wù)流程因此，企業(yè)需要加強現(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)濟部門，

26、缺乏現(xiàn)金流量管理理念，處于良好的經(jīng)濟形勢下，盲目擴大生產(chǎn)規(guī)模，加大企業(yè)風(fēng)險管理難度。很難維持許多公司的發(fā)展;一個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. THE CAUSES OF THE FINANCIAL RISK OF REAL ESTATE COMPANIESIII. 房地產(chǎn)公司財務(wù)風(fēng)險的成因A.Diversified financing channels1)Laws and national policy environment. As the real estate development is closely related to the nation

27、al economy, national ensure the healthy development of national economy, often use tax, financial, economic means to finance a variety of real estate development industry to implement macro-control, the impact is mainly reflected in the following four aspects: first, development of land resources an

28、d land use plans directly affect the supply, thus affecting the real estate development status. Second, the various government taxes and fees will affect real estate prices, which affect real estate sales; third, the Government's policy on real estate transactions will affect the flow of real es

29、tate conditions; fourth, government's financial policy will affect the real estate business financing.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)濟息息相關(guān)，國家為了確保國民經(jīng)濟健康發(fā)展，常以稅收，金融，經(jīng)濟手段為各種房地產(chǎn)開發(fā)行業(yè)融資實施宏觀調(diào)控，影響主要體現(xiàn)在以下四個方面：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，各種政府稅費將影響房地產(chǎn)價格，影響房地產(chǎn)銷售; 第三，政府的房地產(chǎn)交易政策會影響房地產(chǎn)業(yè)的條件; 第四，政府

30、的財政政策將影響房地產(chǎn)企業(yè)融資。2)Inflation. Inflation risk is also known as purchasing power risk, Refers to the completion of the investment of capital and investment back the money purchasing power compared to reduce the risks of enterprise. Because the real estate investment cycle is long, so as long as inflati

31、on factors, enterprise will face the risk of inflation. Inflation risk directly reduces the investment real rate of return.2)通貨膨脹。 通貨膨脹風(fēng)險又稱為購買力風(fēng)險，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。 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。 通貨膨脹風(fēng)險直接降低了投資的實際回報率。3)The change of market supply and demand. Market is changing; real es

32、tate supply and demand is constantly changing. Supply and demand changes caused by the volatility of the real estate prices will, and real estate development the expected return will be different. More seriously, when a real estate market supply exceeds demand and to a certain extent, real estate de

33、velopment enterprise will face real estate goods the backlog of the situation, do not receive money back, unable to repay loan, investors can easily lead to bankruptcy.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)價格的波動將與房地產(chǎn)開發(fā)商的預(yù)期收益會有所不同。 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，收回款項困難重重，無力償還貸款，導(dǎo)致投資者很容易破產(chǎn)。

34、B.Micro-factors analysis1)Lack of financial budget management. Real estate business is typical of capital-intensive industries, invested large, the development cycle is longer, taking up money for a long time, and poor adjustment of the project. Some real estate developers believe that as long as th

35、e project to acquire land use rights, the organization works according to design drawings, and then put appropriate funding, the project can be completed on schedule, it will generate economic benefits. However, if the real estate companies do not to consider from the budget, financial analysis of r

36、eal estate development projects have not from the land costs, capital operation, the economic rate of return for detailed financial budget, then the business can not set the target profit , let alone cost index estimating and decomposition implement, may cause in the capital management, financial ma

37、nagement blindly operation work only stay in simple accounting, neglect cost control, then increase the cost of project investment, the impact of the economic benefits. B. 微觀因素分析1)缺乏財務(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，項目調(diào)整較差。一些房地產(chǎn)開發(fā)商認(rèn)為，只要項目獲得土地使用權(quán)，該組織按照設(shè)計圖紙工作，然后投入適當(dāng)?shù)馁Y金，該項目可以按期完成，這將產(chǎn)生經(jīng)濟效益。但

38、是，如果房地產(chǎn)公司不從預(yù)算考慮，房地產(chǎn)開發(fā)項目的財務(wù)分析還沒有從土地成本，資本運作，經(jīng)濟回報率等詳細(xì)的財務(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)的估算和分解實施，可能會導(dǎo)致在資本經(jīng)營中，財務(wù)管理盲目操作工作只停留在簡單會計，忽視成本控制，進而增加項目投資成本，影響經(jīng)濟效益。2)Cost control is lax. Real estate business cost management complicated by land acquisition and relocation compensation fee, pre-construction costs, infrast

39、ructure costs; construction and installation costs constitute a series of project cost. When the project is complete, the need for cost allocation, collection, redistribution, and then included in the imputation until the final beneficiaries, this series of work required to develop products based on

40、 the specific circumstances of each deal. Some real estate enterprise only pay attention to the progress of the projects and quality, and neglect of the finance department cost control in the financial and cost accounting, simple, rough, make enterprise financial personnel become simple mechanical a

41、ccounts, financial management across the enterprise unable to start, it will affect business efficiency.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償費，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。 當(dāng)項目完成后，需要對成本進行分配，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)只注重項目進度和質(zhì)量，忽視了財務(wù)部門在財務(wù)和成本核算上的成本控制，簡單粗暴，使得企業(yè)財務(wù)人員變成了簡單的機械賬戶

42、，企業(yè)財務(wù)管理遲遲無法開始，這會影響企業(yè)效率。3)Capital structure is appropriate. Capital structure mainly refers to ratio relationship between all sources of funds in the equity capital and debt capital. Real estate development company funded by its own funds, open to booking by paragraph, bank loans, commercial debt of

43、four parts, which own fund are often a small proportion of funds, debt funds are often the source of all funds of enterprises, accounted for more than 60%, some even as high as 90%, many well-known domestic real estate company's debt ratio is very impressive, such as Van ke and Bao li Real Estat

44、e's debt ratio as high as 80%. Own capital of enterprise and total capital ratio of borrowed capital is not appropriate for the formation of a negative impact on earnings of financial risk. Real estate companies with operation of the project must have a certain amount of money, in full and timel

45、y in raising the necessary funds is directly related to business development activities can proceed smoothly and thus affect the survival of the enterprise.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^

46、，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財務(wù)風(fēng)險收益的負(fù)面影響。房地產(chǎn)公司與項目的運作必須有一定的資金，充分及時地籌集必要的資金直接關(guān)系到業(yè)務(wù)發(fā)展活動能否順利進行，從而影響企業(yè)的生存。4)Lack of cash flow management. Real estate companies to develop a long-term business process, from land acquisition to go through the development and construction, land development, hou

47、sing and construction phases to completion of delivery, the flow of funds and longer-term turnover rate is low, the project liquidity is poor, therefore, need to strengthen cash flow management. According to the survey, China's real estate business, especially in large real estate, companies con

48、trol most of the state capital, or is itself transformed from state-owned enterprises, such as state-owned enterprises with low efficiency, lack of management, the internal incentive and restrictive mechanism is not perfect and other defects are reflected. Companies and several of departments within

49、 enterprises and between enterprises and superiors in the capital cash flow management and use of the distribution of benefits in areas, such as unclear responsibilities, poor management, resulting in inefficient use of cash, cash security, and integrity often can not be guaranteed.4）缺乏現(xiàn)金流量管理。房地產(chǎn)公司制

50、定了一個長期的業(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，項目流動性差，因此需要加強現(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)部激勵約束機制不健全，體現(xiàn)其他缺陷。公司和企業(yè)內(nèi)部的幾個部門以及企業(yè)與上級之間在資本現(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. REAL ESTATE COMPANIES TO AVOID MEASURES OF FINANCIAL RISKIV.

51、房地產(chǎn)公司避免財務(wù)風(fēng)險的措施A. Diversified financing channelsReal estate companies should fully tap its potential, with use of retention fund, while the implementation of multi-channel financing strategies to supplement the lack of cash flow. The main source of funds in most real estate companies is: own funds, b

52、ank loans, construction contractors advances, open to booking a paragraph of income, sales revenues and other money. However, with the tighter capital chain, companies have to seek more financing channels, the real estate securities financing (issuing stocks and bonds), trust financing, real estate

53、investment funds, finance, foreign investment or cooperative development projects and other financing will be attention. In particular, can not improve the asset-liability ratio of equity-based financing is relatively common for real estate companies with high debt. Through diversified financing cha

54、nnels, optimize capital structure, either full liabilities of financial leverage and financial risk can be controlled within the enterprise can afford, is conducive to long-term stable development of enterprises. Real estate companies should review their existing financial risk and shortcomings in f

55、inancial management, according to their specific circumstances, reducing the debt financing, controlling debt levels, attention to stocks, convertible senior notes, venture capital and private equity funds and other financing methods to optimize its capital structure. This can reduce the interest bu

56、rden, reduce financial risk and improve business performance; the other hand, it can reduce the interest rates of financial leverage, reducing interest expense on the results of operations. A. 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，同時實施多渠道融資策略，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

57、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，因為對于這些企業(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)債的財務(wù)杠桿和財務(wù)風(fēng)險，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)險投資和私募股權(quán)基金等融資方式

58、，對其現(xiàn)有的財務(wù)風(fēng)險和財務(wù)管理缺陷進行審查，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)，還能夠減少財務(wù)風(fēng)險，提高業(yè)績;另一方面，它可以降低財務(wù)杠桿的利率，降低運營結(jié)果的利息支出。B. Strengthen the management of accounts receivableFinancial activities are an important part of the recovery of funds. Accounts receivable is caused by an important aspect of risk of capita

59、l recovery, accounts receivable will accelerate cash flow. Although it enable enterprises to generate profits, but does not make the cash increase, on the opposite will make the business use of the limited working capital advances unrealized profit and tax expenditures, accelerate cash outflows. As the real estate has investment and consumer goods with the duality, the uncertainty of recovery of real estate investment is more than other investment vehicles