房地产企业财务风险及其应对策略研究
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摘要
由于近年来国家加大对房地产行业的宏观调控力度,使得当前房地产行业的发展面临严峻挑战。在国家从严治理房地产业的经济大环境下,使得房地产企业财务风险在无形中加大。本文选取了我国26家房地产行业上市公司2012-2017年的相关数据,对房地产行业企业规模及其相关性因素进行了回归分析。结果显示,总资产与营业收入呈正相关,与成本费用利润率呈负相关,与经营现金流量比率呈负相关。因此,房地产企业应控制投资冲动和降低资产扩张速度,不可过度追求营业收入;而应该通过控制负债水平、提高成本费用利润率等方式使房地产企业规模实现最优化,以此来控制房地产企业财务风险。
Due to the complex changes in the domestic and foreign economic situation in recent years, as well as the macrocontrol increase of the real estate industry, the current development of the real estate industry is facing severe challenges. This makes the financial risks of real estate enterprises increase imperceptibly under the economic environment of strict governance of the real estate industry. Therefore, this study selected relevant data of 26 listed companies in China's real estate industry from 2012 to 2017, and conducted a regression analysis of enterprise scale and its influencing factors in the real estate industry. The results show that total assets are positively correlated with operating income, negatively correlated with profit margin of costs and expenses, and negatively correlated with operating cash flow ratio. Real estate enterprises should control the impulse of investment and reduce the speed of asset expansion, not excessive pursuit of operating income; The scale of real estate enterprises should be optimized by controlling the level of liabilities and improving the profit rate of costs and expenses, so as to control the financial risks of real estate enterprises.
Due to the complex changes in the domestic and foreign economic situation in recent years, as well as the macrocontrol increase of the real estate industry, the current development of the real estate industry is facing severe challenges. This makes the financial risks of real estate enterprises increase imperceptibly under the economic environment of strict governance of the real estate industry. Therefore, this study selected relevant data of 26 listed companies in China's real estate industry from 2012 to 2017, and conducted a regression analysis of enterprise scale and its influencing factors in the real estate industry. The results show that total assets are positively correlated with operating income, negatively correlated with profit margin of costs and expenses, and negatively correlated with operating cash flow ratio. Real estate enterprises should control the impulse of investment and reduce the speed of asset expansion, not excessive pursuit of operating income; The scale of real estate enterprises should be optimized by controlling the level of liabilities and improving the profit rate of costs and expenses, so as to control the financial risks of real estate enterprises.
引文
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[2]GREG F,RAYMOND F G.Capital structure and asset utilization:the case of resource intensive industries[J].Resources Policy,2000,26(4):2.
[3]郭伟.房地产企业财务风险分析与应对[J].财会通讯,2016(23):94-97.
[4]GOODHART C,HUFFMAN B.House prices,money,credit,and the macroeconomy[J].Oxford Review of Economic Policy,2008,24(1):180-205.
[5]龙胜平,郑立琴.我国房地产企业财务风险预警模型研究[J].求索,2007(6):18-20.
[6]欧国良,吴刚,朱祥波.基于因子分析法的房地产企业财务风险预警研究[J].社会科学家,2018(9):56-63.
[7]赵飞飞.房地产企业财务风险管理探究[J].农村经济与科技,2018,29(18):84-85.
[8]周剑涛.房地产上市公司增长的实证分析--基于可持续增长的角度[J].财会通讯,2010(30):65-67.
[9]崔学刚,王立彦,许红.企业增长与财务危机关系研究--基于电信与计算机行业上市公司的实证证据[J].会计研究,2007(12):55-62+97.
[10]余海林.房地产财务分析及风险预警研究[J].财经界(学术版),2016(11):176+294.
[11]苗雨君,史书苑.房地产行业上市公司财务风险分析--基于Z-score模型[J].江苏商论,2018(10):94-96+103.
[12]何婧莹.限购背景下的房地产财务风险分析--浅谈泉州这座三线城市[J].知识经济,2018(18):61+63.
[13]刘晓宁,郑少锋.房地产上市公司财务战略实证分析--基于可持续增长视角[J].财会月刊,2014(8):65-68.
[14]许乐媛,张健瑞.基于财务风险的企业可持续增长分析--来自房地产上市公司的经验证据[J].财会通讯,2017(26):44-47.
[15]熊婷,程博,王菁.自由现金流、债务契约与企业投资效率--基于中国房地产上市企业的实证分析[J].贵州财经大学学报,2013(6):59-70.
[16]顾建霞.房地产经营公司财务分析与财务风险漫谈[J].中国外资,2012(24):73+75.
[17]张煌强.房地产企业财务风险评价研究[J].广西社会科学,2015(7):81-85.
[18]梁晓琳,田茂再.中国上市公司总资产与营业收人关系的实证分析[J].数学的实践与认识,2016,46(09):22-30.
[19]饶栋平.房地产企业成本控制与财务风险分析[J].财经界(学术版),2015(19):191.
[20]周治平.房地产企业财务风险分析与应对分析[J].经贸实践,2018(22):80.