绿地房地产公司财务风险研究外文翻译

1、毕业论文外文翻译课题名称： 绿地房地产公司财务风险研究 院 系： 经济管理学院 专 业： 工商管理（金融企业管理方向） 姓 名： 指导教师： 二一五年十月十三日外文翻译专业：工商管理（金融企业管理方向） 班级：12级本科1班 作者 指导老师：on the real estate business and guard against financial riskspaper keywords: real estate enterprises financial risk preventionabstract: since the 1990s, national housing policy ch

2、anges, the rapid development of chinas real estate to make the face of increasingly fierce market competition, the real estate industry show high-risk, high-yield characteristics, how to effectively avoid and reduce financial risk, the real estate business survival and development are of vital impor

3、tance, so real estate companies should actively establish mechanisms for risk identification and avoidance mechanisms, through to prevention, to resolve the matter in such models, enhance their financial strength, enhance their competitiveness.first, the definition of financial risknarrow funding re

4、fers only to the risk of financial risk, refers to the business caused by the borrowing of funds to repay maturing debt with the money funds the uncertainty, there is no financial risk of debt does not exist, while the broad sense of the financial risk is the risk as a business one, specific to ente

5、rprises in the production and management of campaign funds (including fund-raising, financing, investment and use of funds, etc.), due to internal and external environment and a variety of unpredictable or uncontrollable factors, but in time the actual financial income and the expected return deviat

6、ion occurs, thus the risk of loss of all it is the whole process of corporate financial activities and financial nature of the overall financial perspective to define the concept of financial risk in the market economy, all the financial risk throughout the enterprise financial aspects of a variety

7、of risk factors in corporate financial embodied from the perspective of financial risk early warning, corporate financial risk is not limited to risks arising from financing activities, improper investment activities, operating activities, distribution of activity could lead to companies facing the

8、same risk, therefore, this paper argues, reflects the broad financial risks of financial nature, can truly reflect the market economy, the relationship between corporate financial picture, such a definition is more scientific and rational.second, the real estate division of corporate financial riskt

9、he real estate industry is capital-intensive industries from the source of funds of financial risk, mainly financing risk, investment risk and the risk of capital return.(1 financing risks. chinas real estate development whose main motivation is money-driven in current mode, real estate business gen

10、erally low proportion of own funds, mainly used to solve the problem of land costs, and for later development, it is more through a variety of financing instruments and pre-sales money recovered to be addressed, so the real estate business bank funds capital chain important part of many real estate

11、companies with high debt levels despite the high cost of capital and to bring due the risk of debt servicing can not be blind, large-scale mobilization of capital has brought greater financial risk, mainly features: large size of the debt, high interest rates caused by high financing costs. debt mat

12、urity structure is irrational, resulting in excessive concentration of debt maturity, or due to lack of funds or failure to timely complete the marketing plan which led to financial crisis in extreme cases, there is a risk of capital-strand breaks, thus creating a risk financing.(2 investment risk i

13、n the long development cycle of real estate, there are many uncertainties that business investment projects for development the success and economic efficiency of enterprises play a decisive role due to uncertain factors, leading real estate project can not achieve the expected benefits, thus affect

14、ing the profitability and solvency risk is investment risk. in reality, most too much emphasis on large real estate companies to raise funds on large projects, the pursuit of high-yield, real estate development and investment during the course of the neglect of the market and feasibility analysis an

15、d evaluation of projects, which were as follows: investment in technology can not line or not yet mature, market research is wrong, after the slow-moving market, behind; investment project planning is too large or too small, or the inability to control excessive expansion of the industry management,

16、 debt ratio is too high resulting in heavy debt burden, technology and market conditions occur changes in business investment projects leading to the actual income and the expected income difference is too large, etc., the time span and the breadth of space necessary for the future development of th

17、e financial activities and increased uncertainty.(3 recovery of funds risk is the risk of capital recovery room real estate companies to develop another form of financial risk. mainly in real estate development products can be sold to the state, due to policy reasons or self-marketing tool mistakes,

18、 poor sales led to making the reimbursement is slow, the balance due to the enterprise itself high level of recovery of funds if the funding needs can not be synchronized, it will cause a sharp decline in the solvency of enterprises, and renewed pressure on cash expenditures, and then in financial d

19、ifficulties, the companys image and reputation has been severely damaged, and even lead to bankruptcy.third, the real estate business financial risk(1 a reasonable financial budget to implement due to financial budget in the implementation process, there are many uncertainties, leading real estate c

20、ompanies in the development process of operating cycle may be a lot of problems, which directly related to the business success of investment projects, also economic benefits to the enterprise caused considerable negative impact. the real estate corporate finance department should the project budget

21、 and capital budget as a prerequisite for the specific arrangements for reasonable business capital investment projects, the proportion of income, profits and capital to get adjusted. in their daily work management, assessment can be taken monthly, quarterly review, annual summary combined in variou

22、s ways, give full play to the companys financial functions.(2 implementation of liquidity management corporate real estate development projects often require a long time to end, due to long development cycle that often characterized by the use of funds would create difficulties for enterprises, if a

23、 link in the chain of funds abnormal, it will cause a capital chain rupture, and even lead to bankruptcy, which requires companies to strengthen the management of liquidity in the financial revenue and expenditure estimates to be strict with the review of the funding schedule and reasonable arrangem

24、ents to ensure that construction projects, construction operations and marketing funds to meet specific needs but also accelerating the flow of funds expenses, optimize inventory structure to minimize the amount of capital stock, so that enterprises in the economys ability to pay has been strengthen

25、ed, to promote increased corporate reputation, to the next laying a good foundation financing.(3 to achieve the optimal capital structure. real estate companies should continue to improve their capital structure, debt management for proper control, to fully estimate the firms solvency in the case th

26、rough legal means to raise funds to meet the business development in the traditional way of raising funds can be in accordance with the principles of financing multi-style scientific and more reasonable distribution of the external reserves, interest in the coordination of capital ratios to ensure t

27、he effectiveness ratio, the debt ratio to a minimum, so that enterprises in the financial preparations to avoid facing greater pressure to greatly reduce the financial risk which requires the relevant departments on the sale of the housing fund, reimbursement and other traditional bank financing cha

28、nnels to strengthen the management, but also to ensure the recovery of funds in place on time, to avoid waste of money, companies can take advantage of stocks, bonds, co-operation, etc. upgrade their capital reserves so that the scale of business operations has been expanded so that more investors a

29、nd enterprises cooperation and exchanges, expanding business cooperation of the project investors and for reducing the financial risk control can play good results.(4 improve the overall quality of the real estate business management as decision-makers to enhance financial management responsibility

30、and mission to continuously improve their decision-making capacity, continue to learn and master new management techniques and methods to improve the quality of their own political self-cultivation. through experience and their ability to carry out scientific judgments and policy decisions, to minim

31、ize financial risk while still under the modern enterprise system for high-efficiency objective requirements of scientific management, to change the past emphasis on real estate sales, financial management ignored the old management. enhanced accounting supervision of staff awareness and urge accoun

32、tants accounting in accordance with law and accounting oversight. iv conclusionin summary, due to its large amount of investment real estate companies, project development cycle is long, slow recovery of the special funds, the investment income are vulnerable to socio-economic environment and govern

33、ment policies, so that a high-risk real estate investment economic activity, while the real estate industry is also high-risk industry, real estate investment companies must be accompanied by investment risk. real estate investment enterprises in the former, should be rigorous market research, caref

34、ul risk analysis project, the projects expected return for a reasonable prediction, determine the reasonableness and feasibility of the project investment program. in short, in the increasingly fierce market competition , the real estate business in order to gain a sustainable competitive edge, comp

35、anies must be integrated to improve the level of financial risk management, as much as possible to avoid risks, to get the maximum benefit.论房地产企业防范金融风险关键词：房地产 企业财务 风险防范摘要：自20世纪90年代以来，我国房地产行业的快速发展使得面对日益激烈的市场竞争，房地产行业表现出高风险、高收益的特点，如何有效规避和降低财务风险，对房地产企业的生存和发展至关重要，因此房地产企业应积极建立风险识别和规避机制，以解决此类问题，增强自身的财务实力，增

36、强自身竞争力。一、金融风险的定义狭窄的资金仅指财务风险，是指资金借贷造成偿还到期债务与货币资金业务的不确定性，没有金融债务风险不存在，而金融风险是广义的风险作为业务之一，在竞选资金生产经营企业的具体（包括筹资，融资，投资和资金的使用，等等），由于内部和外部环境及各种难以预料或无法控制的因素，但在时间的实际财务收益与预期收益发生偏离，从而损失的风险都是整个过程中企业财务活动和财务性质的整体财务视角的概念界定财务风险在市场经济中，所有的财务风险贯穿于企业财务方面的各种风险因素在企业财务表现视角的金融风险预警，公司利率金融风险不仅限于筹资活动、投资活动不当、经营活动、分配活动可能导致公司面临同样的风

37、险，因此，本文认为，反映了金融本质的广阔风险，才能真正反映市场经济，企业财务状况之间的关系，这样的定义更科学合理。二、房地产企业财务风险划分房地产行业是资金密集型产业，资金来源主要来自金融风险，主要是融资风险、投资风险和资金回流风险。1、融资风险。中国的房地产发展的主要动机是金钱在电流模式的推动下，房地产企业的自有资金比例普遍较低，主要用于解决土地成本的问题，对今后的发展，它更多的是通过各种融资工具和预售款项予以解决，所以房地产商业银行资金资金链的重要组成部分，具有很高的债务水平，许多房地产企业尽管资金成本高和带由于债务偿还风险不能盲目，资本大规模动员带来了更大的金融风险，主要表现在：对债务规

38、模大，融资成本高造成的高利率。债务期限结构不合理，导致债务到期过度集中，或因资金不足或未能及时完成营销计划，导致金融危机在极端情况下，存在资金链断裂的风险，由此创造一个风险融资。2、投资风险的房地产开发周期长，有很多不确定因素，企业投资项目的成功和经济效益的企业发挥决定性作用，由于不确定因素，导致房地产项目不能达到预期的收益，从而影响盈利能力和偿债能力的风险是投资风险。事实上，大型房地产企业大多数强调太多大型项目筹集资金，追求高收益，对市场的可行性分析和项目评价忽视的过程中，房地产开发投资，即：技术投资不能行或尚未成熟，市场研究是错误的，缓慢移动的市场后，在项目规划；投资太大或太小，或无法控制的行业管理的过度扩张，负债率太高，造成沉重的债务负担，技术和市场条件发生在商业投资项目的实际收益与预期