房地产企业的财务风险与防范英语翻译

1、The financial risk and precaution of real estate enterprises房地产企业的财务风险与防范Wangyumei, Institute of Management, Xian University of Architecture &Technology, Shaanxi, China, Huasheng312王玉梅，陕西西安建筑科技大学管理学院，中国，西安，Huasheng312Liudandan, Institute of Management, Xian University of Architecture &Techno

2、logy, Shaanxi, China Ldd312.刘丹丹，陕西西安建筑科技大学管理学院，中国，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：由于房价上涨和房地产业的问题，国家已经对该发展进行了管制和调控，在这样的背景下，房地产行业将面临更多的金融风险。为了引导我国房地产企业适应国家宏观调控和限制，本文运用归纳法和因子分析法对房地产业的金融风险进行了调查。还讨论了与融资，投资，资金回收和房地产企业现金流不稳定有关的风险。从战略角度出发，从宏观和微观两个层面系统探讨上述风险的成因，针对房地产公司日常业务中的潜在风险提出解决方

7、案，例如多渠道融资，加强所有应收款的回收，对投资项目进行科学可行的分析，确保资金链的完整性等。通过对本文的分析发现，只有科学地分析和划分财务风险，才能根据具体案例找出应对措施，降低财务风险。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. 绪论随着中国经济的快速发展和人们物质生活的提高，房地产的需求呈现出扩张的趋势，在这样的背景下，房地产企业的规模迎来了全面扩张，资产环境也不断改善。 但面对中国房地产的一系列调控政策，房地产企业出现金融风险的可能性较大。 针对房地产企业的金融风险管理应该旨在分析和总结房地产业内部金融风险的成因。 同时要采取财务风

11、险识别和计量，并采取适当可操作的控制策略避免财务风险，以使企业远离亏损，最终达到有效的目标 控制房地产企业的财务风险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.当前房地产企业财务风险特征

12、分析和市场经济一样，房地产业蕴含着许多特点和矛盾。 财务风险也有各种各样的表现。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：财务风险所谓资金风险就是企业为了获得财务杠杆和强有力的债务的利益，如果不能用利息偿还资本，就会给企业带来风险。 企业融资活动是整个生产经营活动的出发点，企业根据经营目标调整投资需求。 现阶段，全

15、球经济正处于高速发展阶段，商业融资的来源日趋多元化。 企业的目标往往是用最短的时间、最低的资金成本筹集必要的资金。 如果企业进行意料之外的集资活动，就会给整个企业正常的经营活动带来冲击。 即使生存下来也会危及发展。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. 投资风险房地产开发周期较长，其间存在很多不确定因素。 如果以融资为出发点，投资活动是企业活动的重点。 它将决定企业市场竞争力能够

18、达到何种高度; 企业的生存和发展起着重要的作用。 公司应在投资前进行调查，分析和评估; 选择预期收益率大于资本成本的项目。 在这个过程中，存在很多潜在的风险，比如市场调查错误、投资项目过大、规划不善、债务过多等等。在一些公司这些风险可以得到很好的控制，在一些公司则不能。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. 资本回收风险资本回收风险是房地产

20、公司的另一种财务风险。 其在房地产开发中的主要产品可以出售给国家，由于政策或自我推销、销售不佳等原因，导致支付缓慢，或因为贷款政策和程序的银行，领先的公司收到的贷款支付缓慢，恢复企业的资金和资金需求不能同步。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. 现金流量不稳定的风险现金流量管理是指企业通过外部融资，库存和应收账款管理等手段，使企业保持积极的现金流，以满足日常业务和发展需要，而不是浪费企业已有的现金。房地产有其特殊性，因为都依赖资本运作，长期搁置现金，无法实现资本投入和利润最大化，影响企业发展，没有严重的现金短缺，容易造成资金链断裂，看似矛盾，事实上，并非如此。房地产公司从购买土地，土地开发，住房和施工阶段到完成交付，资金流和长期周转率低，项目流动性差，开发具有长期，开发和施工经验的业务流程因此，企业需要加强现金流管理。据调查，目前房地产企业大多为民营经济部门，

26、缺乏现金流量管理理念，处于良好的经济形势下，盲目扩大生产规模，加大企业风险管理难度。很难维持许多公司的发展;一个非常重要的原因是资金管理水平低。规模过大，导致现金管理失控。III. THE CAUSES OF THE FINANCIAL RISK OF REAL ESTATE COMPANIESIII. 房地产公司财务风险的成因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. 多元化的融资渠道1) 法律和国家政策环境。 由于房地产开发与国民经济息息相关，国家为了确保国民经济健康发展，常以税收，金融，经济手段为各种房地产开发行业融资实施宏观调控，影响主要体现在以下四个方面：一是土地资源开发和土地使用规划直接影响供应，从而影响房地产开发状况。 其次，各种政府税费将影响房地产价格，影响房地产销售; 第三，政府的房地产交易政策会影响房地产业的条件; 第四，政府

30、的财政政策将影响房地产企业融资。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)通货膨胀。 通货膨胀风险又称为购买力风险，指投资完成后的资金与投资回购货币的购买力相比，降低了企业的风险。 由于房地产投资周期较长，因此只要通胀因素，企业将面临通胀风险。 通货膨胀风险直接降低了投资的实际回报率。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）市场供求变化。 市场在变化；产供需不断变化。 供求变化引起房地产价格的波动将与房地产开发商的预期收益会有所不同。 更严重的是，当房地产市场供大于求的情况严重到一定程度，房地产开发企业将面临房地产积压的局面，收回款项困难重重，无力偿还贷款，导致投资者很容易破产。

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. 微观因素分析1)缺乏财务预算管理。房地产业是典型的资本密集型产业，投资规模较大，开发周期较长，长期占用资金较多，项目调整较差。一些房地产开发商认为，只要项目获得土地使用权，该组织按照设计图纸工作，然后投入适当的资金，该项目可以按期完成，这将产生经济效益。但

38、是，如果房地产公司不从预算考虑，房地产开发项目的财务分析还没有从土地成本，资本运作，经济回报率等详细的财务预算，那么企业就无法设定目标利润，更let论成本指标的估算和分解实施，可能会导致在资本经营中，财务管理盲目操作工作只停留在简单会计，忽视成本控制，进而增加项目投资成本，影响经济效益。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）成本控制不严格。 房地产业务成本管理复杂,例如牵扯到征地拆迁补偿费，建设前成本，基础设施成本; 建筑安装成本构成一系列工程造价。 当项目完成后，需要对成本进行分配，收集，再分配，然后将其纳入到最终受益人的归责中，这一系列工作需要根据每笔交易的具体情况开发产品。 有的房地产企业只注重项目进度和质量，忽视了财务部门在财务和成本核算上的成本控制，简单粗暴，使得企业财务人员变成了简单的机械账户

42、，企业财务管理迟迟无法开始，这会影响企业效率。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）资本结构合适。资本结构主要指股权资本和债务资本中所有资金来源之间的比例关系。房地产开发公司由自有资金出资，按段开立预约，银行贷款，商业性债务四部分，其中自有资金往往是资金的一小部分，债务资金往往是企业全部资金的来源，占超过60，有的甚至高达90，国内众多知名房地产公司的负债率非常可观

46、，比如范克和宝丽房地产的负债率高达80。企业自有资金和借入资本总资本比率不适合形成对财务风险收益的负面影响。房地产公司与项目的运作必须有一定的资金，充分及时地筹集必要的资金直接关系到业务发展活动能否顺利进行，从而影响企业的生存。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）缺乏现金流量管理。房地产公司制

50、定了一个长期的业务流程，从征地到开发建设，土地开发，房屋建设阶段到交付完成，资金流向和长期周转率低，项目流动性差，因此需要加强现金流量管理。据调查显示，中国房地产企业尤其是大型房地产企业，控制了大部分国有资本，或者是由国有企业转型而来，如国有企业效率低下，管理不善，内部激励约束机制不健全，体现其他缺陷。公司和企业内部的几个部门以及企业与上级之间在资本现金流量管理和利用分配方面的利益分配方面，如职责不清，管理不善，导致现金使用效率低下，现金安全和诚信往往可以不能保证。IV. REAL ESTATE COMPANIES TO AVOID MEASURES OF FINANCIAL RISKIV.

51、房地产公司避免财务风险的措施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. 多元化的融资渠道房地产企业应充分挖掘其潜力，利用留存基金，同时实施多渠道融资策略，以缓解现金流量不足带来的负面影响。大多数房地产公司的主要资金来源集中在：自有资金，银行贷款，建筑承包商垫款，预定一段收入，销售收入和

57、其他资金。但是，随着资金链条紧缩，企业为了筹集足够的资金支持自身的经营发展，不得不寻求更多的融资渠道，在这样的背景下，房地产证券融资（发行股票和债券），信托融资，房地产投资基金，金融，外资或合作开发项目等融资等新的融资途径开始受到人们的关注。尤其是高负债的房地产企业来说，绝大多数都面临不能提高股权融资这一困难。因此，拓展融资渠道就变得迫不及待，因为对于这些企业来说，通过多元化的融资渠道，优化资本结构，可以控制它们负担得起的全部负债的财务杠杆和财务风险，有利于企业的长期稳定发展。房地产公司应根据自身的具体情况，减少债务融资，控制债务水平，关注股票，可转换优先票据，风险投资和私募股权基金等融资方式

58、，对其现有的财务风险和财务管理缺陷进行审查，在这样的基础上，优化其资本结构，摆脱传统资本结构的束缚。如此一来，既可以减轻利息负担，还能够减少财务风险，提高业绩;另一方面，它可以降低财务杠杆的利率，降低运营结果的利息支出。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