房地产企业的财务风险与防范英语翻译 会计学专业

Thefinancialriskandprecautionofrealestateenterprises房地产企业的财务风险与防范Abstract:Becauseofthesoaringhousingpricesandtheproblemsofrealestateindustry,statehasalreadyregulatedandcontrolledthisdevelopment,sothatrealestateindustrywillfacemorefinancialrisks.Inordertoleadourrealestateenterprisestoadaptnationalmacroregulationandrestriction,thispaperinvestigatesintofinancialrisksinrealestatebymeansofinductivemethodandfactoranalysisapproach.Discussionsarealsomadeaboutrisksbroughtaboutinassociationwithfinancing,investment,therecoveryofcapitalsandunstablecashflowinpropertyenterprises.Fromastrategicperspective,itprobessystematicallyintocausesforrisksabovementionedfrombothamacroscopicviewandamicroscopicview.Solutionsareproposedtopotentialrisksinroutinebusinessinpropertycompanies,e.g.financinginmultiplexways,strengtheningtherecoveryofallreceivables,performingscientificandfeasibleanalysisofinvestmentprojects,ensuringtheintegrityofcapitalchainandsoon.Troughanalysisofthisessay,onlyanalyzinganddividingthefinancialrisksscientifically,canfindmeasuresaccordingtospecificcasetoreducethefinancialrisk.Keywords:realestate;financialrisk;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。

INTRODUCTIONWiththerapiddevelopmentofChina'seconomyandupbeatofpeople'smateriallife,thedemandforrealestatepresentsthetendencyofexpansion,whichresultsintheoverallexpansionoftherealestatescalesandtheimprovementofassetsenvironment.ButinthefaceofaseriesofcontrolpolicyofrealestateinChina,itismorepossiblethatthefinancialrisksoccurintherealestateenterprises.Thefinancialriskmanagementtowardstherealestateenterprisesshouldbeaimedtoanalyzeandsummarizethecauseofinternalfinancialrisksoftherealestateindustry.andatthesametimetothefinancialriskidentificationandmeasurementshouldbetaken,andtheappropriateandoperablecontrolstrategyshouldbetakentoavoidfinancialrisk,inordertomaketheenterprisesstayawayfromthelossesandfinallytoreachtheaimofeffectivecontrolofthefinancialriskinrealestateenterprises.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. CHARACTERIZATIONOFCURRENTREALESTATEENTERPRISEFINANCIALRISKRealestateindustrycollectsmanyoffeaturesandcontradictionsaswellasdevelopmentofmarketeconomy.Financialriskalsohasavarietyofperformance.II.当前房地产企业财务风险特征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.financingriskTheso-calledfundingriskisenterprisesinordertoobtainthebenefitsoffinancialleverageandstrongdebt,iftheycannotrepaycapitalwithinterest,theywillbringrisktoenterprise.Corporatefinancingactivitiesarestartingpointoftheentireproductionandbusinessactivities,businessbasedonbusinessobjectivestoadjustinvestmentdemand.Today,therapiddevelopmentofglobaleconomy,thesourcesofbusinessfinancingistodiversity.Howtousetheshortesttimetoraisethenecessaryfunds,andthelowestcostofcapitalfundsistargetofenterprise.Iftheenterprisefund-raisingactivitiesintheunexpected,willgivetheentirebusinessactivitieswithimpact.Eventhesurvivalwillendangeranddevelopment.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.Investmentrisk.Realestatedevelopmentcycleislonger,duringwhichtherearemanyuncertainfactors.Iffinancingisthestartingpoint,investmentactivitiesarethekeypointofbusinessactivities.Itwilldeterminethesuccessoftheenterprise'smarketcompetitiveness;survivalanddevelopmentofenterprisesplayanimportantrole.Companiesshouldinvestigation,analysisandevaluationbeforeinvestment;selecttheprojectwhichexpectedrateofreturnaregreaterthanthecostofcapital.Inthisprocess,therearemanypossiblerisks,suchasmarketresearchiswrong,theinvestmentprojectistoolarge,poorplanning,excessivedebt,etc.,somecompaniescancontrol,somecompaniescannotcontrol.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.Riskofcapitalrecovery.Riskofcapitalrecoveryisanotherformoffinancialriskoftheestatecompanies.Itsmainproductintheestatedevelopmentcanbesoldtothestate,duetopolicyorself-marketing,poorsalesledtomakingthepaymentslow,orbecauselendingpoliciesandproceduresofbanks,leadingcompaniesreceivethemortgagepaymentslow,recoveryoftheenterprise'scapitalandfundingneedscannotbesynchronized.C.资本回收风险资本回收风险是房地产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.RiskofCashflowinstability.Cashflowmanagementisthebusinessthroughexternalfinancing,inventoryandaccountsreceivablemanagementandothermeans,toenableenterprisestomaintainpositivecashflowtomeettheordinarycourseofbusinessanddevelopmentneeds,ratherthanwastefulhoardingcash.Realestatehasitsparticularity,becauseallrelyoncapitaloperation,setasidecashforalongtime,cannotachievethecapitalinvestmentandmaximizeprofits,theimpactofenterprisedevelopment,notaseriouscashshortage,likelytocausecapitalstrandbreaks,seeminglycontradictory,infact,it’not.Realestatecompaniestodevelopbusinessprocesseswithlong-term,developmentandconstructionexperiencefrombuyland,landdevelopment,housingandconstructionphasestocompletionofdelivery,theflowoffundsandlonger-termturnoverrateislow,theprojectliquidityispoor,therefore,companiesneedtostrengthencashflowmanagement.Accordingtothesurvey,thecurrentrealestatecompaniesaremostlyprivateeconomicsectors,thelackofcashflowmanagementconcepts,ingoodeconomiccircumstances,theblindexpansionofproductionscaleandincreasethedifficultyoftheenterpriseriskmanagement.It’sdifficulttosustainthedevelopmentofmanycompanies;averyimportantreasonisthelowleveloffundmanagement.Toolargescale,Makethecashmanagementisoutofcontrol.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，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.THECAUSESOFTHEFINANCIALRISKOFREALESTATECOMPANIESIII.房地产公司财务风险的成因A. Diversifiedfinancingchannels1) Lawsandnationalpolicyenvironment.Astherealestatedevelopmentiscloselyrelatedtothenationaleconomy,nationalensurethehealthydevelopmentofnationaleconomy,oftenusetax,financial,economicmeanstofinanceavarietyofrealestatedevelopmentindustrytoimplementmacro-control,theimpactismainlyreflectedinthefollowingfouraspects:first,developmentoflandresourcesandlanduseplansdirectlyaffectthesupply,thusaffectingtherealestatedevelopmentstatus.Second,thevariousgovernmenttaxesandfeeswillaffectrealestateprices,whichaffectrealestatesales;third,theGovernment'spolicyonrealestatetransactionswillaffecttheflowofrealestateconditions;fourth,government'sfinancialpolicywillaffecttherealestatebusinessfinancing.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，政府的财政政策将影响房地产企业融资。2) Inflation.Inflationriskisalsoknownaspurchasingpowerrisk,Referstothecompletionoftheinvestmentofcapitalandinvestmentbackthemoneypurchasingpowercomparedtoreducetherisksofenterprise.Becausetherealestateinvestmentcycleislong,soaslongasinflationfactors,enterprisewillfacetheriskofinflation.Inflationriskdirectlyreducestheinvestmentrealrateofreturn.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) Thechangeofmarketsupplyanddemand.Marketischanging;realestatesupplyanddemandisconstantlychanging.Supplyanddemandchangescausedbythevolatilityoftherealestatepriceswill,andrealestatedevelopmenttheexpectedreturnwillbedifferent.Moreseriously,whenarealestatemarketsupplyexceedsdemandandtoacertainextent,realestatedevelopmententerprisewillfacerealestategoodsthebacklogofthesituation,donotreceivemoneyback,unabletorepayloan,investorscaneasilyleadtobankruptcy.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。B. Micro-factorsanalysis1) Lackoffinancialbudgetmanagement.Realestatebusinessistypicalofcapital-intensiveindustries,investedlarge,thedevelopmentcycleislonger,takingupmoneyforalongtime,andpooradjustmentoftheproject.Somerealestatedevelopersbelievethataslongastheprojecttoacquirelanduserights,theorganizationworksaccordingtodesigndrawings,andthenputappropriatefunding,theprojectcanbecompletedonschedule,itwillgenerateeconomicbenefits.However,iftherealestatecompaniesdonottoconsiderfromthebudget,financialanalysisofrealestatedevelopmentprojectshavenotfromthelandcosts,capitaloperation,theeconomicrateofreturnfordetailedfinancialbudget,thenthebusinesscannotsetthetargetprofit,letalonecostindexestimatinganddecompositionimplement,maycauseinthecapitalmanagement,financialmanagementblindlyoperationworkonlystayinsimpleaccounting,neglectcostcontrol,thenincreasethecostofprojectinvestment,theimpactoftheeconomicbenefits.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) Costcontrolislax.Realestatebusinesscostmanagementcomplicatedbylandacquisitionandrelocationcompensationfee,pre-constructioncosts,infrastructurecosts;constructionandinstallationcostsconstituteaseriesofprojectcost.Whentheprojectiscomplete,theneedforcostallocation,collection,redistribution,andthenincludedintheimputationuntilthefinalbeneficiaries,thisseriesofworkrequiredtodevelopproductsbasedonthespecificcircumstancesofeachdeal.Somerealestateenterpriseonlypayattentiontotheprogressoftheprojectsandquality,andneglectofthefinancedepartmentcostcontrolinthefinancialandcostaccounting,simple,rough,makeenterprisefinancialpersonnelbecomesimplemechanicalaccounts,financialmanagementacrosstheenterpriseunabletostart,itwillaffectbusinessefficiency.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，企业财务管理迟迟无法开始，这会影响企业效率。3) Capitalstructureisappropriate.Capitalstructuremainlyreferstoratiorelationshipbetweenallsourcesoffundsintheequitycapitalanddebtcapital.Realestatedevelopmentcompanyfundedbyitsownfunds,opentobookingbyparagraph,bankloans,commercialdebtoffourparts,whichownfundareoftenasmallproportionoffunds,debtfundsareoftenthesourceofallfundsofenterprises,accountedformorethan60%,someevenashighas90%,manywell-knowndomesticrealestatecompany'sdebtratioisveryimpressive,suchasVankeandBaoliRealEstate'sdebtratioashighas80%.Owncapitalofenterpriseandtotalcapitalratioofborrowedcapitalisnotappropriatefortheformationofanegativeimpactonearningsoffinancialrisk.Realestatecompanieswithoperationoftheprojectmusthaveacertainamountofmoney,infullandtimelyinraisingthenecessaryfundsisdirectlyrelatedtobusinessdevelopmentactivitiescanproceedsmoothlyandthusaffectthesurvivaloftheenterprise.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，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) Lackofcashflowmanagement.Realestatecompaniestodevelopalong-termbusinessprocess,fromlandacquisitiontogothroughthedevelopmentandconstruction,landdevelopment,housingandconstructionphasestocompletionofdelivery,theflowoffundsandlonger-termturnoverrateislow,theprojectliquidityispoor,therefore,needtostrengthencashflowmanagement.Accordingtothesurvey,China'srealestatebusiness,especiallyinlargerealestate,companiescontrolmostofthestatecapital,orisitselftransformedfromstate-ownedenterprises,suchasstate-ownedenterpriseswithlowefficiency,lackofmanagement,theinternalincentiveandrestrictivemechanismisnotperfectandotherdefectsarereflected.Companiesandseveralofdepartmentswithinenterprisesandbetweenenterprisesandsuperiorsinthecapitalcashflowmanagementanduseofthedistributionofbenefitsinareas,suchasunclearresponsibilities,poormanagement,resultingininefficientuseofcash,cashsecurity,andintegrityoftencannotbeguaranteed.4）缺乏现金流量管理。房地产公司制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.REALESTATECOMPANIESTOAVOIDMEASURESOFFINANCIALRISKIV.房地产公司避免财务风险的措施A.DiversifiedfinancingchannelsRealestatecompaniesshouldfullytapitspotential,withuseofretentionfund,whiletheimplementationofmulti-channelfinancingstrategiestosupplementthelackofcashflow.Themainsourceoffundsinmostrealestatecompaniesis:ownfunds,bankloans,constructioncontractorsadvances,opentobookingaparagraphofincome,salesrevenuesandothermoney.However,withthetightercapitalchain,companieshavetoseekmorefinancingchannels,therealestatesecuritiesfinancing(issuingstocksandbonds),trustfinancing,realestateinvestmentfunds,finance,foreigninvestmentorcooperativedevelopmentprojectsandotherfinancingwillbeattention.Inparticular,cannotimprovetheasset-liabilityratioofequity-basedfinancingisrelativelycommonforrealestatecompanieswithhighdebt.Throughdiversifiedfinancingchannels,optimizecapitalstructure,eitherfullliabilitiesoffinancialleverageandfinancialriskcanbecontrolledwithintheenterprisecanafford,isconducivetolong-termstabledevelopmentofenterprises.Realestatecompaniesshouldreviewtheirexistingfinancialriskandshortcomingsinfinancialmanagement,accordingtotheirspecificcircumstances,reducingthedebtfinancing,controllingdebtlevels,attentiontostocks,convertibleseniornotes,venturecapitalandprivateequityfundsandotherfinancingmethodstooptimizeitscapitalstructure.Thiscanreducetheinterestburden,reducefinancialriskandimprovebusinessperformance;theotherhand,itcanreducetheinterestratesoffinancialleverage,reducinginterestexpenseontheresultsofoperations.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，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.StrengthenthemanagementofaccountsreceivableFinancialactivitiesareanimportantpartoftherecoveryoffunds.Accountsreceivableiscausedbyanimportantaspectofriskofcapitalrecovery,accountsreceivablewillacceleratecashflow.Althoughitenableenterprisestogenerateprofits,butdoesnotmakethecashincrease,ontheoppositewillmakethebusinessuseofthelimitedworkingcapitaladvancesunrealizedprofitandtaxexpenditures,acceleratecashoutflows.Astherealestatehasinvestmentandconsumergoodswiththeduality,theuncertaintyofrecoveryofrealestateinvestmentismorethanotherinvestmentvehicles.Andrealestateinvestmentalsoinvolvespoliciesandregulations,financialtrends,regionalsupplyanddemand,consumerpreferencesanddemandsideandimprovingpeople'squalityoflifeandotheraspects;thereforeitisvulnerabletochangesinvariousfactors,creatingaliquidityrisk,leadtocapitalchain.Therefore,strengtheningtherecoveryandcentralizedmanagementoffundsisparticularlyimportant.Strengthenthemanagementofaccountsreceivable.RealEstateDevelopmentCompanyshouldrecoverthecreditreceivablesassoonaspossible,baddebtlossesreducebusinessrisk,andrevitalizethestockfunds,graduallyreducethecommercialvacancyrate,reducetheamountoffundsusedtoacceleratetheflowoffunds,improvecapitalutilization,makesthedevelopmentcompanystepsintoafundsvirtuouscycleassoonaspossible.加强应收账款管理金融活动是资金回收的重要组成部分。应收账款是资金追回风险的重要方面，应收账款的存在可以一定程度加速现金流。虽然它能使企业产生利润，可是不会使现金增加，反而会使企业利用有限的营运资金预付未实现的利润和税收支出，加速现金流出，致使企业面临巨大的财务支出。由于房地产投资和消费品具有二元性，房地产投资回收的不确定性高于其他投资工具。而房地产投资还涉及政策法规，金融趋势，区域供求关系，消费者偏好和需求方面以及提高人们的生活质量等方面。换句话说，上述任何一个方面的变化都会对房地产投资产生相应的影响，只要任何一个环节存在风险，那就说明房地产投资也将会受到相应的冲击;因此房地产投资之很容易受到各种因素的变化带来的实际影响，进而导致造成流动性风险产生，甚至出现资金链断裂的不良后果。因此，对于房地产企业来说，要想减少自身面临的风险，加强资金的回收和集中管理尤为重要；同时重视加强应收账款管理：房地产开发公司应尽快收回应收账款，减少损失，一定程度降低业务风险，振兴股票基金，逐步降低商业空置率，减少用于加速资金流动的资金量，提高资金使用率，使开发公司尽快步入资金良性循环，以实现公司的可持续发展。C.TopreventtheriskofinvestmentAmountofrealestateinvestmentprojectsislarge,fundsusedforalongtime,businessinvestmentdecisionswillfacecertainrisks.Inordertoensureinvestmentdecisionsiscorrectandeffective,wemustbaseonscientificinvestmentdecision-makingprocess,andcarefullyanalyzethefeasibilityofinvestmentprojects,financialfeasibilityanalysisisamajorofinvestmentprojectfeasibilityanalysis,itincludes:theincome,expensesandprofitsandotherbusinessindicatorsforecastingandanalysis;forcapitalinvestment,allocationoffundstransferandrecyclingoperationprocessofforecastingandanalysis;forassets,liabilities,equityprojectionsandanalysis;forecastingandanalysisofprojectcashflow,netpresentvalue,includescompensationrateandotherindicatorsandthebalancebetweenbenefitsandrisksoftheprojectforecastsandanalysis.Demonstratethetechnicalfeasibilityofinvestmentprojects,usingvariousmethodstocalculatetherelevantindicatorsinordertoreasonablydeterminethemeritsofdifferentprojects.防范投资风险房地产投资项目金额较大，资金使用时间长，因此商业投资决策将面临一定风险。为确保投资决策的正确和有效，我们必须立足于科学的投资决策过程，并认真分析投资项目的可行性，财务可行性分析是投资项目可行性分析的重点，它包括：收入，支出以及利润和其他业务指标进行预测和分析;用于资金投入，资金转移分配和回收操作过程的预测分析;用于资产，负债，股权预测和分析;预测和分析项目现金流量，净现值，包括补偿率等指标以及项目预测和分析的效益与风险之间的平衡。展示投资项目的技术可行性，采用多种方法计算相关指标，合理确定不同项目的优劣。D.CashflowriskcontrolThebusinessandrealestatemanagementactivitieswillbeshownonthecashflow,cashflowproblemsinbusinesscapitalchainwillhaveafracture,itcannotguaranteeitsbusinessactivities,andwillleadtobusinessbankruptcy.Wemuststrengthenthedailycashflowmonitoringandmanagementfortheenterprisemarketingexpensesfirst,tooperatecosts,wagesandinterestonbusinessloansandotherexpensessuchascashflowandsalesintocashflowcloselyco-ordinatemanagement,prioritiescoexist;atthesametimeweoughttosignificantcashflowandscientificmanagement,controlexpensesstrictly,thereasonablenessoftheexpenditure,amount,approval,andothermultipleauditstopreventcashsecurityissues.Insummary,duetotheimperfectdevelopmentofthemarketsystem,coupledwithinvestmentsinlargerealestatecompanies,longcycle,high-riskcharacteristics,whichcausedmanyrealestatecompanieshashighaccountsreceivable,bankloans,etc.,whichtosomeextent,restrictstherealestatebusinessactivities,affectstheprofitabilityoftheenterprises,andeveninterruptsthechain,causescapitaltotheenterpriseahugefinancialrisk.Thishasalsobeenconfirmedinpracticalactivities,suchasresidentialflatsphenomena.Howtocontroltheenterprise'sfinancialriskisaproblemplacedinfrontofrealestatebusiness.Throughtheabovediscussion,wecanconcludethatonlymakeascientificdecisionoftherealestatecompany'sfinanc