基于现金流的阳光城集团财务风险管理研究.docVIP

PAGE 19 PAGE 19 摘 要 房地产行业在发展过程中离不开资金的运作，资金是房地产开发企业运营最重要的根本动力之一，也是其资金链保持稳定发展的基本保证。中国的绝大多数房地产开发企业在生产经营过程中往往会出现现金流收不抵支的情况，而处于发展阶段的中小型房地产开发企业这种状况更为明显。本身房地产行业对资金的需求量较大，属于资金密集型产业，同时投资周期和回收期较长，资金变现能力也比较低。另外，受激烈地市场竞争的影响，该行业也面临着较大的财务风险压力，而企业的财务风险往往与其现金流状况密不可分，现金流能更为真实地反映企业的经营情况。因此，本文主要以现金流为视角对房地产上市公司阳光城的财务风险进行研究，通过阅读相关文献，并以阳光城2015-2017年财务报表数据为主要资料，从阳光城经营活动、投资活动和筹资活动三个方面的现金流状况对其财务风险现状进行识别分析，并用与现金流量相关的指标对其财务风险进行度量，最后对其存在的财务问题和原因进行分析，提出针对性的风险防控建议。 关键词：现金流；房地产企业；阳光城；财务风险 Abstract The real estate industry cannot be separated from the operation of the capital in the process of development, and the fund is one of the most important fundamental power of the real estate development enterprise operation, and is the basic guarantee of the stable development of the fund chain. Most of Chinas real estate development enterprises often have cash flow and non-support in the process of production and operation, and the situation of small and medium-sized real estate development enterprises in the development stage is more obvious. In the real estate industry, the demand for funds is large, and belongs to the capital-intensive industry. Meanwhile, the investment period and the recovery period are long, and the liquidity of the funds is also low. In addition, the industry also faces the influence of the fierce market competition The financial risk of an enterprise is closely related to its cash flow, and the cash flow can more truly reflect the business situation of the enterprise. Therefore, this paper mainly studies the financial risk of Yangguang City from the perspective of cash flow, through reading the relevant literature, and taking the financial statement data of Yangguang City 2015-2017 as the main material, raising funds from Yangguang City, The cash flow situation of investment activity and operation activity is used to identify and analyze the current situation of its financial risk, and its financial risk is measured by the indicators related to cash flow. Finally, the exis