我国房地产企业财务风险问题研究——以恒大集团为例

Research on Financial Risk Problems of China’s Real Estate Enterprises—Taking Evergrande Group as an Example

摘要: 随着我国城市化进程的逐步加快，房地产行业成为我国经济发展的重要动力。销售时间长、资金回笼慢的行业特点使得大量房地产企业选择举债经营以增加利润，但近年来债务违约和财务危机事件的频发，不仅影响着其自身的生存与发展，还会对整个资本市场造成巨大冲击。因此，本文以我国房地产行业的龙头企业恒大集团为例，分析其财务数据，研究财务风险，从经营战略、综合能力、财务指标以及宏观环境等角度，分析此次金融危机事件的成因，并从资本结构、业务结构以及风险防控三方面给出对策建议，促进公司健康运行、经济社会稳定发展。研究发现，恒大集团爆发财务危机的原因是多方面的，主要包括其多元化战略的失败实施，融资成本逐年攀高，现金流短缺，宏观经济因素影响以及企业自身金融风险防范能力较弱。企业应考虑优化资本结构，聚焦核心业务以及不断完善财务风险预警系统。

Abstract: With the gradual acceleration of China’s urbanization process, the real estate industry has become an important driving force for China’s economic development. The industry characteristics of long sales time and slow capital recovery make a large number of real estate enterprises choose to raise debt to increase profits, but the frequent occurrence of debt defaults and financial crisis events in recent years not only affects their own survival and development, but also causes a huge impact on the entire capital market. Therefore, this paper takes Evergrande Group, a leading enterprise in China’s real estate industry, as an example, mines its financial data, studies related risks, analyzes the causes of its financial crisis from the perspectives of operation strategy, comprehensive ability, financial indexes and macro environment, and gives countermeasures and suggestions from the three aspects of capital structure, business structure as well as risk prevention and control, so as to promote the healthy operation of the company and the stable development of economy and society. The study finds that the reasons for the financial crisis of Evergrande Group are manifold, mainly including the failure of its diversification strategy, the high financing cost year by year, the shortage of cash flow, the influence of macroeconomic factors, and the weak ability of the enterprise’s own financial risk prevention. Thus, enterprises should consider optimizing their capital structure, focusing on their core business, and continuously improving their financial risk early warning system.