綠地房地產(chǎn)公司財務(wù)風(fēng)險研究外文翻譯

畢業(yè)論文外文翻譯課題名稱綠地房地產(chǎn)公司財務(wù)風(fēng)險研究院系經(jīng)濟管理學(xué)院專業(yè)工商管理（金融企業(yè)管理方向）姓名賈爽指導(dǎo)教師羅荷英二一五年十月十三日外文翻譯專業(yè)工商管理（金融企業(yè)管理方向）班級12級本科1班作者賈爽指導(dǎo)老師羅荷英ONTHEREALESTATEBUSINESSANDGUARDAGAINSTFINANCIALRISKSPAPERKEYWORDSREALESTATEENTERPRISESFINANCIALRISKPREVENTIONABSTRACTSINCETHE1990S,NATIONALHOUSINGPOLICYCHANGES,THERAPIDDEVELOPMENTOFCHINASREALESTATETOMAKETHEFACEOFINCREASINGLYFIERCEMARKETCOMPETITION,THEREALESTATEINDUSTRYSHOWHIGHRISK,HIGHYIELDCHARACTERISTICS,HOWTOEFFECTIVELYAVOIDANDREDUCEFINANCIALRISK,THEREALESTATEBUSINESSSURVIVALANDDEVELOPMENTAREOFVITALIMPORTANCE,SOREALESTATECOMPANIESSHOULDACTIVELYESTABLISHMECHANISMSFORRISKIDENTIFICATIONANDAVOIDANCEMECHANISMS,THROUGHTOPREVENTION,TORESOLVETHEMATTERINSUCHMODELS,ENHANCETHEIRFINANCIALSTRENGTH,ENHANCETHEIRCOMPETITIVENESSFIRST,THEDEFINITIONOFFINANCIALRISKNARROWFUNDINGREFERSONLYTOTHERISKOFFINANCIALRISK,REFERSTOTHEBUSINESSCAUSEDBYTHEBORROWINGOFFUNDSTOREPAYMATURINGDEBTWITHTHEMONEYFUNDSTHEUNCERTAINTY,THEREISNOFINANCIALRISKOFDEBTDOESNOTEXIST,WHILETHEBROADSENSEOFTHEFINANCIALRISKISTHERISKASABUSINESSONE,SPECIFICTOENTERPRISESINTHEPRODUCTIONANDMANAGEMENTOFCAMPAIGNFUNDSINCLUDINGFUNDRAISING,FINANCING,INVESTMENTANDUSEOFFUNDS,ETC,DUETOINTERNALANDEXTERNALENVIRONMENTANDAVARIETYOFUNPREDICTABLEORUNCONTROLLABLEFACTORS,BUTINTIMETHEACTUALFINANCIALINCOMEANDTHEEXPECTEDRETURNDEVIATIONOCCURS,THUSTHERISKOFLOSSOFALLITISTHEWHOLEPROCESSOFCORPORATEFINANCIALACTIVITIESANDFINANCIALNATUREOFTHEOVERALLFINANCIALPERSPECTIVETODEFINETHECONCEPTOFFINANCIALRISKINTHEMARKETECONOMY,ALLTHEFINANCIALRISKTHROUGHOUTTHEENTERPRISEFINANCIALASPECTSOFAVARIETYOFRISKFACTORSINCORPORATEFINANCIALEMBODIEDFROMTHEPERSPECTIVEOFFINANCIALRISKEARLYWARNING,CORPORATEFINANCIALRISKISNOTLIMITEDTORISKSARISINGFROMFINANCINGACTIVITIES,IMPROPERINVESTMENTACTIVITIES,OPERATINGACTIVITIES,DISTRIBUTIONOFACTIVITYCOULDLEADTOCOMPANIESFACINGTHESAMERISK,THEREFORE,THISPAPERARGUES,REFLECTSTHEBROADFINANCIALRISKSOFFINANCIALNATURE,CANTRULYREFLECTTHEMARKETECONOMY,THERELATIONSHIPBETWEENCORPORATEFINANCIALPICTURE,SUCHADEFINITIONISMORESCIENTIFICANDRATIONALSECOND,THEREALESTATEDIVISIONOFCORPORATEFINANCIALRISKTHEREALESTATEINDUSTRYISCAPITALINTENSIVEINDUSTRIESFROMTHESOURCEOFFUNDSOFFINANCIALRISK,MAINLYFINANCINGRISK,INVESTMENTRISKANDTHERISKOFCAPITALRETURN1FINANCINGRISKSCHINASREALESTATEDEVELOPMENTWHOSEMAINMOTIVATIONISMONEYDRIVENINCURRENTMODE,REALESTATEBUSINESSGENERALLYLOWPROPORTIONOFOWNFUNDS,MAINLYUSEDTOSOLVETHEPROBLEMOFLANDCOSTS,ANDFORLATERDEVELOPMENT,ITISMORETHROUGHAVARIETYOFFINANCINGINSTRUMENTSANDPRESALESMONEYRECOVEREDTOBEADDRESSED,SOTHEREALESTATEBUSINESSBANKFUNDSCAPITALCHAINIMPORTANTPARTOFMANYREALESTATECOMPANIESWITHHIGHDEBTLEVELSDESPITETHEHIGHCOSTOFCAPITALANDTOBRINGDUETHERISKOFDEBTSERVICINGCANNOTBEBLIND,LARGESCALEMOBILIZATIONOFCAPITALHASBROUGHTGREATERFINANCIALRISK,MAINLYFEATURESLARGESIZEOFTHEDEBT,HIGHINTERESTRATESCAUSEDBYHIGHFINANCINGCOSTSDEBTMATURITYSTRUCTUREISIRRATIONAL,RESULTINGINEXCESSIVECONCENTRATIONOFDEBTMATURITY,ORDUETOLACKOFFUNDSORFAILURETOTIMELYCOMPLETETHEMARKETINGPLANWHICHLEDTOFINANCIALCRISISINEXTREMECASES,THEREISARISKOFCAPITALSTRANDBREAKS,THUSCREATINGARISKFINANCING2INVESTMENTRISKINTHELONGDEVELOPMENTCYCLEOFREALESTATE,THEREAREMANYUNCERTAINTIESTHATBUSINESSINVESTMENTPROJECTSFORDEVELOPMENTTHESUCCESSANDECONOMICEFFICIENCYOFENTERPRISESPLAYADECISIVEROLEDUETOUNCERTAINFACTORS,LEADINGREALESTATEPROJECTCANNOTACHIEVETHEEXPECTEDBENEFITS,THUSAFFECTINGTHEPROFITABILITYANDSOLVENCYRISKISINVESTMENTRISKINREALITY,MOSTTOOMUCHEMPHASISONLARGEREALESTATECOMPANIESTORAISEFUNDSONLARGEPROJECTS,THEPURSUITOFHIGHYIELD,REALESTATEDEVELOPMENTANDINVESTMENTDURINGTHECOURSEOFTHENEGLECTOFTHEMARKETANDFEASIBILITYANALYSISANDEVALUATIONOFPROJECTS,WHICHWEREASFOLLOWSINVESTMENTINTECHNOLOGYCANNOTLINEORNOTYETMATURE,MARKETRESEARCHISWRONG,AFTERTHESLOWMOVINGMARKET,BEHINDINVESTMENTPROJECTPLANNINGISTOOLARGEORTOOSMALL,ORTHEINABILITYTOCONTROLEXCESSIVEEXPANSIONOFTHEINDUSTRYMANAGEMENT,DEBTRATIOISTOOHIGHRESULTINGINHEAVYDEBTBURDEN,TECHNOLOGYANDMARKETCONDITIONSOCCURCHANGESINBUSINESSINVESTMENTPROJECTSLEADINGTOTHEACTUALINCOMEANDTHEEXPECTEDINCOMEDIFFERENCEISTOOLARGE,ETC,THETIMESPANANDTHEBREADTHOFSPACENECESSARYFORTHEFUTUREDEVELOPMENTOFTHEFINANCIALACTIVITIESANDINCREASEDUNCERTAINTY3RECOVERYOFFUNDSRISKISTHERISKOFCAPITALRECOVERYROOMREALESTATECOMPANIESTODEVELOPANOTHERFORMOFFINANCIALRISKMAINLYINREALESTATEDEVELOPMENTPRODUCTSCANBESOLDTOTHESTATE,DUETOPOLICYREASONSORSELFMARKETINGTOOLMISTAKES,POORSALESLEDTOMAKINGTHEREIMBURSEMENTISSLOW,THEBALANCEDUETOTHEENTERPRISEITSELFHIGHLEVELOFRECOVERYOFFUNDSIFTHEFUNDINGNEEDSCANNOTBESYNCHRONIZED,ITWILLCAUSEASHARPDECLINEINTHESOLVENCYOFENTERPRISES,ANDRENEWEDPRESSUREONCASHEXPENDITURES,ANDTHENINFINANCIALDIFFICULTIES,THECOMPANYSIMAGEANDREPUTATIONHASBEENSEVERELYDAMAGED,ANDEVENLEADTOBANKRUPTCYTHIRD,THEREALESTATEBUSINESSFINANCIALRISK1AREASONABLEFINANCIALBUDGETTOIMPLEMENTDUETOFINANCIALBUDGETINTHEIMPLEMENTATIONPROCESS,THEREAREMANYUNCERTAINTIES,LEADINGREALESTATECOMPANIESINTHEDEVELOPMENTPROCESSOFOPERATINGCYCLEMAYBEALOTOFPROBLEMS,WHICHDIRECTLYRELATEDTOTHEBUSINESSSUCCESSOFINVESTMENTPROJECTS,ALSOECONO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重要組成部分，具有很高的債務(wù)水平，許多房地產(chǎn)企業(yè)盡管資金成本高和帶由于債務(wù)償還風(fēng)險不能盲目，資本大規(guī)模動員帶來了更大的金融風(fēng)險，主要表現(xiàn)在對債務(wù)規(guī)模大，融資成本高造成的高利率。債務(wù)期限結(jié)構(gòu)不合理，導(dǎo)致債務(wù)到期過度集中，或因資金不足或未能及時完成營銷計劃，導(dǎo)致金融危機在極端情況下，存在資金鏈斷裂的風(fēng)險，由此創(chuàng)造一個風(fēng)險融資。2、投資風(fēng)險的房地產(chǎn)開發(fā)周期長，有很多不確定因素，企業(yè)投資項目的成功和經(jīng)濟效益的企業(yè)發(fā)揮決定性作用，由于不確定因素，導(dǎo)致房地產(chǎn)項目不能達(dá)到預(yù)期的收益，從而影響盈利能力和償債能力的風(fēng)險是投資風(fēng)險。事實上，大型房地產(chǎn)企業(yè)大多數(shù)強調(diào)太多大型項目籌集資金，追求高收益，對市場的可行性分析和項目評價忽視的過程中，房地產(chǎn)開發(fā)投資，即技術(shù)投資不能行或尚未成熟，市場研究是錯誤的，緩慢移動的市場后，在項目規(guī)劃；投資太大或太小，或無法控制的行業(yè)管理的過度擴張，負(fù)債率太高，造成沉重的債務(wù)負(fù)擔(dān)，技術(shù)和市場條件發(fā)生在商業(yè)投資項目的實際收益與預(yù)期收益的差異太大的變化，等，時間跨度和空間廣度的金融活動和未來發(fā)展的不確定性增加必要的。3、回收資金風(fēng)險是資金回收房地產(chǎn)企業(yè)發(fā)展的風(fēng)險的另一種形式的財務(wù)風(fēng)險。主要是在房地產(chǎn)開發(fā)產(chǎn)品可以出售給國家，由于政策原因或自我營銷的工具錯誤，銷售導(dǎo)致償還緩慢，由于企業(yè)本身的資金需求不同步恢復(fù)的資金，這將導(dǎo)致企業(yè)的償債能力急劇下降，并