(1) Financing risk. China's real estate development is driven by capital. Under the current mode, the proportion of self-owned funds of real estate enterprises is generally low, which is mainly used to solve the land cost problem, while for the later development, it is mostly solved through various financing means and the recovery of the previous sales funds. Therefore, bank funds are an important part of the capital chain of real estate enterprises. Many real estate enterprises blindly raise funds on a large scale regardless of the high capital cost brought by high debt level and the risk of failing to repay the principal and interest at maturity, which brings great financial risks. Mainly manifested in: the debt scale is too large and the interest rate is too high, which leads to high financing costs. Unreasonable debt maturity structure leads to excessive concentration of debt maturity, or financial crisis occurs due to insufficient self-owned funds or failure to complete the sales plan on time. In extreme cases, there is a risk of capital chain breakage, which leads to financing risk.
(2) Investment risk. In the long development cycle of real estate, there are many uncertain factors that play a decisive role in the success or failure of investment projects and the economic benefits of enterprises.
Due to the influence of uncertain factors, real estate projects can not achieve the expected benefits, thus affecting profitability and solvency risk is investment risk. In reality, most real estate enterprises pay too much attention to raising a large amount of funds, investing in large projects and pursuing high returns, while ignoring the feasibility analysis and evaluation of the market and projects in the process of real estate development and investment, indicating that investment projects are technically infeasible or immature; Market research is wrong, and the products are unsalable and backward after listing; Investment project planning is too large or too small, and the industry is over-expanded or uncontrollable; Excessive debt ratio causes heavy debt burden; The change of technology and market leads to a great difference between the actual income and the expected income of enterprise investment projects, and the span of time and space will inevitably increase the uncertainty of financial activities and future development.
(3) Risk of capital recovery. The risk of capital recovery is another financial risk in the development of real estate enterprises. The main performance is that after the real estate development products reach the saleable state,
Due to policy factors or mistakes in their own sales methods, poor sales lead to slow payment. Due to the high level of assets and liabilities of the enterprise itself, if the capital recovery can't keep up with the capital demand, the solvency of the enterprise will drop sharply, the pressure of cash expenditure will rise sharply, and then it will fall into financial difficulties, seriously damage the image and reputation of the enterprise, and even lead to bankruptcy of the enterprise.
Third, the prevention of financial risks of real estate enterprises.
(1) Reasonable implementation of financial budget. Because there are many uncertain factors in the implementation of financial budget, there may be many problems in the development and operation cycle of real estate enterprises, which are directly related to the success or failure of enterprise investment projects and have a considerable negative impact on the economic benefits of enterprises. The financial department of real estate enterprises should take the project budget and capital budget as the premise, and reasonably and concretely arrange the investment projects, income and expenditure ratio, profit acquisition and fund adjustment of enterprise funds. In daily work management, monthly assessment, quarterly review and annual summary can be combined to give full play to the financial functions of enterprises.
(2) Implementing liquidity management. Development projects of real estate enterprises usually take a long time to end. Because the development cycle is long, it often brings difficulties to the use of funds. If the capital chain is abnormal in a certain link, it will lead to the break of the capital chain and even the bankruptcy of the enterprise. This requires enterprises to strengthen the liquidity management of funds, conduct strict estimation and audit on financial revenue and expenditure, and rationally arrange fund scheduling to ensure that the construction operation and marketing funds of construction projects meet specific needs. It is also necessary to continuously speed up the turnover of expenditure funds, optimize the inventory structure, reduce the amount of inventory funds as much as possible, enhance the economic payment ability of enterprises, promote the continuous improvement of corporate credibility, and lay a good foundation for the next financing.
(3) Optimize the capital structure. Real estate enterprises should constantly improve their capital structure, properly control debt management, and raise funds that can meet the development of enterprises through legal channels under the condition of fully estimating their solvency.
When raising funds in the traditional way, we can allocate more external reserve funds scientifically and reasonably according to the principle of multiple financing channels, and ensure the effectiveness of this ratio in coordinating the proportion of capital equity to minimize the asset-liability ratio, thus avoiding enterprises from bearing greater pressure on capital preparation and greatly reducing financial risks. This requires relevant departments to strengthen the management of traditional financing channels such as pre-sale house payment and bank payment, and also ensure that funds can be recovered on time to avoid waste of funds; Enterprises can also use stocks, bonds, cooperative operations and other ways to continuously improve their capital reserves, so as to expand the scale of their operations, allow more investors to realize cooperation and exchanges with enterprises, and expand the projects of cooperation between investors and enterprises. The control of reducing financial risks can play a very good role.
(4) Improve the comprehensive quality of managers of real estate enterprises. As a decision-maker, we should strengthen the sense of responsibility and mission of financial management and constantly improve our decision-making ability; Constantly learn and master new management techniques and methods to improve their political quality. Make scientific judgments and decisions through experience and self-ability, and minimize financial risks. At the same time, according to the objective requirements of modern enterprise system for efficient and scientific management, we should change the old management methods that emphasized real estate sales and despised financial management in the past. Strengthen the supervision consciousness of accounting personnel, and urge accounting personnel to conduct accounting and accounting supervision according to law.
What are the financial risks of real estate enterprises? The main analysis risks of financial risks of real estate enterprises are as follows:
(A) a large asset-liability ratio leads to greater risks.
The early stage of real estate enterprises is often debt development, with large investment. The sources of funds for enterprises include self-owned funds, advance payment for house purchase and bank loans, of which self-owned funds are less, mainly relying on bank loans.
Inflation risk
When inflation rises sharply, it will cause the increase of the cost of various building materials, as well as the increase of management and labor costs, and increase the development cost of real estate commodities.
(C) the risk of interest rate changes
The change of interest rate has a great influence on the real estate enterprises operating in debt. With the increase of bank loan interest rate, the debt cost of enterprises increases and the expected income decreases accordingly. At the same time, investors' desire to buy has decreased, and the whole real estate market has increased costs on the one hand and reduced demand on the other, which undoubtedly brings losses to real estate enterprises.
(d) refinancing risk
Due to the high asset-liability ratio of some enterprises, the degree of guarantee to creditors is reduced, and it is more difficult for enterprises to raise funds from the money market. Therefore, enterprises mainly rely on bank loans, and banks adopt a series of deflationary monetary policies, which increases the difficulty of enterprise financing. Some smaller enterprises or group subsidiaries even borrow mainly from the parent company, which is affected by the financial benefits of the parent company. Once the parent company's capital supply is insufficient, the subsidiary company will face the risk of not being able to raise funds.
(5) Risks of tax rate changes
Real estate enterprises involve business tax, urban construction tax, education surcharge, stamp duty, vehicle and vessel use tax, property tax, land use tax, enterprise income tax, land value-added tax, deed tax and personal income tax. The increase of tax rate in the process of investment, development and operation will lead to the increase of enterprise cost and the decrease of expected income.
(vi) Investment recovery risk
Affected by political and economic factors, some real estate products of some enterprises are idle, and real estate sales or lease contracts are terminated. At this time, the capital of the enterprise has been invested, and it is difficult to realize it in a short time. Sometimes due to uncertain events or problems in the execution of the contract between the two parties, the customer fails to pay off the remaining house payment on time, and the investment cannot be expected to be recovered.
How to strengthen the financial risk management of real estate enterprises In view of the above analysis of the problems existing in the financial management of real estate enterprises, we propose the following improvement methods to provide reference for real estate enterprises to improve financial management in the future. 1. Strengthening the control ability of enterprise financial management As the operators and managers of real estate enterprises, we should reverse the previous assessment method of measuring enterprise performance with single performance, incorporate comprehensive financial performance assessment methods into the enterprise performance assessment system, and adhere to this as the leading factor. The importance of managers directly determines the control and final effect of enterprise financial management activities. In addition, financial management activities are also a comprehensive management system with the whole process, all directions and full participation. We should strengthen financial management's control over enterprise operation, investment, fund-raising and cash flow, and avoid single and subjective decision-making. Make financial management activities have all-round control and binding force, not just a management system or control strategy. More importantly, it makes financial management a concept of enterprise management, which is the basis for truly improving financial management control ability. 2. Perfecting the investment decision-making mechanism The core of perfecting the investment decision-making mechanism is to analyze the external and internal environment of enterprise development and unify it with the enterprise development strategy. At present, the country is implementing a monetary policy of tightening monetary policy and credit. However, the large capital demand, long turnover period and difficult financing of real estate projects will inevitably increase the financial risk and operational risk of enterprises. Therefore, in the case of rapid changes in the external environment, enterprises should improve the scientificity and rationality of investment decisions and try to avoid investment mistakes, so as to ensure the safety of funds and property of enterprises and reduce their financial risks and operational risks. In addition, real estate enterprises should take the initiative to establish investment decision-making departments and formulate correct investment strategies in line with their own and external environmental characteristics. In the feasibility study of the project, we should use scientific theories, methods and means to choose the best investment scheme, reasonably consider the possible internal and external environmental changes during the implementation of the scheme, and incorporate the coping strategies into the decision-making consideration. Make a feasible investment plan, clarify the responsible person and responsibility authority of each link of investment, and strictly prohibit the occurrence of ultra vires violations. Establish authorization and approval procedures, and implement collective decision-making for major investment projects. 3. Strengthen budget management and use financing methods flexibly. Real estate enterprises should establish a budget management committee, take the overall budget as an essential part of enterprise management, establish and improve the ways and methods of budgeting, strengthen the assessment, conduct budget assessment on departments and individuals and formulate reward and punishment measures. By establishing and improving the dynamically adjusted financial budget, we can scientifically and reasonably grasp the feasibility study, land bidding, construction and sales progress of various development projects, speed up the turnover and withdrawal of operating funds, and enhance the company's predictability and tolerance of capital risks. In addition, the main risk in the operation of real estate enterprises comes from the management of capital chain. The financing channels commonly used by real estate enterprises are mostly the advance payment of the construction unit, bank credit financing, folk credit financing and the withdrawal of sales funds. The choice of financing channels for real estate enterprises should be based on their own needs and the changes of internal and external environment, adhere to the principle of combining low cost, availability and stability, correct financing ideas from within the enterprise, establish a perfect financing management institution, systematically analyze the influence of various financing methods on the future financial ability of the enterprise, and choose appropriate financial leverage to avoid blind credit increasing the business risk and financial trend of the enterprise.
How to write the foreword of the financial risk management and research paper of real estate enterprises?
You can ask me if you don't understand, and I will. The content and nature of the paper itself are different, and the research fields, objects, methods and expressions are also different. Therefore, the paper has different classification methods.
This is actually very simple. I will give you one. Whether the argumentative essay is rigorous in structure, clear in organization, rigorous in argument and typical in argument depends on the writing of the middle paragraph. Structure, organization, argument and argument are important rules for marking argumentative papers.
Why choose the study of financial risk of real estate enterprises and its prevention? Influenced by a series of factors, such as changes in the international economic environment, China's macro-control policies and enterprises' own financial risk management level, financial risk has become an urgent problem for many real estate enterprises to survive and develop.
What are the financial management aspects of real estate enterprises? The financial management of real estate enterprises includes:
1, time value of funds
2. Risk management
3. Financing management
4. Sources, channels and methods of real estate funds
5. Cost of capital and debt management
Research on the Problems and Countermeasures of Financial Management of Private Enterprises in China
First, the problems in financial management of private enterprises
First of all, from the subject of financial management, private enterprises have the problems of weak financial concept of managers and low quality of financial personnel.
The biggest financial problem of private enterprises lies in the backwardness of the overall management level. In China's private enterprises, a considerable number of managers have low cultural quality and do not have modern management concepts. The managers of private high-tech enterprises with relatively high quality generally have the phenomenon that technology is superior to management. Most private business owners lack the awareness of financial management, and their understanding of enterprise financial management is still stuck in "bookkeeping" and "accounting", and there are widespread phenomena such as not establishing accounts according to law, * * making accounts, raiding accounts, replacing accounts with tickets, and cashing IOUs. This will inevitably lead to the unorganized, disorderly and chaotic state of enterprise financial management, leading to the prevalence of black-box operation and the distortion of enterprise information, laying hidden dangers for financial work. At the same time, what is more serious is that most financial executives of private enterprises do not have the corresponding professional qualities. Due to family management, most private enterprises are accountants and cashiers, and even cashiers lead financial work. The harm of these hidden dangers is not obvious in the initial stage of entrepreneurship, but once it enters capitalization and large-scale operation, its influence will gradually expand, eventually leading to the decline and decline of enterprises.
Secondly, from the perspective of the object of financial management, the financial activities of private enterprises have the following problems:
(1) fund-raising activities: financing is difficult and funds are seriously insufficient.
The financial services of private enterprises are seriously lagging behind. According to the report of Sankei Shimbun on September 4, 2004, from 1997 to 2002, the proportion of self-raised funds of private enterprises in China increased from 33. 1% to 42.7%, and the loan funds decreased from 38.9% to 22.6%. In 2003, the International Finance Corporation (IFC) conducted a questionnaire survey in China. 30% of large-scale private enterprises think that capital is the main problem that hinders their development, and 40% of small and medium-sized private enterprises think that financing difficulty is an important factor that affects their development. Private enterprises have been plagued by insufficient funds and poor financing channels in the development process. The main reasons are as follows: First, the enterprise itself. Due to their own economic strength and lack of scientific financial management, private enterprises often fail to meet the credit standards stipulated by banks. Moreover, the credit status of a considerable number of private enterprises is relatively poor, and the information between enterprises and banks is asymmetric, making it difficult to obtain mortgage-secured loans. Second, due to institutional reasons, the ownership difference between private enterprises and state-owned banks leads to the long distance between banks and enterprises and the weak connection between banks and enterprises, which makes it difficult for private enterprises to obtain loans.
(2) Investment activities: lack of scientific nature and blind pursuit of diversification.
At present, among the bosses of private enterprises in China, more than 80% know the market, and are good at marketing and communication, while only 36% are good at internal management. In other words, the bosses of many private enterprises play the roles of senior buyers, marketers and Mr. PR, rather than entrepreneurs and managers. Therefore, private enterprises often behave recklessly and violate economic laws in investment, mainly in the blind pursuit of diversification. They only see the role of diversification in spreading risks and the vanity of making enterprises bigger, but ignore the contradiction between enterprise expansion and its financial strength, technological development, market development and internal management, and ignore the necessity of cross-regional, cross-industry and even transnational diversification, which may not necessarily meet people's original intention of spreading risks, but may lead to financial decentralization and diversification. Facts have proved that few enterprises in the world's top 500 economies rely on diversified operations to settle down.
(3) Daily business activities: Without paying attention to liquidity management, corporate funds are seriously precipitated.
The financial management problems in the daily business activities of private enterprises are mainly as follows: ① Poor management of internal and external funds leads to sluggish or even loss of funds. Due to the lack of investigation of customers' economic strength and understanding of credit, hasty delivery has led to the long-term loss of a large number of funds and the inability to collect money. In terms of * * * sales, most private enterprises lack unified command and plan, which leads to the backlog of materials and finished products. These non-performing assets have been lost for a long time, resulting in inconsistent accounts and false financial status. ② Not paying attention to the management of daily cash flow, and the working capital fluctuates greatly. Many private enterprises lack long-term, medium-term and short-term planning for the use of funds and the concept of cash flow management. Especially when the economy is prosperous and there are many opportunities for enterprises to choose, it is easier to ignore financial management and blindly expand production scale. The problems existing in financial management are hidden under the aura of profit. In addition, when many enterprises expand their scale and add fixed assets, they use daily working capital, which reduces the working capital, making the shortage of funds more and more prominent, which in turn causes the working capital turnover to be ineffective, making enterprises unable to operate normally.
Finally, from the internal construction of the financial management environment, the financial accounting system of private enterprises is not perfect and the financial supervision and restriction mechanism is weak.
The financial management environment of an enterprise includes external environment and internal environment. The construction of external environment mainly depends on the formulation of policies and the support of relevant institutions, while the construction of internal environment mainly depends on the system construction of enterprises themselves. The main problems existing in the construction of private enterprises' own financial system are: (1) the strict financial accounting system has not been established, the authenticity and integrity of accounting data are in doubt, and the accounting procedures such as account-to-fact verification, account-to-account verification cannot be guaranteed, which seriously affects the authenticity and reliability of accounting data, thus making financial information lose its due economic value. (2) The internal control and supervision mechanism is not perfect. According to the survey of private enterprises, the financial internal control of private enterprises is either ineffective or not set at all. The division of accounting responsibilities is not clear, and the phenomenon of mixed posts is common. Even if the accounting functions of large private enterprises are clearly divided, there is no strict internal control and audit procedures, and strict financial management cannot be formed, which is easy to cause internal theft and asset loss.
Two, improve the financial management of private enterprises should take countermeasures and measures
1, strengthen financial management awareness and improve the quality of financial personnel.
For a long time, the "finance" and "accounting" of China's private enterprises are indistinguishable, and financial management is subordinate to accounting work, and the content of financial management is often limited to working capital management. Today, financial management has replaced production management as the core of enterprise management, and this situation must be changed. Therefore, private enterprises should attach importance to financial budget, working capital management and financial control, grasp the overall operation of enterprises, improve the level of financial management, improve the ideological understanding of the importance and necessity of financial management under the new situation, and establish the central position of financial management in enterprise management. At the same time, to improve the level of financial management, private enterprises should also recruit and train high-quality financial managers. The responsibilities of these financial personnel are not limited to the record of enterprise funds and assets, but their work should focus on the control of existing funds, the management of various assets, and the rational management of enterprise investment and financing. They should be able to analyze economic activities from a higher theoretical angle, analyze economic relations and activities between people from the surface of digital changes, and put forward reasonable opinions and suggestions for improving enterprise management.
2. Strengthen credit concept, improve credit rating and broaden financing channels.
As the "blood" of modern economic operation, capital has become an essential element for the survival and development of enterprises. If the financing problem is not solved as soon as possible, private enterprises will lack the stamina and vitality for development and will easily be eliminated by the market. If private enterprises want to get rid of the current financing dilemma, on the one hand, they should strengthen their credit concept, actively improve their credit rating, be honest and trustworthy, and standardize their operations; On the other hand, we should actively broaden financing channels, strengthen ties with large enterprises, and obtain bank loans with the help of the credit of large enterprises. We can also strengthen contact with financial institutions, constantly inform banks about the operation of enterprises, let banks know the capital flow of enterprises, gain the trust of financial institutions, standardize the systems of enterprises according to the standards of bank credit rating, and actively strive for the credit rating of banks.
3, the preparation and implementation of financial budget, financial management budget.
The financial department of an enterprise should, on the basis of comprehensive consideration of various factors and around the profit target, carefully prepare and implement the financial budget and construct the enterprise financial responsibility index system. Enterprises should take the sales budget as the starting point and determine the capital expenditure budget according to the financial resources of enterprises; According to the principle of "fixing production by sales", determine the production budget, and determine the direct materials, direct labor and manufacturing expenses budget accordingly, and prepare the product cost budget and cash budget; Finally, the forecast income statement, balance sheet and cash flow statement are compiled comprehensively. When making monthly financial budget, in order to avoid budget differences, financial budget indicators should be revised in time according to more accurate financial information in the near future. The financial department should strengthen management according to the financial budget objectives, conduct regular inspections and strict assessments, implement responsibilities, honor rewards and punishments measures, and form a pattern in which the financial system is the main qualitative constraint and the financial budget is the main quantitative constraint.
4. Strengthen the financial control of daily business activities.
First, make reasonable estimates to ensure daily cash flow. The starting point of cash management is to estimate the income and expenditure of funds, determine the time of cash inflow and outflow, predict the future capital demand as accurately as possible, and ensure the timely provision of funds to meet these needs. Common mistakes in this regard are overestimating sales revenue, underestimating expenses, or not increasing the contingency reserve for cash flow. The second is to strengthen the management of accounts receivable. Enterprises generally have a large number of credit sales, so the problem of accounts receivable is more common. In order to solve this problem, it is necessary to strictly control from the beginning and specify certain payment terms to prevent customers from deliberately delaying afterwards. If accounts receivable have occurred, enterprises need to formulate strict recovery policies. The third is to strengthen inventory management. Poor inventory status is a serious threat to consume enterprise funds. Every dollar spent on inventory is equivalent to a dollar spent on production. Therefore, for every product stored in the warehouse, we should try our best to find the ideal inventory balance.
5. Strengthen system construction and establish enterprise financial management system.
Private enterprises are different from large state-owned enterprises. When formulating the financial accounting system, we should follow the principles of pertinence, operability and compulsion, and formulate a set of financial management system that conforms to the actual situation of enterprises: first, we should set up a special financial management institution to be responsible for fund-raising, cash cashier, accounting management, salary accounting and fixed assets of enterprises, and implement budget preparation and final accounts; Second, it is necessary to formulate corresponding financial management systems, such as cash, procurement, reimbursement, audit and other systems, and implement standardized and institutionalized financial management; Third, it is necessary to formulate the corresponding assessment system and strengthen the supervision mechanism. According to the responsibilities of each post, strengthen the responsibilities of financial personnel, standardize financial work procedures, improve the quality of accounting work, and resolutely put an end to irregular and illegal accounting business and financial behavior. Through the implementation of these systems, the financial management work is closely combined with the economic business of enterprises, which promotes the full play of financial management functions and ensures the normal production and operation of enterprises.
6. Improve the enterprise financial information system.
With the increasingly complex financial activities of private enterprises, on the one hand, it is necessary to establish a perfect financial information system by using the network to support the efficient operation of the financial control system. Through the network, the logistics and information flow of economic activities of various functional departments can be unified, so that the management authorities can grasp objective information at any time, thus scientifically infiltrating financial control into all levels of organizational management and the whole process of production and operation, and organically combining financial control at all levels, processes and links. Through the network, the degree of information asymmetry can be reduced, so that shareholders of enterprises can know the business situation in time, which is convenient for shareholders to participate in the decision-making of enterprise production and operation, and to some extent, the behavior of operators infringing on shareholders' interests can be reduced. On the other hand, private enterprises are required to set up independent internal audit institutions, establish internal audit systems and strengthen audit supervision in order to improve the authenticity of financial information.
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What are the real estate enterprises in Jinan? 1 Shandong Luneng Genfu Development Co., Ltd.
2 Shandong Haoshang Real Estate Development Co., Ltd.
3 China National Heavy Duty Truck Group Real Estate Development Company
4 Shandong Zhongqi Real Estate Development Co., Ltd.
5 Jinan Zhonghai Real Estate Co., Ltd.
6 Shandong Zhonglian Real Estate Development Co., Ltd.
7 Shandong Zhongqi Real Estate Development Co., Ltd.
8 Shandong Dida Real Estate Development Co., Ltd
9 Shandong Tianye Real Estate Development Co., Ltd.
10 Jinan Real Estate Development Corporation (Jing Quan Real Estate) 1 1. Shandong Poly Real Estate 12. Haier Greentown 13. Evergrande real estate 14. Hisense real estate.