| With the constant advancement of the society, modern enterprises are encountering various risks during their operation. Some of these risks are external (e.g. risks on national macro policies) while some others are internal such as corporate financial risks and risks about project development. An enterprise is bound to suffer certain losses during its operation and its survival would even be affected if it shows no awareness of risk prevention or measures are not properly taken despite it is aware of preventing risks. It is thus clear that how to prevent risks is an urgent issue during the running of an enterprise. To prevent risks, an enterprise shall firstly know what risks it will encounter during its operation, which are external or internal risks, and which risks can be prevented through its own efforts. After figuring out these, the enterprise needs to develop a scientific strategy for risk prevention to eliminate and avoid risks. Only in this way can an enterprise smoothly survive and gradually develop under the complicated and changeable environment.In China, real estate industry can be regarded as a pillar industry. As suggested by relevant statistics, the growth of real estate industry can drive the development of dozens of industries and its contribution rate to the growth of GDP is approximately10%. Thus, it can be seen that real estate industry significantly impacts national economy. In China, real estate industry has essentially shown rapid development since1998when housing reform was started. Besides, many real estate enterprises haven’t gone through a long period of growth. In particular, a good many large real estate enterprises have just been founded for10to20years, which have developed comparatively later compared with those international developed countries. Due to such objective factors, Chinese real estate enterprises are not so highly conscious of risks. They neither conduct intensive studies on their operational risks nor take highly scientific or reasonable countermeasures to prevent risks. Although a considerable number of scholars have examined the operational risks of real estate enterprises in various ways and proposed some risk prevention countermeasures, there is a great lack of studies with comprehensive and thorough analysis on operational risks. This paper primarily analyzes the risks encountered by real estate enterprises during their operation from the perspective of national policy risks, financial risks and project development risks, putting forward some reasonable suggestions. It is believed that this paper shall be helpful for real estate enterprises to know what risks they will meet during operation and formulate general framework for risk prevention after they encounter risks, thereby to further promote their long-term sound development and maintain their competitiveness.This paper is divided into five chapters.Chapter1mainly introduces the research background and significance as well as relevant literature review.Chapter2mainly demonstrates related design theories in brief, including the definition of risks and operational risks as well as business cycle theory, risk-return theory and basic methods for risk management.In Chapter3, this paper describes the general situation of real estate industries home and abroad.Chapter4primarily introduces the risks encountered by real estate enterprises during operation, including national policy risks, financial risks and project development risks, proposing some basic countermeasures to prevent these risks.Taking A Group as an example, Chapter5conducts related case study, introducing the status quo of A Group, three categories of operational risks it encounters and some countermeasures. From this case, both inspiration and lessons are drawn. Finally, conclusions are made in this paper.The major contributions of this paper lie in:1. At present, little research has been done in the academic circle to study operational risks of real estate enterprises. Scholars have mostly examined corporate operational risks from a perspective, but they have seldom systematically and comprehensively analyzed the operational risks of real estate enterprises. Starting from risk management, this paper analyzes the operational risks real estate enterprises face and proposes corresponding countermeasures, which will be favorable for real estate enterprises to rapidly identify operational risks, strengthen their awareness of risks and improve their abilities to prevent risks.2. This paper basically defines the operational risks of real estate and puts forward three typical operational risks encountered by real estate enterprises during their operation. Focusing on the features of real estate industry, technical countermeasures are proposed after identifying operational risks.There are still some deficiencies as follows in this paper due to the author’s limited knowledge and narrow views.1. The operation of real estate enterprises is relatively complex, during which many designs are involved and operational risks exist during project development, whereas this paper mainly investigates several typical operational risks faced by real estate enterprises and suggests some countermeasures due to various restrictions.2. Studies on operational risks of real estate enterprises shall be conducted on the basis of specific quantification and evaluation system. Nonetheless, this paper mainly theoretically demonstrates specific operation procedures of real estate enterprises. It neither proposes how to build a model for quantifying operational risks and evaluation system nor collects relevant data about quantification model and evaluation system, with a lack of mathematical extrapolation and statistics. |
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