| Real estate is a pillar industry of the national economy,and plays an important role in the country’s economic growth,social stability and employment.However,in recent years,the rapid rise of the real estate industry has aroused widespread concern in the whole society.In 2014,the country’s macro-economic growth slowed down,China’s real estate market suffered an unprecedented winter,the market sentiment was serious,sales of the real estate market slumped.In the second half of 2014,the government took a series of measures,including the relaxation of personal loans and provident fund loans to reduce the threshold,cutting RRR repeatedly.The State President Xi Jin ping put forward the concept of destocking to promote the sustainable development of real estate industry.In October 29 th of 2015,the government released two children policy,and more and more families had a demand of bigger houses,it promoted the rational consumption of real estate,and brought about the upturn of the real estate market.Price of houses began to rise rapidly from 2005,the government tried to curb the almost crazy high prices by macro-control means like house purchase restriction policy,etc.But on the other hand,large numbers of SMEs closed down and their owners just run away,leaving a lot of unfinished buildings and panic buyers behind.During the2017 annual meeting of “50 Chinese Economic Forum”,Yu Liang,the President of Vanke,pointed out that the problems of the real estate industry didn’t stem from excessive capacity,but from structural differences and urban differentiation.The real estate market in big cities had always been in short supply,while most of the small and medium-sized cities had a large inventory of real estate.However,since there are too many relevant industries of the real estate market,excessive pressure for the price of houses is likely to cause problems of commodity prices and social employment,as a result,the government was in a dilemma,and Real estate enterprises were very careful.The development direction for Chinese real estate market was put forward clearly in the central economic work conference of 2017,as well as the importance of stable and healthy development of the real estate industry.So the prevention of the risk of the real estate industry is of great significance to the society.From 1978 till now,Chinese real estate market has experienced many irrational speculation,the government also has carried out several policies for macro-economic control of real estate market,and the scope of regulation involves many areas,such as finance,taxation,social security and so on.Over the past three decades,many of the real estate enterprises chose the way ofmergers and acquisitions so as to cope with the fierce competition in the real estate market,while not all of the companies survived,more companies gone bankrupted during the development of the real estate market.The asset-liability ratio of the real estate enterprises is basically maintained above 70%,and the debt ratio has already far exceeded its ability to repay,which means the real estate enterprises are faced with highly financial risk.What’s more,the real estate enterprises are subjected to the influence of macro-policy,for example,the development of real estate projects and the purchase of the land are always affected by the policies,as well as the sales expense.As a consequence,it’s extremely important and necessary for the real estate enterprises to analyze and appraise the risky factors.Under the background of new normal economy,this paper studies the financial risk of real estate enterprises.The main content of this paper is to analyze the financial risk management of real estate enterprises in accordance with macro-control policies.First of all,the paper expounds the background of the research for the real estate enterprises’ financial risk,as well as the current domestic and overseas research status,then,the paper introduces its research methods and innovation on the basis of previous explanation.Secondly,this paper introduces the basic theories for the research of financial risk management,which including the principal-agent theory,capital structure theory and internal control theory.After that,the paper introduces the basic concepts of risk,risk management,financial risk and financial risk management.Then according to the characteristics of Chinese real estate industry and the enterprises’ financial risks,this paper analyzes the current situation of the financial risk management in the real estate enterprises.Thirdly,the paper analyzes the causes and the different types of the real estate enterprises’ financial risks,then in order to analyze the real estate enterprises’ risk management system from the perspective of risk management,it studies the financial risks by financial and non-financial indexes.Finally,taking the W Real Estate Company as an example,this paper pays attention to the company’s comprehensive situation of daily operation and risk management system,then by the means of financial and non-financial indexes,the paper evaluates the current situation of the financial risk of W Real Estate Company,so as to make relative suggestion for W to improve its financial risk management.According to the current situation of the financial risk management of W Real Estate Company,this paper comes to conclusions as fellows which are on account of the existing problems in the operating process of W: Firstly,W should pay close attention tothe cost of development and business performance,as well as the creation of its own high quality brand;Secondly,W also should reduce the asset-liability ratio,issue more medium-term notes and corporate bonds to broaden the financing channels,increase the proportion of its own funds,carry out the stock option incentive plan which will fill up the company’s equity and improve its enterprise cohesion or the enthusiasm of the staff at the same time;Thirdly,It’s necessary for W to take measures to properly control its inventory,improve the quality of products and service;Fourthly,W can carry out multi-industry development pattern,such as the comprehensive development mode of real estate which can be used for both residential and commercial aims.Besides,W may pay attention to the development of pension facilities and related services,or improve the company’s brand popularity and develop the overseas market;Lastly,W shall strengthen the guiding and supervision function of financial budget,reduce the possibility of financial risk by sound internal control system,and improve the awareness of financial risk management of financial personnel. |
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