Research On The Financial Risk Control Of Real Estate Enterprises Based On Z-Score Model

The real estate industry,which is closely related to many industries,has developed rapidly in recent years and has become a pillar industry that can affect the national economy and the people's livelihood.For a long time,the characteristics of super-high profits in the real estate industry have attracted a number of companies to join the company.The real estate industry has large capital requirements for operating activities.The amount of funds for each project is also high,and the fund recovery cycle is long and it is a capital-intensive industry.In addition,the state has strengthened the control and adjustment of the real estate market over the years to reduce the financial risks of the real estate industry.The stable development of an enterprise is closely related to the size of its financial risk.How to identify and control financial risks and reduce financial risk losses has become a key issue for the sustainable development of real estate companies,and is particularly important in the development process.It is hoped that the research of this paper can give the industry some opinions on how to control financial risks.Based on the current situation of China's real estate enterprises,the paper analyzes the situation of real estate companies' financial risks through literature search,case studies,quantitative and qualitative analysis.In order to better demonstrate the impact of macroeconomic policies and house price control measures on our country' s real estate industry in recent years,when calculating the financial risks of real estate companies,we used financial indicators from 2012 to 2016 to conduct financial risk analysis and apply corrections.The Z3 model afterwards calculates the Z value of the listed companies listed in the 55 real estate companies.Selecting M real estate company as a case study object,based on the Z3 model to analyze its debt repayment risk,operational risk,profitability risk and cash flow risk,multi-faceted evaluation of M real estate company financial risk control specific measures.Finally,after studying the causes of the financial risks in the industry and its influencing factors,how to reduce the financial risks faced by real estate companies,from improving the ability of enterprises to adapt to the external environment,strengthening the optimal management of corporate financing structure,and rationally planning investment Projects,reasonable control of funds,good financial risk warning mechanisms,and other aspects are controlled.Through the above analysis,this paper concludes that the revised Z3 model is more applicable to the financial risk analysis of real estate listed companies than the Z-Score model;M real estate companies have good financial risk control and awareness of risk management,but they should still strengthen their The financial risk management system;the real estate industry's high debt ratio,unreasonable capital structure,and diversified financing channels.It is necessary to continuously improve the ability of real estate companies to adapt to the external environment,optimize the management of financing structures,plan investment projects rationally,and improve the early warning system for financial risks.