| The real estate industry is very important for China’s economic development,and its steady development plays a key role in raising the national economy.Greenland Group is a globally diversified enterprise group founded in 1992 and headquartered in Shanghai,China.Greenland Group’s real estate development projects are located in major provinces,autonomous regions and municipalities directly under the central government,especially high-speed rail station business districts,super high-rises,and industries.Development of areas such as parks and large urban complexes.Nearly half of the world’s top ten high-rise buildings come from green spaces.The financial information of listed companies is the investment basis of investors.The traditional financial analysis is based on financial statements and data.Due to the special business model and industry characteristics of real estate enterprises,the financial analysis of real estate enterprises is directly used by existing financial analysis methods.It may lead to misjudgment of various financial indicators of the enterprise,and it is not possible to draw targeted conclusions and fully reflect the financial status of the company.Therefore,this paper uses the Harvard financial analysis framework developed by Harvard University Pei Pei,Healy et al.,first consults the Harvard framework domestic and foreign related literature,journals,papers and other materials,combs domestic and foreign academic history,learns and summarizes the research status at home and abroad.Study and study the relevant theoretical knowledge of Harvard framework,mainly study the basic knowledge of the theory from the four dimensions of strategic analysis,financial analysis,accounting analysis and prospect analysis,and learn how each module analyzes.Then select a more representative real estate company-Greenland Group to conduct case analysis and use the financial statements data for 2015-2018.Firstly,the Greenland Group will introduce the financial status of the system,and then analyze the combination of qualitative analysis and quantitative analysis from the four aspects of strategic analysis,accounting analysis,financial analysis and prospect analysis.In the main four chapters,the strategic analysis starts with the macro-strategic environment and micro-strategy analysis;the accounting analysis selects accounting policies and accounting estimates for the three most important accounting items of accounts,accounts receivable and fixed assets of Greenland Group;The financial analysisuses a combination of vertical and horizontal analysis methods to horizontally select Vanke Group,Poly Real Estate and Gemdale Group,which are also in the leading position of Greenland Group,for comparative analysis of the industry.It analyzes from four perspectives:solvency,operational capability,profitability and cash flow analysis;prospect analysis is an analysis of industry prospects,strategic prospects,and risk prospects.Through a series of analysis,it was found that Greenland Group’s solvency and operational capability were weak,and the profitability development trend was good.It was found that Greenland Group’s inventory accounted for a large proportion of assets,development costs were high,and accounts receivable management work was inefficient.Profitability needs to be improved.In the end,the Greenland Group proposed several development proposals from four levels,hoping to learn from Greenland Group and the industry’s optimization and development and financial analysis. |
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