| Cash is the basic guarantee for the operation and operation of an enterprise.Sufficient cash flow is a necessary condition for the daily operation of an enterprise.It plays a very important role in the formulation and implementation of an enterprise’s financial strategy.Compared with other industries,the real estate industry has the characteristics of high investment,high risk,and high yield.At the same time,due to its generally long payback period,the continuous and stable cash flow is the smooth development of real estate enterprise projects,continuous operation of enterprises,and the continuous expansion Necessary guarantee.Secondly,the state ‘s policy on the real estate industry has been continuously adjusted with the development of the industry,and relevant policies have been continuously introduced to suppress the growth of house prices.The development of real estate companies is always facing new challenges.Against this background,most real estate companies have problems such as inventory backlogs and broken capital chains,and only a few real estate companies can continue to develop steadily.These problems exist on the one hand because of the continuous influence of industry policies,on the other hand,it is manifested in the lack of attention paid to cash flow management by real estate companies,which also affects the formulation and implementation of corporate financial strategies.Therefore,it is necessary to study the implementation of the financial strategy of real estate as a special industry from the perspective of cash flow management.Such analysis and research not only helps the real estate enterprises to operate in a sound manner,but also facilitates the reasonable distribution of profits within the enterprise,thereby promoting the enterprise The smooth implementation of the overall business strategy has also laid a good foundation for the future healthy development of the enterprise.This paper analyzes the current financial strategy problems of Z Real Estate from the perspective of cash flow,and uses research methods such as literature research,case analysis,and comparative analysis.It first describes the concepts of corporate financial strategy,cash flow,cash flow characteristics of real estate companies and a cash flow analysis system based on four perspectives of cash flow,cash flow,cash flow and cash flow,combining cash flow with the company ‘s internal development.The cash flow is combined with the internal management of the enterprise to conduct an overall analysis,combining the flow analysis and flow rate analysis ratios to perform index analysis.Secondly,it analyzes the internal and external environment and financial strategy of Z Real Estate,and then selects Z Real Estate’s 2016-2018 financial statements and other relevant information on the basis of the cash flow analysis system.Z Real Estate’s financial strategy may exist A systematic analysis of the problems was concluded and the following problems were summarized: the investment scale continued to expand and there was a risk of capital rupture;insufficient hematopoietic function and narrow financing channels;profit distribution was dominated by cash payments,and lack of financial incentives and other financial strategic issues.Subsequently,the formulation standards and objectives of Z Real Estate’s financial strategy are elaborated,and corresponding optimization plans are given for these issues: adjusting the financing structure and financing channels,ensuring sufficient cash flow and blood supply,and replacing short-term loans,entrusted loans,and guarantees with long-term loans Loans,bond issuance,and stock financing;broaden the investment field,distribute cash flow evenly,focus on lower-cost acquisition strategies,directly purchase project company equity or joint venture development models,etc.;reduce the cash dividend paymentratio and improve profit distribution strategy.Finally,it provides constructive advice for other companies in the same industry to formulate financial strategies: one is to formulate a scientific investment strategy for diversified investment;the other is to develop financing channels to optimize the capital structure;and the third is to establish a cash flow risk management system to reduce operating risks. |
