房地产公司资金链风险管控研究-以Z公司为例-会计硕士专业论文.docx

摘 要 资金链风险是房地产企业的主要风险之一。从 2013 年开始，全国各地不断爆 出房地产开发商资金链断裂的报导。房地产行业的政策近几年连续收紧，很多房地 产开发商因为资金链断裂问题不得不退出房地产行业。面对资金链风险，各个房地 产公司想出各种办法来周转资金，维持经营。江西中江地产股份有限公司是在上海 证券交易所上市的房地产上市公司。中江地产开发的项目紫金城商业地产已建成 8 年，因为招不来商家，尚不能开业，造成公司业主等相关人员的巨大损失。资金无 法回收，中江地产出现资金链风险。因此，近期中江地产以 1.5 倍的价格回收商铺， 用来解决资金链风险。并且从 2013 年起中江地产的大股东江中集团决意转让中江 地产 51%的股份，之前多次用股权质押到银行获取贷款。受宏观调控政策的影响， 楼市明显降温，各地房地产成交量均有所下滑，存量却只增不减。中江地产 2006 年建设的紫金城至今尚有大部分尚未售出，加上之前回购的商铺，其存货压力十分 大。而去库存化，则需要相当长的一段时间。目前中江地产的存量大概有 100 万平 方米。由于紫金城之前招商不来的影响，想要将这一百万平方米的库存销售出去， 不是一件易事。资金链断裂会带来严重的风险，相关利益群体如购房者、建筑公司、 民间债主等的利益会受到严重损伤。“烂尾楼”、“鬼城”等现象影响了城市形象， 造成了巨大的资源浪费。 本文对房地产资金链风险进行了剖析，主要依据对中江地产资金链风险的分 析，从获得的中江地产经营情况的资料和中江地产的财务报告数据指标分析入手， 得出中江地产资金链风险的原因所在，有针对性的提出相应地对策。 关键词：房地产企业 资金链 风险 管控 Abstract Capital chain risk is one of the main risks of real estate enterprise. Since 2013, all over the country reports out real estate developers of the capital chain rupture. Continuous tightening policy of real estate industry in recent years, many real estate developers because of capital chain rupture problem had to drop out of the real estate industry. Facing the risk of capital chain, many real estate companies come up with various ways of working capital. Jiangxi ZhongJiang real estate co., LTD is listed on the Shanghai stock exchange listed company of real estate. ZhongJiang zijin city commercial real estate property development project has been built for eight years, because recruit to the merchants, can not be opened, and cause huge losses company owner and other related personnel. Money cant recycle, risk capital chain ZhongJiang property. Therefore, the recent ZhongJiang property for the price of 1.5 times the recycle shops, used to solve the capital chain risk. And ZhongJiang since 2013 real estate group of major shareholders in the river was determined to transfer ZhongJiang a 51% stake in real estate, many times before in equity pledge for loans to the bank. Affected by macro-control policies, the property market cooling, the housing transaction volum