The reasons and Countermeasures of financial risks in real estate enterprises
Release date: 2014-03-20 source: the network: [small] font
Abstract: with the rapid development of real estate enterprises, real estate enterprises become the focus of public concern, the financial risks of real estate enterprises also continue to accumulate. Through the analysis of the financial risks of real estate enterprises, the corresponding preventive measures are put forward in order to strengthen the risk prevention ability of real estate enterprises.
Affected by the housing market special control policies and macroeconomic policies, the real estate market demand in China has shrunk, prices began to fall, the difficulty of corporate cash flow turnover increased. These invisible from the United States subprime mortgage crisis can be seen, the real estate business once falling into the financial crisis is not only enterprises facing bankruptcy, also may affect the whole country's economic development and the economic crisis. So the real estate business in financial risk has emerged, it is necessary to take timely and effective measures to stop. At present, there is no financial crisis of the real estate enterprises should take precautions to prepare. Treat the financial risk management as the key point of the enterprise internal management.
1 factors affecting the financial risk of real estate enterprises
The financial risk is the risk that the enterprise increases because of the loan. The financial risk of real estate enterprises is the risk that the debt capital ratio of all capital of the enterprise depends on the debt capital ratio. The main factors that affect its financial risk are as follows:
First, the change of capital supply and demand. Regulation of real estate policy five countries "after the introduction, to the hot real estate market brought a chill, the banks started hoarding, as bank customers of high quality real estate developers in overnight was left out of the bank, developers of funds began to tense, hoarding real estate and land costs increase, and become the choice of many developers to accelerate the turnover rate, increase the supply of real estate in the short term, the relationship between supply and demand reversed.
Second, changes in profitability. From 2002 to 2012 listed real estate companies making pretax profit distribution of the survey, found that the standard deviation rate of the concentrated in 0 ~ 40% of the company has 3. 6%, 40% to 100% with 32 and 64%, this data than manufacturing companies have a certain gap, from generally speaking, the real estate business profitability varies greatly.
2 reasons for the formation of financial risk in real estate enterprises
With the rapid development of economy, the reason for the formation of the financial risk of real estate enterprises comes from many aspects, the correct financial risk analysis is very important to the development of real estate enterprises. The following is a summary of the reasons for the formation of the financial risk of real estate enterprises.
2.1 real estate enterprise capital structure is not reasonable
Capital structure refers to the composition of various capital and its proportion. Whether the capital structure is reasonable, directly affect the enterprise's debt to the enterprise is the income or risk. The current real estate enterprises sales is not stable, business is the fierce competition, changes in the profitability, financing channels blocked, and in recent years, credit growth too fast, low proportion of its own funds, investors, the majority of the lack of funds, China's real estate development enterprise debt rate is far higher than that of debt for 50% of the world recognized the warning line, the majority of enterprises reached 75.8%, individual real estate more than 80%. This means that the proportion of real estate enterprise debt capital is too high, the capital structure is unreasonable, making China's real estate finance is facing a higher financial risk.
2.2 financial budget control management is not in place
As a typical capital intensive industry, the real estate industry has the characteristics of large upfront investment, slow recovery of funds, long development cycle, etc.. Under the previous property to worry about sales, many developers in the budget shortfalls, institutions are not perfect and the relevant departments do not communicate the blind bidding, the right to the use of the land, and later only one-sided pursuit of engineering quality and on time delivery, regardless of the cost. Currently due to changes in the situation, if enterprises still do not strengthen the consciousness of the financial budget management, do not pay attention to the budget and control of land costs, construction costs, the cost of capital and the rate of investment return, not only can not achieve the original goal of profit, even and thus produce the financial risk of the funds suspended, leading to the loss of business.
2.3 managers have a weak sense of internal control
At present, most of the real estate enterprise managers of the quality is not high. Most of them started from the installation, the construction industry, the lack of understanding of internal control, internal control awareness, understanding is not comprehensive. For example, the internal control of the enterprise as an internal control system. Enterprise management mechanism of a large part of useless, division of labor is unknown, lax supervision of the supervision department, some enterprises even decision-making operators to monopolize enterprise customers. In the business they often only pay attention to the progress and quality of the project, do not pay attention to financial sector funds management, cost management, risk control management, mainly for internal containment relationship chaos, internal financial control information transmission is not smooth and simple financial cost accounting rough hand.
2.4 cost control system is not perfect
Real estate enterprise cost management is a complex and systematic work process, enterprise financial management is the core and key, the cost of real estate project mainly includes the land acquisition cost, engineering cost and material costs, installation costs, relocation compensation costs, facilities costs, artificial
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