保利地产财务杠杆与财务风险分析

摘要随着经济全球化的发展，我国经济发展也走向了一个新的篇章。国际市场竞争形式越来越激烈，上市企业都不希望在这个过程中被市场淘汰，在经济全球化的大环境下，国内企业也希望跟上脚步，取得更大规模的发展。此时，举债经营成为摆在众多房地产企业面前的最优选择。举债经营的方式多种多样，企业可以向市场发行债券，也可以向银行进行抵押借款，还可以发行优先股便，这些都是企业筹资的得力助手。企业财务管理中，财务杠杆是企业筹资的主要工具之一，如果对财务杠杆利用得当，那么企业便可以利用负债尽可能提高自身股价。本文以保利房地产为例研究了财务杠杆效应，在此基础上通过保利地产的资产负债结构比率、利润情况与现金流情况分析保利地产的财务状况，得到财务杠杆系数，以及所带来的财务风险。为此，从逐步降低杠杆、增强营业能力、优化企业的资本结构、完普财务管理机制、提升应收账款与存货周转能力这五个方向有的放矢地提出降低保利地产财务杠杆与负债比例的对策。关键词：财务杠杆、财务风险、保利地产ABSTRACTWith the development of global economic integration,the economicdevelopment of China has come to a new page.In order to be able to survive in theincreasingly sharp competition ,making themselves to get a better developmentunder the background of economic globalization,companies need to rely on a varietyof ways to expand their own power,Debt management,as an application of financialleverage,has become an indispensable way for enterprises to expand their strength.Debt management refers to the issuance of bonds,banks borrow to issue preferredstock and other ways to raise funds.Financial leverage is an important financial toolin corporate financial management.Reasonable use of financial leverage can reducethe cost of capital and increase the value of the company.This paper takes Poly RealEstate as an example to study the financial leverage effect.On this basis,it analyzesthe financial situation of Poly Real Estate from its asset-liability structure ratio,profitsituation and cash flow situation,obtains the financial leverage coefficient,and pointsout the negative effect of financial leverage of Poly Real Estate,as well as thefinancial risk brought by it.Therefore,from the five directions of gradually reducingleverage,enhancing business capacity,optimizing the ownership structure of thecompany,improving the financial management mechanism,and improving the abilityof accounts receiving and inventory turnover,this paper puts forward thecountermeasures to reduce the ratio of financial leverage and liabilities of Poly Realestate.Keywords:financial leverage,financial risk,Poly Real Estate目录前言第1章企业财务杠杆及财务风险相关理论概述1.1企业资本结构的定义与企业发展的关系1.2企业财务杠杆及财务风险的定义及之间关系1.3企业财务杠杆的计算及其对财务风险的启示第2章保利地产财务现状及财务杠杆分析2.1保利地产及其财务状况2.1.1保利地产概况2.1.2保利地产财务状况2.2保利地产财务杠杆计量及其与同行业比较2.2.1保利地产财务杠杆系数计量2.2.2同行业比较第3章保利地产面临的财务风险现状分析3.1保利地产财务杠杆作用下企业财务风险特征3.1.1经营风险扩大化3.1.2筹资风险扩大化3.1.3盈利风险扩大化3.2保利地产财务杠杆风险扩大的原因分析3.2.1资产负债结构不合理3.2.2应收账款与存货周转能力较低3.2.3成本费用控制滞后第4章降低保利地产财务杠杆风险的对策4.1降低负债率，逐步去杠杆4.2优化股权结构4.3提高盈利能力4.4设置财务风险防范机制4.5提升应收账款与存货周转能力总结致谢参考文献