财务杠杆分析方法在万科公司的应用分析

目录一、绪论5(一）选题背景及意义5(1)选题背景.…5(2)研究意义.5(二)国内外研究现状….6(1)国外研究现状.….6(2)国内研究现状.….6(三)研究思路与框架...6(四)本文创新点….7二、财务杠杆的影响因素及作用..(一)财务杠杆的基本概念..7(二)财务杠杆的影响因素.81.内部因素…。.82.外部因素….8(三)财务杠杆带来的效应…9三、万科简介9(一)万科企业有限公司简介9(二)万科企业有限公司业绩评价现状9(三)万科公司财务杠杆运用现状分析.131.财务杠杆下的利益分析.….132.万科公司财务杠杆下的风险分析153.万科公司资产管理指标测算16(四)同行业房地产公司财务杠杆应用分析.…..17四、万科公司存在的问题.……17(一)财务杠杆战略缺乏可持续性发展…17(二)企业融资结构不合理，导致其存在较高的财务风险.18(三)财务风险防范机制不健全18五、问题的成因分析………18(一)融资结构的不科学性使财务杠杆应用出现两极化趋势.18(二)企业内外环境的不稳定性增加了企业经营风险.…19(三)管理者对风险的排斥造成对财务杠杆应用意识不强19(四)缺乏对财务风险的认识导致财务杠杆损失…192财务杠杆分析方法在万科公司的应用分析中文摘要房地产产业对我国经济发展具有重要影响，随着我国社会经济进入新常态，房地产产业的发展速度也逐渐的缓慢。房地产产业发展对资金具有较高的要求，是一个资本密集型高负债行业，在房地产开发的过程中往往需要大量的资金注入，使得其对财务杠杆具有较高的依赖性。在房地产企业发展的过程中，负债经营能够为其带来杠杆收益，同时也会给其带来一定的财务压力和偿债压力。当前房地产行业发展面临着一个突出问题一一一高财务杠杆，对行业健康、稳定可持续发展产生不利影响。虽然财务杠杆能够给房地产企业带来一定的收益，但是高财务杠杆会使得企业现金流量迅速下降，导致企业的偿付能力下降。针对该问题，我国相关部门不断的推出政策来解决，如习近平总书记提出供给侧改革措施来加强对房地产行业的干预，从而能够解决我国当前房地产行业面临的三大问题，分别为产能过剩、楼市库存高和高负债。由此可知，解决高财务杠杆已经成为我国房地产开发过程中必须要解决的问题。万科作为中国最大的专业住宅开发企业之一，早已位居世界500强并深深影响着我国房地产的走势，研究万科的财务杠杆效应，可以完善企业对财务杠杆效应的研究，为企业财务杠杆的应用提供相关依据，帮助房地产企业在应用财务杠杆时能够合理的规避高杠杆情况。本文首先介绍了万科所处的行业背景，并通过近五年的年报数据，对万科公司的财务杠杆应用情况进行研究分析，同时对行业整体应用情况进行分析，得出万科虽然财务杠杆偏低，但偿债能力下降、负债规模过大、获利能力也在下降的结论，最后对恒大房地产财务杠杆应用情况进行研究分析，得出相关结论，从而能够为为其他房地产企业合理的运用财务杠杆进行理论依据。【关键词】房地产行业：财务风险：财务杠杆：财务杠杆规划1Analysis on the application of Financial Leverageanalysis method in Vanke CompanyAbstractThe real estate industry has an important influence on my country's economic development.As my country's social economy enters a new normal,the development of the real estateindustry has gradually slowed down.The development of the real estate industry has highrequirements for capital.It is a capital-intensive and high-debt industry.In the process of realestate development,a large amount of capital injection is often required,which makes it highlydependent on financial leverage.In the development process of real estate enterprises,debtmanagement can bring leveraged income to them,but also bring certain financial pressure anddebt repayment pressure to them.The current development of the real estate industry is facing aprominent problem-high financial leverage,which has an adverse impact on the healthy,stableand sustainable development of the industry.Although financial leverage can bring certainbenefits to real estate companies,high financial leverage will cause a rapid decline in corporatecash flow,leading to a decline in corporate solvency.In response to this problem,relevantdepartments in my country have continuously introduced policies to solve them.For example,General Secretary Xi Jinping proposed supply-side reform measures to strengthen interventionin the real estate industry,which can solve the three major problems facing my country'scurrent real estate industry,namely,overcapacity and the property market.High inventory andhigh debt.It can be seen from this that solving high financial leverage has become a problemthat must be solved in the process of real estate development in my country.As one of the largest professional resi