房地产行业财务风险分析研究——以保利地产为例

摘要
最近几年，随着中国国民经济的快速发展，中国的房地产企业也得到了突飞猛进的发展，成为我国最重要的经济支柱之一，在高速发展的同时，房地产行业因为其自身的特点，在发展的过程中存在着很高的财务风险。
保利地产作为保利集团的房地产旗舰公司，五大央企房地产企业之一，是中国最具投资价值的房地产上市公司，经过了20年的努力，现已进入了规模化发展阶段，目前已成为国内的龙头企业之一，截至2010年一季度，继万科地产之后成为房地产行业的第二个千亿元大企业。本文主要以保利地产有限公司为研究对象，从房地产行业的发展状况以及保利地产的概况为切入点，通过对保利地产的核心财务指标进行分析，结合企业自身的特点，阐述了保利地产具备良好的营运能力和处于比较稳健的发展前景。同时，通过对相关指标的分析，发现该企业在财务方面所存在的风险，从而提出相应的应对策略以及防范措施。最后，针对企业的发展状况向投资者和管理者提出相关的建议，为报表的使用者提供一个新的观察角度。

关键词：保利地产；财务风险分析；财务指标

Research on the Financial Risk in the Real Estate Industry
——Taking Poly Real Estate for Example
Abstract
In recent years, with the rapid development of China’s national economy, China’s real estate industry also enjoys prosperous progress and has become one of our most important economy pillars. Owning to its own characteristics, the real estate industry has high financial risks in the process of development.
As the flagship company of the Poly Group Cooperation in the real estate industry, which is one of the five main central enterprises running the real estate industry primarily, Poly Real Estate is the listed real estate company with the most investment value in China. Under its 20-year efforts, Poly has entered the large-scale development stage, and has become one of domestic leading enterprises. By the first quarter of 2010, it has become the second enterprise with hundreds 100 billion capital after Vanke Real Estate. Taking mainly Poly Real Estate Co., Ltd. as study object, and the development of real estate industry and the general situation of Poly Real Estate as breakthrough point, associating with the own features of the enterprise, this article analyzes the core financial indicators of Poly Real Estate, and sets forth that Poly Real Estate has favorable operation ability and rather steady development prospect. In addition, this article discovers the risks existing in the finance of the enterprise by analyzing the related indicators, and thus puts forward the corresponding coping strategies and precaution measures. In the end, it gives investors and managers some related advices on the development of the enterprise, providing a new observation angle for the users of accounts.  
Key Words: Poly Real Estate; financial risk analysis; financial ratio 

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