房地产企业资本结构的监管—新湖中宝案例分析

近年来由于极速扩张的发展模式，导致房地产企业的资本结构中负债普遍过高。但目前政府宏观调控出台后，高负债的资本结构已经不合时宜。本文的意义即在于通过对新湖中宝的案例分析来揭示房地产行业不合理的资本结构并加以分析解决。
本文内容从新湖中宝以财务手段所的报表着手，结合企业粉饰报表的财务手段，笔者通过房地产企业在宏观调控下的现状、企业现金流、资本结构和粉饰报表的财务手段这四个角度分析出新湖中宝本身存在的资本结构中债务过高，经营投资所获得现金流两年为负，大量应收账款粉饰利润等问题。在结合房地产行业正常运营对资金的需求以及目前的融资能力已达饱和的分析后，不难得出高负债资本结构带来的风险已经过高，进而从新湖中宝的个例来推出整个房地产企业在宏观调控下面临的资本结构改革势在必行。
 
关键词：房地产企业；资本结构；财务分析，

Abstract
In recent years, due to the breakneck expansion model of development, In the capital structure of real estate enterprises ,debt is generally too high. But now the government macroeconomic regulation and control, high debt capital structure has been outdated. , the significance of this paper is through to the Xinhu Zhongbao case analysis to reveal the capital structure of real estate industry is not reasonable and analysis the capital structure of the solution.
This article content from the financial statements of the Xinhu Zhongbao, combining the financial means of enterprise,author through present situation under the macro-control of real estate enterprises;the enterprise capital structure ;cash flows and financial means these four ways to analyse ,and find Xinhu Zhongbao itself exists some problems,such as the capital structure of debt is too high, business and investment cash flow have been negative for two years, accounts receivable whitewash profits and so on. After the analysis combination with the normal operation of real estate industry demand for funds and current financing capability has reached saturation, it is not difficult to draw on the risks of highly debt capital structure is too high, then from the Xinhu Zhongbao example to infer the real estate enterprises are faced with the capital structure reform under the background of macro-economic control.
Key words: real estate enterprises; capital structure; financial means

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