专 业:工商管理

学员姓名:赵琰

导师姓名:王凤

学员签名:

导师签名:

摘要

中国房地产行业在历经了二十年几年的迅猛发展之后,如今已经成为我国国民经济

的重要支柱产业之一。房地产行业对拉动消费和培育新的经济增长点有着举足轻重的意

义。自2013年以来,在经济平稳回升和政策趋向宽松等宏观大环境持续向好的情况下,

我国一、二线城市房地产市场迅速回暖,并维持高位成交态势。大批房地产企业竞相逐

鹿资本市场,争相借壳上市或者谋划海外投资发展。同时,与之相应的新一届政府执政、

十八届三中全会召幵,未来房地产行业必将面临新的政策挑战。

本文首先按照文献综述法对项目财务投资决策基本理论的相关文献进行归纳,充分

了解国内项目财务评价的实践经验,并通过比较国内一些房地产项目财务评价的方法,

借鉴其先进的经验,系统分析和归纳出当前SG集团地产项目投资决策中存在的问题及

原因。

其次,结合SG集团当前实际情况,并结合SG集团102棚户区改造地产项目,提出

SG集团地产项目投资的财务可行性分析的相关结论。相关结果表明该项目的财务指标符

合预期,具有一定的盈利能力和偿债能力,充分论证了本项目的财务可行性。

最后,结合财务风险识别管理框架,提出了以下一系列SG集团地产项目投资风险

识别及控制措施:第一,SG集团需要加强融资方案研究,提升企业融资能力。第二,需

要加强SG102项目资金监督和管理,充分发挥资金利用效率。第三,需要加强SG102项

目成本管理水平,降低成本消耗,提高项目经济效益。第四,需要强化SG102项目风险

防范意识,切实做好项目的资金风险预测与防范。第五,注重加强地产项目财务管理和

项目管理人才的培养。

【关键词】房地产开发项目;投资;财务决策;财务风险;风控措施

【研究类型】应用研究

Title:Design on decision making of investment on SG Group 102 p

rojects

Specialty: Business Administration

Name: Zhao Yan

TutorrWang Feng
Signature:

Signature: t

Abstract

Over the development of the past 20 years, Chinese real estate industry has

become one of the important pillar industries for national economy. Real estate

industry plays an important role in stimulating consumption and new economic

growth. In 2013,under the constantly improving macro-environment including

loose policies and steady recovery in economy, markets in the first and second

tier cities recovered swiftly and remained high level in deal. Real estate

companies marched into capital market and competed for back-door listing or

overseas investment. Accordingly, with the new government in office and

opening of the Third Plenum Session of the 18th CPC Central Committee,

there are new challenges in policies of real estate industries in the future.

This paper first makes conclusions on literatures related to the basic theory

of financial evaluation of the projects according to literature review methods,

collects practical experience in domestic project financial evaluation, learns

from the advanced experience by comparing with some domestic project

financial evaluation on real estate, and makes systematic analysis and

conclusion for the current problems and reasons in its investment decision.

Second, combining the practical situation with the project of 102 shanty

areas' rebuilding, SG Group puts forward financial feasibility study on its real

estate investment. Related results shows that financial index of the project fits

for the anticipation, equips with the capabilities of profitability and debt paying,

and thus fully demonstrates its feasibility

In general, with the management framework of financial risk identity, a