中原工学院
学位论文原创性声明
本人郑重声明：所呈交的学位论文，是我个人在导师指导下进行的
研究工作及取得的研究成果。论文中除了特别加以标注和致谢的地方
外，不包含任何其他个人或集体已经公开发表或撰写过的研究成果。
其他同志对本研究的启发和所做的贡献均已在论文中作了明确的声明
并表示了谢意。
本人学位论文与资料若有不实，愿意承担一切相关的法律责任。
学位论文作者签名 :
2022年 5月 23日
中原工学院
学位论文知识产权声明
本人完全了解中原工学院有关保护知识产权的规定，即：研究生在
校攻读学位期间论文工作的知识产权单位属于中原工学院。学校有权保
留并向国家有关部门或机构送交论文的复印件和电子版。本人允许论文
被查阅和借阅。学校可以将本学位论文的全部或部分内容编入有关数据
库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位
论文。
保密论文待解密后适用本声明。
学位论文作者签名：
指导教师签名：
2022年 5月 23日
2022年 5月 23日

中原工学院硕士学位论文
摘
要
当前房地产行业的发展受到自身和外部因素的共同影响，行业经营中的风险
不断暴露。资金链断裂、无法按时偿债偿息等财务危机频频发生，甚至陷入破产
重组的危机。房地产作为我国重要经济产业，急需防控、整治和变革来应对出现
的财务危机。
本研究通过分析中国房地产发展的形势和现状，以探究财务危机形成原因为
出发点。首先对 HD集团近五年的报表数据进行收集和整理，运用财务指标对其
偿债、盈利、营运、发展能力等方面进行深入分析，对其负债率、净利率等比例
与同行业均值相比较。通过财务指标的分析可以看出，HD集团在近五年发展盈
利、偿债能力持续恶化，营运、发展能力不断减弱。在外部因素政策调控、市场
竞争、多元化投资和常态化疫情的共同影响下，其财务危机的最终爆发。
接着运用扎根理论研究法，运用 NVIVO 11 PRO软件按照特性对一手资料
和二手资料进行开放式编码。对于形成的范畴和概念进行总结，得出 25个副范
畴。通过对 25个副范畴的整理生成7个主范畴：环境、企业管理、企业文化、
经营风险、市场信任、投资决策和企业战略。通过理论抽样，不断检测所归纳的
主范畴是否合理。最终通过选择式编码，形成四个核心范畴：企业文化、决策、
环境、信任。通过整理得出四个核心范畴之间的逻辑关系，构建出研究的理论。
最后，根据研究的结果总结出 HD集团财务危机的启示：（1）培养员工的
企业认同感；（2）合理规划决策布局；（3）建立灵敏的外部环境预警机制；（4）
建立良好的信任关系。在培养员工的企业认同感启示当中，提出了重视高管断裂
带的意见，以期为其他房地产企业提供参考价值，提前规避风险的产生，保障企
业的财务安全和可持续发展。
关键词：HD集团；房地产；财务危机；扎根理论
I

中原工学院硕士学位论文
Abstract
The current development of the real estate industry is affected by both its own
and external factors, and the risks in the industry's operation are constantly exposed.
Financial crises such as broken capital chains and failure to pay debts and interest on
time occur frequently, and even fall into bankruptcy and restructuring crises. As an
important economic industry in China, real estate urgently needs to prevent, control,
rectify and change to cope with the emergence of financial crisis.
This study takes the analysis of the terrain and status of China's real estate
development as a starting point to explore the causes of the formation of the financial
crisis. Firstly, the data of HD Group's statements in the past five years were collected
and organized, and its debt service, profitability, operation and development capacity
were analyzed in depth by using financial indicators, and its debt ratio and net interest
rate were compared with the average value of the same industry. The analysis of
financial indicators shows that HD Group's profitability and debt-servicing capacity
have continued to deteriorate in the past five years, and its operating and development
capacity has been weakening. The final outbreak of its financial crisis is under the
combined influence of external factors policy regulation, market competition,
diversified investment and normalized epidemic.
Then, using the rooted theory research method, the NVIVO 11 PRO software
was used to open-code the primary and secondary data according to characteristics.
The categories and concepts formed were summarized to produce 25 sub-categories.
The collation of the 25 sub-categories resulted in seven main categories: environment,
business management, business culture, business risk, market trust, investment
decisions, and business strategy. The theoretical sampling was used to continuously
test the reasonableness of the main categories. Finally, four core categories are formed
through selective coding: corporate culture, decision making, environment, and trust.
The logical relationship between the four core categories is derived by organizing
them, and the theory of the study is constructed.
Finally, based on the results of the study, we conclude the insights of HD Group's
financial crisis: (1) cultivate employees' corporate identity; (2) plan the layout of
decision-making rationally; (3) establish a sensitive early warning mechanism for the
external environment; and (4) establish a good trust relationship. Among the
II
。。。以下略