硕士学位论文
H 房地产企业融资风险分析及优化建议
学 生 姓 名 许吉振
学 号2020310010115
学科(专业学位)工商管理
研 究 方 向 企业战略
导 师 谢朝阳
校 外 导 师 宋玉芬
2022 年 06 月 05 日 H. financing risk analysis and optimization
suggestions of real estate enterprises
By
Xu Ji Zhen
A Dissertation Submitted to
North China University of Technology
In partial fulfillment of the requirement
For the professional degree of Business Administration
( Master of Business Administration )
North China University of Technology
June， 2022北方工业大学学位论文原创性声明
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导师签名： 日期：H 房地产企业融资风险分析及优化建议
摘 要
房地产行业在为我国经济的发展作出突出贡献的同时，由于其作为资金密集
型行业，其生存与发展离不开大量的资本支持。因此，融资成为其发展过程中一
个不可避免的环节，由此也逐渐暴露出了资金结构不平衡、融资成本过高等融资
风险问题，且这一情况越来越严重。在此情形下，政府部门以及各金融机构相继
出台各种严格的信用类融资政策，以促使房地产行业的融资步入规范化渠道。毫
无疑问，这将为许多房地产企业的融资带来新一轮的挑战。
在此宏观融资环境下，H房地产企业作为房地产行业的代表性企业，由于市
场形势、宏观融资政策的变化等原因，在经营发展的过程中不可避免的出现了各
种各样的融资风险问题。因此，本文以国内外融资风险相关理论为基础，以对整
个房地产行业的融资背景分析为前提，以 H 房地产企业为切入点，剖析其融资
构成、财务业绩等系列指标，做到了将影响房地产的内部风险因素及外部风险因
素相结合进行分析，发现H 房地产企业在面临着严峻的外部融资环境的同时，
也存在着融资结构不均衡、财务绩效指标较差、杠杆系数较高、期限结构不合理、
“三道红线”超标严重等内部融资风险问题；最后，对于所发现的融资问题结合
H 房地产企业所面临的具体经营环境，提出针对性的建议，指出从宏观经济政策、
融资结构、企业自身风险指标体系的构建等方面采取措施予以应对所面临的融资
问题，以弱化 H 房地产企业的融资风险，优化其融资结构，进而提升公司的总
体经营水平，推动公司的长期可持续性成长，同时为整个房地产行业的共性问题
也能提供很好的参考。
关键词：H房地产企业，融资风险，优化建议
I H. financing risk analysis and optimization suggestions of real
estate enterprises
ABSTRACT
While the real estate industry has made outstanding contributions to the
development of China;s economy, its survival and development cannot be achieved
without a large amount of capital support because it is a capital-intensive industry.
Therefore, financing has become an inevitable part of its development, which has
gradually exposed the problems of unbalanced capital structure and high financing
costs, and this situation is becoming more and more serious. In this situation,
government departments and financial institutions have introduced various strict
credit-based financing policies to promote the financing of the real estate industry into
a standardized channel. Undoubtedly, this will bring a new round of challenges for
many real estate companies; financing.
In this macro financing environment, H real estate enterprise, as a representative
enterprise in the real estate industry, inevitably has various financing risk problems in
the process of operation and development due to the market situation and changes in
macro financing policies. Therefore, based on theories related to financing risks at
home and abroad, this paper analyzes the financing background of the whole real
estate industry, takes H real estate enterprise as the entry point, analyzes its financing
composition, financial performance and other series of indicators, and achieves the
combination of internal risk factors and external risk factors affecting real estate for
analysis,It is found that while H real estate enterprise faces a severe external financing
environment, it also has internal financing risk problems such as unbalanced financing
structure, poor financial performance indicators, high leverage coefficient,
unreasonable maturity structure, and serious excess of the "three red lines". Finally,
we propose targeted recommendations on the identified financing problems in the
context of the specific business environment faced by H real estate enterprises,
pointing out that measures should be taken to address the financing problems faced in
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