Research On Financial Risk Of Real Estate Enterprises From The Perspective Of Cash Flow

Nowadays,with the rapid development of economy and society,enterprises need to face more and more uncertain factors.The traditional financial indicator system can no longer meet the needs of enterprises to evaluate financial risks.In recent years,many scholars have found that cash flow largely determines the ability of enterprises to survive and develop,and cash flow indicators also play an important role in corporate financial risk management.Real estate is a capital-intensive and policy-sensitive industry.In recent years,the state has introduced a number of regulatory policies to restrict the flow of real estate funds from the sales end to the financing end.Therefore,the cash flow financial risk of real estate companies is also higher.Based on this article selects Yuetai shares-a more typical case company,to identify the financial risks of the company from the perspective of cash flow.Case study are used to analyze the cash flow financial risk of Yuetai shares,Above all,the paper reviews the relevant literature from three aspects:financial risk,financial risk of cash flow and financial risk assessment methods,introduce the concept of cash flow management and financial risk,the meaning and factor of Cash flow financial risk,then put forward the capital cycle and turnover theory,risk and return equilibrium theory to provide a theoretical basis for the following writing.Next,analyze the cash flow financial risk of Yuetai shares from three aspects,cash flow direction analysis,cash flow analysis and cash flow rate analysis,discovered the main existence questions are irrational cash flow structure,the low efficiency of capital turnover and lack of access to finance.Then identify the cash flow financial risks of Yuetai shares from operation processes,fundraising processes and investment process,operation processes'risks involve the management risks of inventory and receivables,fundraising processes'risk include insolvency risk,the risk identification of investment process from two perspective:investment scale and investment income.Then use Z₃model and f-score model to evaluate the financial risk of the enterprise.In the end,put forward methods for dealing with risk to solve the problem of Yuetai shares,Firstly,improve the level of cash flow budget preparation and build a set of financial affairs risk early warning mechanism;secondly,improve the operating capabilities and accelerate capital turnover;thirdly,optimizes the property structure,strengthen the cost control and improve the profitability of the business;Finally,broaden financing channel,optimize the debt structure and enhance the solvency capability.