当前市场环境下，房地产不仅仅是我国持续深化改革的重要民生项目，更是社会公众关注的热点所在。其全面、快速地发展不仅推动了城乡一体化的建设步伐，还带动了多个上下游关联产业的共同进步，在一定程度上吸纳了闲置劳动力，优化了社会整体资源的合理配置，房地产的重要地位无须赘述。但就目前来看，我国宏观经济正处于转型的关键时期，整体发展速度放缓，这也使得房地产市场告别飞速发展的黄金十年，步入以稳为主基调的白银时代。伴随整体形势转变而来的还有“限购、限贷、限售抑制需求”、“租购并举”、“信贷趋紧”及“去库存”等相应调控政策的实施，在多重因素的共同作用下，使得房地产企业不得不面临较大的挑战，同时也为其管理者和投资方带来了棘手的问题。在如此复杂多变的环境下，管理者更应该通过财务数据知晓其深层涵义并掌握潜在风险，即能够采用科学的方法，合理、有效地识别、评价和控制房地产企业在发展过程中现已存在或潜藏的财务风险，这对保证其长期良性发展作用突出且意义显著。 基于这样的现实环境因素，本文选取处于扩张发展时期的中小型房地产上市公司BL地产公司，对其财务风险进行研究。首先，从研究背景着手，引出研究目的和意义，并对国内外有关财务风险的研究成果进行了梳理总括；其次，阐述了财务风险的定义、特征、分类和本文所涉及的相关理论；再次，简要介绍了BL地产公司的基本情况，并以资本循环运动视角为切入点，选取相应的财务数据和指标，就BL地产公司的筹资环节、投资环节、营运环节以及收益分配环节依次展开财务风险识别，并分析风险产生成因；然后，结合BL地产公司2012——2016年间公布的20组季度财务数据，筛选反映其盈利能力、偿债能力、营运能力、成长能力和现金流量水平的多项财务指标，运用因子分析法构建BL地产公司的财务风险评价模型，旨在对其近五年的财务风险状况进行评价；最后，根据前文财务风险识别及评价的实际结果，有针对性地提出了合理、适用的控制措施，以期为BL地产公司及与其类似的房地产上市公司防控财务风险提供参考。

In current market environment, real estate business is not only an important project involving people's livelihood with our country's continuously deepening reform, but also a focus of public attention. The rapid and comprehensive development of real estate industry has moved forward the step of urban-rural integration and has driven the growth of some related industries . The real estate industry has also absorbed surplus labor forces to some extend and optimized the allocation of overall social resources. However, even though the real estate industry holds such an important position, under our country's transformation of macro economy in a critical period and the deceleration economic development , the market has come out of the "Golden Age" of ten years' rapid growth and has entered a "Silver Age" -being stable is the predominant theme. What comes along with the change of overall situation are the implementation of some regulation policies, such as "purchase and loan limitation", "sales limitation", "rent and sell simultaneously" and "destocking", which have posed some difficult challenges to real estate industry as well as the managers and investors of property companies. Under such a complicated and ever-changing environment, managers need not only to understand the financial condition of the company, but also to dig further into the financial data and get a grip of underlying risks. Through scientific measures, managers in the real estate sector should be able to identify, evaluate and control both the existing and potential financial risks in a reasonable and effective way, because it is critical to ensure a long-term healthy development for real estate companies. Based on some practices in today's economic situation, this paper selects BL Real Estate Company, a listed real estate SME in its period of market expansion, and learns from its financial risks. The paper begins by introducing the research background and the purpose of this study, and summing up the most recent research findings concerning financial risks all over the world. It goes on to set forth the definition of financial risk, as well as its features, categories, and related theories. After briefly introducing the basic situation of BL Real Estate Company, we will select corresponding financial data and indicators from the perspective of the capital cycle movement, identify the financial risks of the BL Real Estate Company in terms of financing, investment, operation, and income distribution, and analyze the causes of risks. Then, combining with 20 sets of quarterly financial data released by BL Real Estate Company from 2012 to 2016, we select a number of financial indicators that reflect its profitability, solvency, operating capacity, growth capacity and cash flow, and use factor analysis to construct a financial risk assessment model for BL Real Estate Company, aiming to evaluate the financial risks of the past five years. Finally, according to the actual results from the financial risks identification and evaluation conducted before, we propose some appropriate and practical control measures as recommended solution for BL Real Estate Company and other real estate listed companies to prevent and control financial risks.