房地产行业的迅速发展，吸引了大量资本的源源涌入。但随之而来的是房价的持续上涨和市场的逐渐饱和，房地产的财务危机也在不断加大。随着政策调控力度的不断加强，房地产行业正在经历一个新的发展阶段。融资端的政策日益收紧，高杠杆和高负债的运营模式已经不再适用。行业竞争和企业资金压力将会持续增加。为了保证房地产企业的可持续发展，企业必须拥有完善的资金链风险管理能力。通过资金链管理，公司可以更加有效地控制资金，更好地了解资金的使用情况，从而不仅能够确保公司正常运营，还能够提高资金的利用率，进而提升公司的利润获取能力

论文选取房地产行业龙头企业L公司为案例企业展开研究。首先介绍了L公司资金及资金链的风险状况，从横纵两个维度，资金筹集、资金使用和资金回流三个阶段识别了L公司的资金链的风险，发现了该公司筹资结构单一依赖性强，筹资能力降低，获取利润能力下跌，经济效益较低，现金流失及资金回收的风险有所增加，固定资产的利用率较低，影响企业获利能力等问题。其次，运用熵值法与相关性分析法筛选出评估资金链风险的主要指标，并运用功效系数法计算了L公司2017年到2021年各单项指标评价得分和综合评价得分，分析发现L公司存在资金偿还风险低、运营能力差等问题，并总体得到了L公司近5年资金链断裂风险大的结论。最终在以上分析的基础上，提出了L公司资金链风险应对的防范措施，以期为L公司资金链风险管理提供直接的指导，同时也为行业其他公司提供参考与借鉴。

The rapid development of the real estate industry has attracted a large influx of capital. However, with the continuous rise of housing prices and the gradual saturation of the market, the financial crisis of the real estate industry is also increasing. With the continuous strengthening of policy regulation, the real estate industry is undergoing a new stage of development. The financing policies are increasingly tightening, and the high leverage and high debt operating models are no longer applicable. Industry competition and corporate financial pressure will continue to increase. In order to ensure the sustainable development of real estate enterprises, they must have a sound ability to manage fund chain risks. Through fund chain management, companies can more effectively control funds and better understand the usage of funds. This not only ensures the normal operation of the company, but also improves the utilization rate of funds, thereby enhancing the company's profitability.

The paper selects L Company, a leading enterprise in the real estate industry, as a case study enterprise for research. Firstly, the risk situation of L Company's funds and fund chain was introduced. From the horizontal and vertical dimensions, the risks of L Company's fund chain were identified in three stages: fund raising, fund use, and fund return. It was found that the company's financing structure is highly dependent, with reduced financing ability, decreased profitability, lower economic benefits, increased risks of cash loss and fund recovery, and low utilization rate of fixed assets, Issues that affect the profitability of enterprises. Secondly, the entropy method and correlation analysis method were used to select the main indicators for evaluating the risk of the capital chain, and the efficacy coefficient method was used to calculate the evaluation scores of various individual indicators and comprehensive evaluation scores of L Company from 2017 to 2021. The analysis found that L Company has problems such as low debt paying ability and poor operational ability, and the overall conclusion was that L Company has a high risk of capital chain fracture in the past five years. Based on the above analysis, preventive measures for L Company's fund chain risk response were proposed, in order to provide direct guidance for L Company's fund chain risk management and also provide reference and reference for other companies in the industry.

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