房地产是国家建设发展的重要行业，也是国民经济的重要支柱。在过去一段时间里，房地产行业迅速发展推动着国家经济的发展。但是，房地产行业本身存在着生产周期长、投资额巨大等特点，带来了相应的风险。同时，随着市场需求的调整以及供给的趋于饱和，房地产企业的盈利压力将会进一步增加。本文选取两个著名房地产企业：恒大和万科公司作为分析对象，通过Z-score模型和财务风险指标分析对二者的财务风险进行分析。发现相比于万科集团和行业平均水平，恒大集团存在着存货周转状况差、资产负债率高、盈利能力差等问题，并进一步向房地产企业提出了加强存货管理、调整资产结构、提升盈利能力等建议。

Real estate is an important industry for national construction and development and an important pillar of the national economy. In the past period of time, the rapid development of the real estate industry has promoted the development of the national economy. However, the real estate industry itself has the characteristics of long production cycle and huge investment, which brings the corresponding risks. At the same time, with the adjustment of market demand and the saturation of supply, the profit pressure of real estate enterprises will further increase. This paper selects two famous real estate enterprises, Evergrande and Vanke, as the analysis objects, and analyzes their financial risks through Z-score model and financial risk index analysis. It is found that compared with Vanke Group and the average level of the industry, Evergrande Group has problems such as poor inventory turnover, high asset-liability ratio and poor profitability, and further puts forward suggestions for real estate enterprises to strengthen inventory management, adjust asset structure and improve profitability.

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