本文關鍵詞：調控政策下我國房地產上市公司財務績效評價　出處：《成都理工大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 宏觀調控政策 房地產上市公司 因子分析法 財務績效評價

【摘要】：房地產是我國轉型過程中的特殊商品,在社會經濟發展中扮演著舉足輕重的角色,素來有“晴雨表”和“風向標”之稱。從總體上講,房地產業在整個經濟體系中處于支柱性的地位,其繁榮與否直接關系到經濟發展速度的快慢。房地產上市公司作為整個行業的運行載體,代表了地產業的綜合實力,反映了整個房地產市場的發展全貌。房地產上市公司的健康發展是近年來學術界和業界共同關注的一個焦點,尤其是在緊鑼密鼓出臺調控政策的宏觀背景下。原因就在于我國宏觀調控趨勢變化與我國房地產上市公司的發展息息相關,這種政策變動對房地產上市公司產生的影響是難以預測且無法改變的。宏觀經濟環境的波動,對房地產企業乃至整個行業的影響是不可估量的,不僅僅能夠促進地產業的崛起,也能在瞬間導致整個樓市的癱瘓。因此,科學評價房地產業上市公司的財務績效,建立專門針對房地產上市公司的一套財務績效評價系統,深入研究不同調控階段的績效差異性,及時分析出經營發展中存在的問題,對企業本身提升核心競爭力和國家做出正確決策就顯得尤為重要。 在方法選擇上,首先評述了經典績效評價方法中的杜邦分析法、沃爾分析法、EVA評價體系和多指標綜合評價法,對各個方法進行比較,指出每種方法的優勢與劣勢。在此基礎上,提煉出本文采用的分析方法—因子分析法,重點陳述了該方法的原理、特點以及基本步驟,說明了其應用于房地產上市公司財務績效評價的適用性,為財務績效評價體系的指標篩選和結果分析工作做了工具準備。 在實證研究上,本文在借鑒前人研究和分析我國房地產市場發展基本特征的基礎上,以上海證券交易所的40家和深圳證券交易所的31家房地產上市公司作為研究樣本,借助SPSS統計分析軟件,根據2008-2013年度我國房地產行業上市公司的年報數據,選取盈利能力、償債能力、營運能力、發展能力四個維度的12個指標進行因子分析,計算出因子得分,得到較可靠的分析結果,辨析目前近六年來我國房地產上市公司財務績效水平的變化趨勢,找出房地產上市公司總體存在的問題。 在結論總結上,本文利用詳實數據分析政策制定對房地產企業的調控效果,得出以下結論：(1)調控政策對房地產業公司財務績效具有外部時滯性影響；(2)反復性調控政策對房地產行業上市公司財務績效影響大；(3)財務績效下降催生重資產時代的結束。在得出實證分析結果的基礎上,借鑒國外先進經驗、結合我國實際,提出我國房地產行業宏觀調控政策的制定要著眼于平穩和長遠,同時指出房地產上市公司作為績效評價的主體,應認清形勢,合理應對；資產重組,由重轉輕；加強管理,優化自身；多元戰略,規避風險。
[Abstract]:Real estate is a special commodity in China's transition, plays an important role in the development of social economy, has always been a "barometer" and "wind vane" said. Generally speaking, the real estate industry is a pillar role in the whole economic system, its prosperity is directly related to the speed of economic development the speed of operation. Real estate listed companies as the carrier of the whole industry, represents the comprehensive strength of the industry, reflecting the whole picture of the development of the real estate market. The healthy development of the real estate listed companies is a focus in recent years both academic and industry attention, especially in the background of macro control policy introduced by wildly beating gongs and drums. The reason lies in the development of China's macroeconomic trends and changes of China's real estate listed companies is closely related to the impact of policy changes of the real estate companies is difficult to predict Which cannot be changed. The fluctuation of macroeconomic environment, the impact on the real estate enterprises and the whole industry is immeasurable, not only can promote the rise of the industry, can also lead to paralysis of the entire property market at the moment. Therefore, the scientific evaluation of the real estate industry listed company's financial performance, establish a set of financial performance evaluation system for the real estate listed companies, in-depth study of the performance differences between different stages of control, timely analysis of existing business problems in the development of the enterprise itself to enhance the core competitiveness of countries and make the right decisions is particularly important.
In the method, first reviewed the classical performance evaluation method of DuPont analysis, Waldo analysis, EVA evaluation system and multi index comprehensive evaluation method, the comparison of the various methods, points out the advantages and disadvantages of each method. On this basis, refined analysis method factor analysis method used in this paper, the key statement of the principle of the method, characteristics and basic steps, illustrates the applicability of its application in the real estate financial performance evaluation of listed companies, financial performance evaluation system of index selection and result analysis work tools.
In the empirical research, this paper based on the previous research and analysis of China's real estate market development characteristics, with the Shanghai stock exchange and Shenzhen stock exchange in 40 of the 31 real estate listed companies as the research sample, using SPSS statistical analysis software, according to the annual report data of 2008-2013 years of China's listed companies in real estate industry the selection of profitability, solvency, operating capacity, 12 indicators of four dimensions of development capacity factor analysis, calculated the factor scores, get more reliable results, analysis of the current trends of financial performance of real estate listed companies in China for nearly six years, to find out the overall real estate listed companies the problem.
In conclusion, this paper use detailed data analysis of policy effect of regulation on real estate enterprises, draw the following conclusions: (1) control policy of external time lag on the financial performance of real estate companies; (2) effects of repetitive control policies on the real estate industry listed company financial performance; (3) financial performance the end of the birth weight decreased. Based on the age of assets on the results of the empirical analysis, draw lessons from foreign advanced experience, combined with China's reality, put forward the development of China's real estate industry in the macro-control policy should focus on the smooth and long, also pointed out that the real estate listed companies as the subject of performance evaluation, should understand the situation, a reasonable response; asset restructuring, from heavy to light; strengthen the management, optimize; diversified strategy to avoid risks.

【學位授予單位】：成都理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.42

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本文編號：1371372