L房地产公司财务绩效评价研究

发布时间：2018-06-02 03:08

本文选题：L地产 + 财务绩效评价　；参考：《西安理工大学》2017年硕士论文

【摘要】：伴随着我国房地产行业“黄金十年”的结束,房地产企业开始从高速成长期向平稳发展期过渡,行业整体形势的骤变给相关企业带来了更复杂的财务状况和更巨大的经营风险。科学合理的财务绩效评价对企业管理层、国家相关职能部门和广大投资者都具有重要意义。因此,房地产企业做好财务绩效评价工作,寻找出在以往经营过程中存在的不足和新形势下发展的突破口,显得越来越重要。目前,我国房地产企业在财务绩效评价方面所采用的方法不尽相同,但都存在一定的不足。本文在充分借鉴了前人的经验之后,认为经济附加值法作为一种有别于以“会计利润”为核心的财务绩效评价方法,其充分考虑了企业的权益资本成本, 将“经济利润”这一核心概念进行充分利用,是对传统财务绩效评价方法的良好补充,可以更加真实的反映企业的财务状况和经营成果。在我国,EVA自2010年首次被国资委纳入考核核心指标以来,其重要性日益突出,2014年和2016年相继出台了《关于以经济增加值为核心加强中央企业价值管理的指导意见》和《考核办法》,再一次EVA评价进行了完善和扩充。鉴于以上所述,本文选取了处于行业中上游的国有企业L地产作为研究对象。首先,从传统的“会计利润”角度出发,以财务数据为基础,对企业2013-2015年的资产负债表、利润表和现金流量表的构成及变动进行分析;结合行业特点,运用比率分析法,从偿债能力、营运能力、盈利能力和成长能力四方面入手,选取12个具有代表性的财务指标与行业龙头万科集团及业内107家企业均值水平进行对比分析;其次,从“经济利润”角度出发,依据《经济附加值考核细则》对企业的相关会计指标进行调整,通过计算EVA值来对企业的财务状况做出进一步的补充分析。通过以上研究可以发现,L地产存在资本结构不合理、资金利用率不足,盈利能力疲软以及管理层敏锐力不足的问题。最后,针对以上不足提出相应的改进建议。力图帮助企业在改善其自身经营状况、降低财务风险的同时,为行业内其他企业的财务绩效评价工作提供一定的参考借鉴。
[Abstract]:With the end of "golden decade" in China's real estate industry, real estate enterprises begin to transition from high-speed growth period to stable development period. The sudden change of the whole situation of the industry brings more complex financial situation and greater management risk to the related enterprises. Scientific and reasonable evaluation of financial performance is of great significance to the management of the enterprise, the relevant functional departments of the state and the vast number of investors. Therefore, it is more and more important for real estate enterprises to do well the financial performance evaluation and find out the shortcomings in the past management process and the breakthrough of development under the new situation. At present, the methods used by real estate enterprises in financial performance evaluation are different, but they all have some shortcomings. After drawing lessons from the previous experience, this paper holds that the economic added value method is different from the "accounting profit" as the core of the financial performance evaluation method. It takes full account of the cost of equity capital of the enterprise and makes full use of the core concept of "economic profit", which is a good supplement to the traditional financial performance evaluation method, and can more truly reflect the financial situation and operating results of the enterprise. In China, EVA has been included by SASAC for the first time since 2010, Its importance is becoming more and more prominent. In 2014 and 2016, the guiding opinions on strengthening the value Management of Central Enterprises with Economic value added as the Core and the Appraisal method were issued one after another, and the EVA evaluation was perfected and expanded again. In view of the above, this paper selects L real estate, a state-owned enterprise, which is in the upper and middle reaches of the industry as the research object. First of all, from the traditional "accounting profit" point of view, based on financial data, this paper analyzes the composition and changes of the balance sheet, income statement and cash flow statement of enterprises in 2013-2015. From the four aspects of solvency, operating capacity, profitability and growth ability, 12 representative financial indicators are selected to compare with the average level of Vanke Group and 107 enterprises in the industry. Secondly, From the angle of "economic profit", this paper adjusts the relevant accounting indexes of enterprises according to the rules of Economic value added Evaluation, and makes further supplementary analysis on the financial situation of enterprises by calculating the EVA value. Through the above research, we can find that the capital structure is unreasonable, the fund utilization rate is insufficient, the profit ability is weak and the management is not sharp enough. Finally, some suggestions for improvement are put forward in view of the above deficiencies. This paper tries to help enterprises to improve their own operating conditions and reduce financial risks, while providing some reference for other enterprises in the industry to evaluate their financial performance.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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