我国房地产上市公司营运资本管理效率及影响因素分析
发布时间：2019-06-06 15:19
【摘要】：随着经济的快速发展,我国房地产业发展势头迅猛,已经成为我国国名经济的支柱型产业。但是,在巨大的发展机遇面前房地产企业也面临着一系列挑战。房地产企业如何在激烈的竞争环境中保持自身的核心竞争力,获得竞争优势,实现企业整体财务管理的目标,是摆在房地产企业面前的关键问题。营运资本管理是企业财务管理活动中重要的组成部分,其管理效率的高低直接影响着企业财务目标的实现。目前,国内外对营运资本管理效率研究的最新研究成果为王竹泉等提出的基于渠道的营运资本管理绩效评价体系。该体系将营运资本重分类为经营活动营运资本和理财活动营运资本两类,并将经营活动营运资本分为采购、生产、营销三个渠道的营运资本。房地产企业属于典型的资金密集型行业,其营运资本具有占用资金大、生产周转期长、产业链关系强、受政策性影响较大等特点,因此基于渠道的角度对房地产企业进行营运资本管理效率的衡量更为适当。本文采用理论分析和实证分析相结合的方法,以我国房地产上市公司为研究对象,先从理论层面出发,结合房地产企业营运资本周转流程的特殊性和营运资本管理的风险,分析房地产上市公司营运资本周转效率的影响因素并提出假设,以营运资本周转期(按渠道)作为被解释变量,以存货周转率、预收账款周转率、应收账款周转率、流动比率以及现金比率作为解释变量,然后建立模型,利用数据来验证假设。实证检验和分析的结果表明:存货周转率、流动比率以及现金比率都对营运资本管理效率产生显著的影响,应收账款周转率和预收账款周转率对营运资本管理效率的影响不显著。本文研究各因素对营运资本管理效率的影响,目的在于揭示各种因素变动与营运资本管理效率之间的关系,分析其原因,并根据研究结论为房地产行业建立及健全营运资本运作管理机制提出建议,以达到提高房地产行业营运资本管理水平的目的,并为实现企业的整体财务目标奠定基础。
[Abstract]:With the rapid development of economy, the real estate industry of our country has developed rapidly, and has become the pillar industry of the national name economy of our country. However, in the face of huge development opportunities, real estate enterprises are also facing a series of challenges. How to maintain their core competitiveness, obtain competitive advantage and realize the goal of overall financial management in the fierce competitive environment is the key problem for real estate enterprises. Working capital management is an important part of enterprise financial management activities, and its management efficiency directly affects the realization of enterprise financial objectives. At present, the latest research results of working capital management efficiency at home and abroad are the performance evaluation system of working capital management based on channel proposed by Wang Zhuquan et al. In this system, working capital is reclassified into working capital of operating activities and working capital of financial activities, and working capital of operating activities is divided into three channels: procurement, production and marketing. Real estate enterprises are typical capital-intensive industries, their working capital has the characteristics of large occupation of funds, long production turnover period, strong industrial chain relationship, greatly affected by policy, and so on. Therefore, it is more appropriate to measure the efficiency of working capital management in real estate enterprises from the perspective of channels. This paper adopts the method of combining theoretical analysis and empirical analysis, takes the listed real estate companies in China as the research object, first from the theoretical level, combined with the particularity of the working capital turnover process of real estate enterprises and the risk of working capital management. This paper analyzes the influencing factors of the working capital efficiency of the real estate listed companies and puts forward the hypothesis, taking the working capital turnover period (according to the channel) as the explained variable, taking the inventory turnover rate, the prepaid account turnover rate and the accounts receivable turnover rate. The current ratio and cash ratio are used as explanatory variables, and then the model is established to verify the hypothesis with data. The results of empirical test and analysis show that inventory turnover ratio, current ratio and cash ratio all have a significant impact on the efficiency of working capital management. The turnover rate of accounts receivable and the turnover rate of accounts received in advance have no significant effect on the efficiency of working capital management. This paper studies the influence of various factors on the efficiency of working capital management, in order to reveal the relationship between the changes of various factors and the efficiency of working capital management, and to analyze the reasons. According to the conclusions of the study, this paper puts forward some suggestions for the real estate industry to establish and improve the working capital operation and management mechanism, so as to achieve the purpose of improving the working capital management level of the real estate industry and lay the foundation for the realization of the overall financial objectives of the enterprise.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F299.233.42
本文编号：2494402
[Abstract]:With the rapid development of economy, the real estate industry of our country has developed rapidly, and has become the pillar industry of the national name economy of our country. However, in the face of huge development opportunities, real estate enterprises are also facing a series of challenges. How to maintain their core competitiveness, obtain competitive advantage and realize the goal of overall financial management in the fierce competitive environment is the key problem for real estate enterprises. Working capital management is an important part of enterprise financial management activities, and its management efficiency directly affects the realization of enterprise financial objectives. At present, the latest research results of working capital management efficiency at home and abroad are the performance evaluation system of working capital management based on channel proposed by Wang Zhuquan et al. In this system, working capital is reclassified into working capital of operating activities and working capital of financial activities, and working capital of operating activities is divided into three channels: procurement, production and marketing. Real estate enterprises are typical capital-intensive industries, their working capital has the characteristics of large occupation of funds, long production turnover period, strong industrial chain relationship, greatly affected by policy, and so on. Therefore, it is more appropriate to measure the efficiency of working capital management in real estate enterprises from the perspective of channels. This paper adopts the method of combining theoretical analysis and empirical analysis, takes the listed real estate companies in China as the research object, first from the theoretical level, combined with the particularity of the working capital turnover process of real estate enterprises and the risk of working capital management. This paper analyzes the influencing factors of the working capital efficiency of the real estate listed companies and puts forward the hypothesis, taking the working capital turnover period (according to the channel) as the explained variable, taking the inventory turnover rate, the prepaid account turnover rate and the accounts receivable turnover rate. The current ratio and cash ratio are used as explanatory variables, and then the model is established to verify the hypothesis with data. The results of empirical test and analysis show that inventory turnover ratio, current ratio and cash ratio all have a significant impact on the efficiency of working capital management. The turnover rate of accounts receivable and the turnover rate of accounts received in advance have no significant effect on the efficiency of working capital management. This paper studies the influence of various factors on the efficiency of working capital management, in order to reveal the relationship between the changes of various factors and the efficiency of working capital management, and to analyze the reasons. According to the conclusions of the study, this paper puts forward some suggestions for the real estate industry to establish and improve the working capital operation and management mechanism, so as to achieve the purpose of improving the working capital management level of the real estate industry and lay the foundation for the realization of the overall financial objectives of the enterprise.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F299.233.42
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