房地产上市公司基于渠道的营运资金管理绩效与企业绩效关系的实证研究

发布时间：2018-03-19 06:34

本文选题：房地产　切入点：渠道　出处：《中国海洋大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的快速发展及对外开放水平的不断深化，我国房地产业发展势头迅猛，逐渐成为我国经济增长的支柱型产业。但是，巨大的发展潜力面前也面临着一系列挑战，如何在激烈的国内外竞争环境中具备核心竞争力，提升企业价值，是摆在房地产企业面前的关键问题。营运资金管理是企业财务管理活动中重要的组成部分，其管理绩效状况直接影响着企业价值最大化这一理财目标的实现。目前，国内外对营运资金管理绩效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金管理绩效评价体系。该体系将营运资金重新分类为经营活动营运资金和理财活动营运资金，并将经营活动营运资金分为采购、生产、营销三个渠道，能够从渠道、供应链的角度对营运资金管理进行全面深入的分析评价，但目前该评价体系与企业绩效的关系尚需在实证方面进一步研究完善。房地产企业属于典型资金密集型行业，其营运资金具有占用量大、周转期长、产业关联性强、受政策及地区影响性大等特点，因此从渠道的角度对房地产企业进行营运资金管理绩效的研究也就更为必要。本文正是基于上述考虑，从渠道管理的角度，采用实证分析的方法对我国房地产上市公司的营运资金管理绩效和企业绩效的关系进行研究，，以期能够找到通过改变渠道营运资金管理绩效来提升房地产企业绩效的方法，为我国经济的持续发展提供新的动力。具体研究工作如下：（1）对营运资金管理绩效、企业绩效、营运资金管理绩效与企业绩效的关系的国内外相关文献进行了系统梳理和评述，在此基础上形成了自己的研究思路，对该领域的研究进行补充完善。（2）结合房地产行业营运资金的特点及营运资金管理的风险收益权衡理念，对房地产行业基于渠道的营运资金管理绩效和企业绩效的关系进行了理论分析，提出了本文的研究假设。（3）将企业绩效分为财务绩效和市场绩效两方面，用因子分析法对企业财务绩效进行衡量，用托宾Q值对企业市场绩效进行衡量，用基于渠道的营运资金管理绩效评价体系作为营运资金管理绩效的衡量指标，选用房地产行业上市公司2007-2010年数据作为样本数据，运用spss软件对房地产行业基于渠道的营运资金管理绩效和企业绩效的关系进行了实证检验，包括描述性统计分析、相关性分析以及回归分析等。（4）通过对实证研究结果进行具体分析，形成本文的基本研究结论，并在此基础上提出了从渠道角度改变房地产企业营运资金管理绩效从而提升企业绩效的对策建议。
[Abstract]:With the rapid development of China's economy and the deepening of the level of opening to the outside world, the real estate industry of our country is developing rapidly and has gradually become the pillar industry of our country's economic growth. How to have the core competence in the fierce competition environment at home and abroad and how to enhance the enterprise value are the key problems facing the real estate enterprises. Working capital management is an important part of the financial management activities of the enterprises. Its management performance directly affects the realization of the financial management goal of maximizing the value of the enterprise. The latest research result of working capital management performance research at home and abroad is the channel-based working capital management performance evaluation system put forward by Wang Zhuquan et al. This system reclassifies working capital into operating capital and management. Working capital for financial activities, And the operating capital can be divided into three channels: procurement, production and marketing. The working capital management can be comprehensively analyzed and evaluated from the perspective of channel and supply chain. But at present, the relationship between the evaluation system and enterprise performance needs to be further studied and perfected. Real estate enterprise is a typical capital-intensive industry, with a large amount of working capital, a long turnover period and strong industrial relevance. Therefore, it is more necessary to study the working capital management performance of real estate enterprises from the angle of channel, which is based on the above considerations and from the perspective of channel management. This paper studies the relationship between the management performance of working capital and the performance of real estate listed companies in order to find a way to improve the performance of real estate enterprises by changing the performance of working capital management of channels. To provide a new impetus for the sustained economic development of our country. The specific research work is as follows:. 1) systemically combing and commenting the domestic and foreign literatures about the relationship between the working capital management performance, the enterprise performance, the working capital management performance and the enterprise performance. Supplement and perfect the research in this field. 2) combining the characteristics of working capital in real estate industry and the risk and income tradeoff concept of working capital management, this paper makes a theoretical analysis on the relationship between the performance of working capital management and enterprise performance in real estate industry based on channels. The research hypothesis of this paper is put forward. Thirdly, the enterprise performance is divided into two aspects: financial performance and market performance. The financial performance is measured by factor analysis method, and the market performance is measured by Tobin Q value. The working capital management performance evaluation system based on channels is used as the measurement index of working capital management performance, and the real estate listed companies' data from 2007 to 2010 are selected as sample data. The relationship between the performance of working capital management and enterprise performance in real estate industry based on channel is tested by using spss software, including descriptive statistical analysis, correlation analysis and regression analysis. 4) through the concrete analysis of the empirical research results, the paper forms the basic conclusions of this paper, and puts forward the countermeasures and suggestions to change the management performance of the working capital of real estate enterprises from the angle of channels to improve the performance of the real estate enterprises.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.33;F832.51

【相似文献】