我国房地产企业的财务状况研究

发布时间：2018-03-23 19:47

本文选题：房地产企业　切入点：财务状况　出处：《吉林财经大学》2017年硕士论文

【摘要】：随着经济的发展,我国房地产行业发生了翻天覆地的变化。2006年我国全社会住宅总投资19333.05亿元,2015年我国全社会住宅总投资就达到了80247.69亿元,短短十年时间,我国全社会住宅总投资翻了两翻之多,这还未考虑我国商业地产的投资状况,所以我国的房地产行业一直是政府宏观调控的重点。由于我国房地产行业起步较晚,经营管理还不健全,所以需要更多的监管。目前对于房地产行业的研究主要有两方面:一是从经济总量出发做宏观研究,二是从企业财务状况出发进行微观研究。本文选择从企业财务状况的角度出发结合房地产业上市公司的行业数据做综合性研究。本文写作前期对企业财务状况综合评价的相关文献做了整理和分析,发现这些文献大致分为两大类;第一类是对企业财务状况评价方法的研究,第二类是对财务状况评价构成要素的研究,本文在此基础上对房地产业的上市公司财务状况做了进一步分析。首先,研究了企业财务状况方面的理论知识,分别从偿债能力、营运能力、盈利能力、成长能力和现金流量状况这五个方面做了理论上的剖析,进一步引入了利益相关者理论和委托代理理论。利益相关者理论界定了我们做财务状况分析所服务的对象,委托代理理论则是我们财务状况分析的出发点。然后,通过比对各种财务分析方法的优劣,慎重选择了熵权法和灰色关联分析法。主要做法是首先确定指标体系,采用熵权法为所选取的指标进行赋权,在此基础上用灰色关联分析确定各个公司相对于我们选定的标准公司的关联度,最后,构建基于熵权法和灰色关联分析相结合的模型。接下来,我们将熵权法和灰色关联分析的综合模型应用于我国21家房地产企业的财务数据,分别从微观和宏观两个角度进行了实证分析,即先从五个财务方面进行了独立研究,得到了相应的结论,进一步我们又将所有的财务方面作为一个整体去考察整个行业的财务状况,并且对企业和行业状况进行了对比分析。研究结果表明:我国房地产企业财务状况中,营运能力、成长能力和偿债能力所占的权重比较大,其中营运能力对公司财务状况影响最大;房地产企业目前整体偿债能力较低。所以企业自身要提高经营管理能力、增强综合财务能力;政府及相关监管部门应出台相应政策严格监督;建议由第三方构建企业财务综合评价体系并及时通报各项指标。
[Abstract]:With the development of economy, the real estate industry of our country has undergone earth-shaking changes. In 2006, the total investment in China's entire social housing industry reached 1.933305 trillion yuan, and in 2015, the total investment of the whole social housing industry reached 8.024769 trillion yuan, a short period of 10 years. The total investment of housing in the whole society of our country has increased by two times, which has not considered the investment status of commercial real estate in our country, so the real estate industry in our country has always been the focus of the government's macro-control. Because the real estate industry of our country started relatively late, Management is not perfect, so more supervision is needed. At present, there are two main aspects in the study of the real estate industry: one is to do macro research from the point of view of the total economic volume. The second is to conduct microcosmic research on the financial situation of enterprises. This paper chooses to combine the industry data of listed companies in real estate industry from the angle of financial situation of enterprises. In the early stage of this paper, it synthesizes the financial situation of enterprises. The relevant documents of the joint evaluation have been collated and analyzed. It is found that these documents can be divided into two categories: the first is the research on the evaluation methods of the financial situation of enterprises, and the second is the study on the constituent elements of the evaluation of the financial situation. On this basis, this paper makes a further analysis on the financial situation of listed companies in real estate industry. Firstly, the paper studies the theoretical knowledge of the financial situation of enterprises, including solvency, operating capacity, profitability, etc. The growth ability and cash flow status are analyzed theoretically, and the stakeholder theory and principal-agent theory are introduced. The principal-agent theory is the starting point of our financial situation analysis. Then, by comparing the advantages and disadvantages of various financial analysis methods, we carefully select the entropy weight method and the grey relational analysis method. The entropy weight method is used to weight the selected index. On this basis, grey correlation analysis is used to determine the correlation degree of each company relative to the standard company selected by us. Finally, A model based on entropy weight method and grey correlation analysis is built. Then, we apply the entropy weight method and grey correlation analysis model to the financial data of 21 real estate enterprises in China. From the micro and macro perspectives of empirical analysis, that is, from the five financial aspects of independent research, the corresponding conclusions, Furthermore, we take all the financial aspects as a whole to investigate the financial situation of the whole industry, and make a comparative analysis of the financial situation of enterprises and industries. The results show that: in the financial situation of real estate enterprises in China, the operating capacity, The weight of growth ability and debt paying ability is relatively large, among which the operation ability has the biggest influence on the financial condition of the company; the real estate enterprise has low overall solvency at present, so the enterprise should improve its management ability and strengthen the comprehensive financial ability. The government and the relevant regulatory departments should issue the corresponding policies to strictly supervise and suggest that the third party should set up a comprehensive evaluation system of enterprise finance and notify the indicators in time.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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