我国房地产上市公司财务质量综合评价研究

发布时间：2018-06-13 15:50

本文选题：财务质量 + 房地产上市公司　；参考：《西华大学》2017年硕士论文

【摘要】：自改革开放以来,国家对土地及房产制度的改革,使房地产市场摆脱了传统经济的束缚,取得了惊人的发展,成为我国经济快速发展的重要推动力。目前由于我国房地产市场供求发展不均衡,造成一二线城市房价持续上升,而三四线城市面临着巨大的去库存压力。鉴于房地产行业的重要性及特殊性,有必要对房地产行业的财务质量进行有针对性的分析和评价,一方面为企业深入了解自身经营状况提供一个新的视角,另一方面也为投资者的资本决策提供参考。截止目前,对上市公司财务质量方面的研究已较为广泛,但是到底如何对财务质量进行定义,却还未形成统一的标准;同时对财务质量评价方法的选择也有差异,主要分为两大类:案例分析与实证分析。对于房地产行业的相关研究主要集中于业绩绩效,利用宏观数据对不同地区的房地产企业发展状况进行评价。基于此,本文在深入了解房地产企业现阶段所面临问题的基础上,从微观角度出发,通过搜集房地产上市公司的相关财务数据并进行相应处理后,对房地产企业的财务质量进行综合评价。为达到研究目的,本文以房地产上市公司作为研究对象,将利益相关者的需求纳入考虑范畴,并对财务质量进行重新定义。在基于利益相关者模型的基础上,选择具有代表性的16个财务指标建立因子分析模型,通过因子分析对所选390个样本进行实证研究:提取6个主因子,分别是盈利能力因子、营运能力因子、变现能力因子、发展能力因子、偿债能力因子及获现能力因子,通过对主因子得分及综合得分判断我国房地产上市公司在2011-2015年财务质量的表现。研究发现,近五年来我国房地产上市公司财务质量的综合得分在不断下降,其各主因子得分也不尽理想,主要原因在于土地及人工成本飙升、税负较重、房价与地价的不对等攀升。对此,本文针对性的提出了对策与建议,同时也指出了本文的不足之处。
[Abstract]:Since the reform and opening up, the reform of land and real estate system has made the real estate market get rid of the shackles of traditional economy, and it has made remarkable development, and has become an important driving force for the rapid economic development of our country. At present, because of the unbalanced development of supply and demand in China's real estate market, the housing prices of the first and second tier cities are rising continuously, while the third and fourth tier cities are facing enormous pressure of destocking. In view of the importance and particularity of the real estate industry, it is necessary to make a targeted analysis and evaluation of the financial quality of the real estate industry, on the one hand, to provide a new perspective for enterprises to understand their own operating conditions. On the other hand, it also provides reference for investors' capital decision. Up to now, the research on the financial quality of listed companies has been more extensive, but how to define the financial quality has not yet formed a unified standard, at the same time, there are differences in the choice of financial quality evaluation methods. Mainly divided into two categories: case analysis and empirical analysis. The research on the real estate industry mainly focuses on the performance, using macro data to evaluate the development of real estate enterprises in different regions. Based on this, this paper, on the basis of deeply understanding the problems faced by real estate enterprises at the present stage, from a micro perspective, through collecting the relevant financial data of listed real estate companies and dealing with them accordingly, Comprehensive evaluation of the financial quality of real estate enterprises. In order to achieve the purpose of the study, this paper takes the real estate listed companies as the research object, takes the needs of stakeholders into consideration, and redefines the financial quality. On the basis of stakeholder model, 16 representative financial indexes are selected to establish factor analysis model, and then 390 samples are tested by factor analysis: 6 main factors are extracted, respectively, which are profitability factors. Operating capacity factor, liquidity factor, development capacity factor, solvency factor and realizable ability factor. The financial quality of China's real estate listed companies in 2011-2015 is judged by the main factor score and comprehensive score. The study found that the comprehensive score of financial quality of listed real estate companies in China has been declining in the past five years, and the scores of the main factors are not ideal, mainly due to the soaring land and labor costs and the heavy tax burden. The unequal rise in house prices and land prices. For this, this paper puts forward the countermeasures and suggestions, but also points out the shortcomings of this paper.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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