华夏幸福基业股份有限公司财务绩效分析

发布时间：2018-01-10 15:11

本文关键词：华夏幸福基业股份有限公司财务绩效分析　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：2016年12月召开的中央经济实体会议中指出,将振兴实体经济列入供给侧结构性改革,明确要坚持以提高质量和核心竞争力为中心,坚持创新驱动发展,扩大高质量产品和服务供给。这对于进一步促进产业地产行业发展来说,无疑是重大政策利好消息。产业地产作为产业聚集的载体,既是区域经济发展、产业调整升级的空间承载形式,又是地区社会经济发展水平的衡量标志。肩负着聚集创新资源、培育新兴产业、推动新型城镇化建设的重要使命。产业地产不同于传统的房地产行业,在行业内外部环境、成员组成、价值逻辑及业务发展模式等方面都有很大的不同,目前国内尚处于发展转折阶段。就产业地产企业进行财务绩效分析,对于同行企业之间相互借鉴、促进行业发展具有一定的意义,同时对于剖析企业管理质量,提升企业管理效率也具备促进作用。本文选取了产业地产龙头企业华夏幸福基业有限公司(以下简称“华夏幸福”)作为财务绩效分析案例,首先通过商业生态系统的视角对产业地产行业进行了系统分析,继而重点分析了华夏幸福2015年利润质量、资产质量和现金流质量,同时应用比率分析法对2011年-2015年的财务绩效趋势进行了揭示;最后,根据得出的研究结论,对华夏幸福未来发展提出了建议。本文的主要研究结论如下:(1)就盈利能力而言,华夏幸福净利润连年上涨,增速较快,从利润结构上看,利润主要来自于核心业务产业新城产品,投资收益占比较低,在产业地产行业内具有较强的竞争优势。(2)华夏幸福资产具有良好的周转性和变现性,具备组合增值能力;虽然目前资产负债率为84.8%,但是企业流动资产占总资产比例达到91.2%,商业债权及存货质量很高,不良资产占用少,企业融资环境良好。(3)企业经营产生的现金净流量对于核心利润支撑不够,主要原因是华夏幸福在国内快速布局,土地整理、基础建设需投入大量现金,回收周期长,导致经营现金流量较为紧张,财务杠杆较高,需要加强风险控制。根据研究结论,对华夏幸福今后的发展提出了几点建议:(1)改善经营现金流,控制扩张节奏,实现区域开发投入和经营现金流流入规模相互匹配,着力应用基础设施资产证券化等融资手段。(2)控制投资风险,建立与业务发展相适应的投资管理体系和评估机制,规避系统性风险,保证投资收益。(3)降低管理成本,控制管理费用,梳理内部管理流程和体系,实现各业务层级的共享管理,对区域分公司严格执行预算管理。
[Abstract]:In December 2016, the Central Economic entity Conference pointed out that the revitalization of the real economy should be included in the supply-side structural reform, and it is clear that we should focus on improving quality and core competitiveness and insist on innovation-driven development. Expanding the supply of high-quality products and services is undoubtedly good news for further promoting the development of industrial real estate industry. Industrial real estate as a carrier of industrial aggregation is the development of regional economy. The spatial bearing form of industrial adjustment and upgrading is also a measure of the level of regional social and economic development. It shoulders the burden of gathering innovative resources to cultivate new industries. Industrial real estate is different from the traditional real estate industry in the internal and external environment, membership, value logic and business development model. At present, China is still in the turning stage of development. The financial performance analysis of industrial real estate enterprises, for peer enterprises to learn from each other, to promote the development of the industry has a certain significance, at the same time for the analysis of enterprise management quality. This paper selects Huaxia Happiness Foundation Co., Ltd (hereinafter referred to as "Huaxia Happiness") as the case of financial performance analysis. First of all, through the perspective of commercial ecosystem, the industrial and real estate industry is systematically analyzed, and then the quality of profit, asset quality and cash flow in 2015 are analyzed. At the same time, the financial performance trend from 2011 to 2015 is revealed by using the ratio analysis method. Finally, according to the research conclusions, put forward some suggestions for the future development of happiness in China. The main conclusions of this paper are as follows: 1) in terms of profitability, the net profit of China happiness increases year after year, and the growth rate is faster. From the profit structure point of view, the profit mainly comes from the core business industry new city product, the investment income is relatively low. In the industrial real estate industry has a strong competitive advantage. 2) China's happy assets have good turnover and liquidity, with the ability to add value; Although the current ratio of assets and liabilities is 84.8%, the proportion of current assets to total assets is 91.2%, the quality of commercial creditor's rights and inventory is very high, and the occupation of non-performing assets is less. The cash net flow generated by the enterprise operation is not enough to support the core profit, mainly because of the rapid layout of China happiness in China, the land arrangement and the large amount of cash needed to be invested in the infrastructure construction. The recovery cycle is long, which leads to the tight operating cash flow and high financial leverage, so it is necessary to strengthen the risk control. According to the conclusion of the study. This paper puts forward several suggestions on the future development of happiness in China: 1) improving the operating cash flow, controlling the expansion rhythm and realizing the matching of the regional development investment and the operating cash flow inflow scale. Focus on the application of infrastructure asset securitization and other financing means. 2) control investment risk, establish investment management system and evaluation mechanism suitable for business development, avoid systemic risk. Ensure the investment income. 3) reduce the management cost, control the management cost, comb the internal management process and system, realize the shared management of each business level, strictly execute the budget management to the regional branch company.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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