房地产上市公司财务绩效评价指标体系研究

发布时间：2018-02-26 07:14

本文关键词： 房地产上市公司财务绩效指标体系　出处：《哈尔滨理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国房地产行业近年来发展势头强劲，竞争日益激烈。随着该行业过热的发展以及经济泡沫的出现，房地产市场隐患重重，为了引导房地产行业良性发展，政府展开一系列有效的宏观调控，房地产业面临较大压力。在这种情况下对该行业财务绩效展开研究是十分必要的。房地产上市公司是行业综合实力的代表，对其财务绩效展开分析评价，有助于了解房地产行业的发展现状以及存在的问题，促进房地产企业实现可持续发展。本文在总结国内外绩效评价理论的基础上，首先深入研究传统财务绩效评价指标体系下普遍使用的四方面评价指标，分析出这些指标用于房地产行业的局限性。然后根据指标选择的原则和房地产上市公司的特点，在传统财务指标的基础上增加了四类财务指标。在此基础上运用统计方法筛选出最适合的指标群，构建了房地产上市公司财务绩效评价指标体系。最后，选择80家上市公司2011年年报数据为样本，运用因子分析法和SPSS软件对构建的指标体系进行实证研究，并对房地产上市公司财务绩效展开分析评价，提出建议。通过评价房地产上市公司的财务绩效状况，得出以下结论：房地产上市公司盈利能力较好，投资者利益保障状况和市场表现能力良好，但是，偿债能力和现金流量状况较差，营运能力状况不佳，未来的发展前景不明朗，，行业发展不均衡。针对以上问题，提出建议：房地产上市公司应该优化资本结构，加强现金流量管理，以宏观政策为导向强化内部管理，拓宽投资区域。本文主要通过理论分析结合实证研究的方式建立了房地产上市公司财务绩效评价指标体系，旨在为高层管理者的经营决策提供模型，便于其决策，使得上市公司乃至全行业更好地发展。
[Abstract]:China's real estate industry has developed strongly in recent years, and the competition has become increasingly fierce. With the development of this industry and the emergence of economic bubble, there are many hidden dangers in the real estate market, in order to guide the healthy development of the real estate industry, The government carries out a series of effective macro-control, the real estate industry faces great pressure. In this case, it is very necessary to study the financial performance of the industry. The real estate listed company is the representative of the comprehensive strength of the industry. The analysis and evaluation of its financial performance will help to understand the present situation and existing problems of the real estate industry and promote the sustainable development of the real estate enterprises. On the basis of summing up the theories of performance evaluation at home and abroad, this paper first deeply studies the four commonly used evaluation indexes under the traditional financial performance evaluation index system. Analysis of the limitations of these indicators used in the real estate industry. Then according to the principles of index selection and the characteristics of listed real estate companies, On the basis of the traditional financial indexes, four kinds of financial indexes are added. On this basis, the most suitable index groups are selected by using the statistical method, and the financial performance evaluation index system of the listed real estate companies is constructed. Finally, the financial performance evaluation index system of the listed real estate companies is constructed. Based on the data of 2011 annual report of 80 listed companies, this paper uses factor analysis and SPSS software to make an empirical study on the index system, and analyzes and evaluates the financial performance of real estate listed companies, and puts forward some suggestions. By evaluating the financial performance of listed real estate companies, the following conclusions are drawn: the listed real estate companies have better profitability, better protection of investors' interests and better market performance, but poor solvency and cash flow. The operating capacity is not good, the future development prospect is not clear, the industry development is not balanced. In view of the above problems, put forward some suggestions: real estate listed companies should optimize the capital structure, strengthen the cash flow management, To macro-policy-oriented strengthening of internal management, broaden the investment area. In this paper, the financial performance evaluation index system of listed real estate companies is established by theoretical analysis and empirical research, which aims to provide a model for senior managers to make decisions. So that listed companies and even the whole industry better development.
【学位授予单位】：哈尔滨理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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