我国上市房地产企业EVA调整项目研究

发布时间：2018-03-09 03:36

本文选题：经济增加值(EVA)　切入点：房地产　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产行业是关系到国计民生的重要行业,也是支持国家经济增长的支柱产业。近几年,在投资需求的强力推动下,国内商品房销售市场持续升温,房地产价格一路走高,尤其是一二线城市的房价上涨幅度令人咋舌,价格明显超过了自住需求客户的承受能力,房地产企业也被推到了风口浪尖。在这个背景下,如何科学合理的对房地产行业对社会的经济贡献进行评价,以及引导房地产行业健康持续发展显得至关重要。经济增加值EVA是美国斯滕斯特公司提出的、基于对税后营业净利润进行调整并考虑产生这些利润所投入资本的资本成本(包括权益资本成本)之后得出的一种企业绩效评价方法,已在全球范围内受到广泛推广和应用。我国国资委也于2010年在央企绩效考核中引入EVA指标并明确了其计算规则,但这种计算规则的不合理性也逐渐开始暴露。因为在实践应用方面,EVA的计算涉及100多个调整项目,其调整项目的选择应根据行业特点、企业发展战略、按照一定的原则进行,并没有一套普遍使用的计算方法。对于业务复杂的房地产,这点也显得尤为明显。本文运用理论分析与案例分析、定性论述与定量分析相结合的方法对我国上市房地产企业EVA调整项目进行了总体研究。首先,本文根据目前已有的关于EVA调整项目的研究,从关注房地产企业中长期利益的角度,还原房地产企业可持续增长的关键因素,将考核评价机制与房地产行业特性相结合,将EVA原始的调整原则与中国会计准则相结合,将房地产企业EVA调整项目分为四类,即:基于重复计算的EVA调整项目、不反应实际的EVA调整项目、不反应主营业绩的EVA调整项目和基于可持续增长关键因素的EVA调整项目,并对这四类调整项目进行调整方法设计。其次,本文通过选取46个沪深两市房地产上市公司2012-2015年间共4年的平行数据,应用统计模型,对基于可持续增长关键因素的EVA调整项目进行适用性检验并根据检验结果得出我国上市房地产企业EVA调整框架。最后,本文采用案例分析方法对深圳市振业集团2012-2013年的EVA进行了计算分析及有效性检验,以形象的说明以上调整方法带来的实际效果。本文研究结果显示,房地产企业应重视对资本化利息、投资性房地产、土地储备、品牌宣传推广的调整方法,这些调整项目不仅仅关系到经营者业绩的公平公正、同时对企业未来的可持续发展具有重要影响。同时,本文根据研究结果总结出的我国上市房地产企业EVA调整项目及框架,为我国上市房地产企业在EVA计算时提供了参考,同时可为其他行业确定EVA调整项目时提供理论借鉴。
[Abstract]:The real estate industry is an important industry related to the national economy and the people's livelihood, as well as a pillar industry that supports the country's economic growth. In recent years, driven by the strong demand for investment, the domestic commercial housing sales market has continued to heat up, and the real estate prices have gone up all the way. Especially in the first and second tier cities, the rise in house prices is astounding, with prices obviously exceeding the affordability of self-occupied customers, and real estate enterprises are being pushed to the forefront of the storm. In this context, It is very important to evaluate the economic contribution of real estate industry to society scientifically and reasonably, and to guide the healthy and sustainable development of real estate industry. The value added of economy (EVA) is put forward by Stenster Company. An enterprise performance evaluation method based on adjusting the net operating profit after tax and considering the capital cost (including equity capital cost) of the capital invested to generate these profits. It has been widely used in the world. In 2010, the SASAC introduced the EVA index into the performance appraisal of the central enterprises and clarified its calculation rules. However, the irrationality of this kind of calculation rule has gradually begun to be exposed, because the calculation of EVA involves more than 100 adjustment items in practical application, and the selection of adjustment items should be carried out according to the characteristics of the industry, the enterprise development strategy, and the certain principles. There is no set of commonly used calculation methods. For the real estate with complex business, this is especially obvious. This paper uses theoretical analysis and case analysis. This paper makes a general study on the EVA adjustment project of listed real estate enterprises in China by combining qualitative analysis with quantitative analysis. Firstly, according to the existing research on EVA adjustment project, From the angle of paying attention to the long-term interests of real estate enterprises, this paper restores the key factors of the sustainable growth of real estate enterprises, combines the assessment mechanism with the characteristics of real estate industry, and combines the original adjustment principle of EVA with the accounting standards of China. The EVA adjustment projects of real estate enterprises are divided into four categories: EVA adjustment projects based on double calculation, EVA adjustment projects that do not reflect the actual EVA adjustment projects, EVA adjustment projects that do not reflect the main business performance, and EVA adjustment projects based on the key factors of sustainable growth. Secondly, by selecting 46 listed real estate companies in Shanghai and Shenzhen stock markets for 4 years from 2012 to 2015, we apply the statistical model. The applicability of the EVA adjustment project based on the key factors of sustainable growth is tested and the EVA adjustment framework of listed real estate enterprises in China is obtained according to the test results. This paper uses the case analysis method to calculate and analyze the EVA of Shenzhen Zhenye Group in 2012-2013, and verifies the effectiveness of the above adjustment method. Real estate enterprises should attach importance to the adjustment methods of capitalized interest, investment real estate, land reserve, brand promotion and promotion. These adjustment items are not only related to the fairness and fairness of operator's performance. At the same time, it has an important impact on the sustainable development of enterprises in the future. At the same time, according to the research results, this paper summarizes the EVA adjustment project and framework of listed real estate enterprises in China, which provides a reference for listed real estate enterprises in the calculation of EVA. At the same time for other industries to determine the EVA adjustment project to provide theoretical reference.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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