我国房地产业上市公司营运资金管理与企业价值相关性的实证研究

发布时间：2018-03-25 16:35

本文选题：房地产企业　切入点：营运资金管理　出处：《西南石油大学》2017年硕士论文

【摘要】：营运资金管理作为企业财务管理的一项重要活动,直接影响企业价值的高低与企业经营的成败。目前很多企业尚未建立起规范的营运资金管理制度,如何科学制定营运资金管理政策以促进我国企业健康稳定地发展,从而提升企业的价值,是一个亟待解决的问题。房地产行业属于资金密集型产业,其营运资金具有占用量大、周转期长、产业关联性强、受政策及地区影响性大等特点,所以加强对房地产企业营运资金管理的研究也就更为必要。本文结合房地产行业营运资金管理的特点,深入分析营运资金管理理论和企业价值理论,采用实证分析的方法,从基于渠道视角的营运资金管理绩效和营运资金持有量管理两个方面对我国房地产业营运资金管理与企业价值的关系展开研究。经过研究发现,房地产业经营活动营运资金周转期与企业价值之间呈显著负相关;采购、生产、营销三个渠道营运资金周转期均与企业价值呈显著负相关;理财活动营运资金周转期与企业价值之间呈显著负相关;房地产业营运资金丰裕度与企业财务绩效呈倒U型关系。根据分析结果,文章得出提升营运资金管理绩效与保持合理的营运资金持有比例均有利于实现企业价值增值的结论。最后,本文从营运资金管理方面提出了提高我国房地产企业价值的相关对策和建议,以期能够完善相关理论框架,指导企业实践,为我国经济的持续发展提供新的动力。
[Abstract]:Working capital management, as an important activity of enterprise financial management, directly affects the value of the enterprise and the success or failure of the business operation. At present, many enterprises have not yet established a standardized working capital management system. How to scientifically formulate the working capital management policy in order to promote the healthy and stable development of our country's enterprises and enhance the value of the enterprises is an urgent problem to be solved. The real estate industry belongs to the capital-intensive industry, and its working capital takes up a large amount of money. With the characteristics of long turnover period, strong industrial relevance and strong influence by policies and regions, it is necessary to strengthen the research on the management of working capital of real estate enterprises. This paper combines the characteristics of working capital management in real estate industry. The theory of working capital management and the theory of enterprise value are deeply analyzed, and the method of empirical analysis is adopted. The relationship between working capital management and enterprise value in real estate industry in China is studied from two aspects: working capital management performance based on channel perspective and working capital holding management. There is a significant negative correlation between the turnover period of working capital of real estate industry and the value of enterprise, the turnover period of working capital of purchasing, production and marketing channels is significantly negative correlation with the value of enterprise. There is a significant negative correlation between the turnover period of the working capital and the value of the enterprise, while the abundance of the working capital of the real estate industry is inversely U-shaped with the financial performance of the enterprise. This paper draws the conclusion that both improving the performance of working capital management and maintaining a reasonable proportion of working capital holdings are conducive to realizing the value added of enterprises. From the aspect of working capital management, this paper puts forward some relevant countermeasures and suggestions to improve the value of real estate enterprises in China, in the hope of perfecting the relevant theoretical framework, guiding the practice of enterprises, and providing new impetus for the sustainable development of our country's economy.
【学位授予单位】：西南石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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