房地产上市公司实际增长率与可持续增长率脱节的影响因素分析

发布时间：2018-03-30 04:02

本文选题：房地产上市公司　切入点：实际增长率　出处：《浙江工业大学》2013年硕士论文

【摘要】：中国房地产业在国民经济中处于重要的地位,并逐步成为社会经济体系中活跃的先导性支柱产业。经过近10年的高速发展,许多房地产公司实际增长与自身的可持续增长率相脱节。过快速度的增长会使一个公司的资源变得相当紧张,以致后期增长不足。而增长过慢也会带来严峻的财务状况,导致公司被淘汰或被收购。所以,弄清楚房地产企业实际增长率与可持续增长率的关系,以及两者脱节的影响因素,值得我们认真研究。本文以房地产上市公司作为研究对象,收集房地产上市公司实际增长率与可持续增长率及其相关影响因素的数据资料,通过计算房地产上市公司近3年的实际增长率与可持续增长率,运用企业可持续增长的相关理论,对实际增长率与可持续增长率进行描述性统计和具体情况分析,并测定其相关性系数,得出实际增长率与可持续增长率脱节的基本结论。针对两者脱节现状,先从宏观的角度分析了所选房地产上市公司样本的实际增长率与可持续增长率脱节的原因；再从微观层面的财务因素角度,研究各个财务因素对实际增长率与可持续增长率脱节的影响程度,并将全部样本公司的进行多元线性回归,回归结果显示,影响房地产上市公司实际增长率与可持续增长率相脱节的主要因素是资产周转率和销售净利率；最后从微观层面的管理者素质、公司内部治理、企业的经营管理战略等非财务因素角度分析了其对公司增长率的影响。文章最后根据研究结果分别从政府层面和公司层面提出促进我国房地产上市公司可持续增长的合理化建议。
[Abstract]:China's real estate industry plays an important role in the national economy and has gradually become an active leading pillar industry in the social economic system.After nearly 10 years of rapid development, many real estate companies' real-estate growth and their own sustainable growth rate is out of step.Too fast growth can strain a company's resources to a later stage of undergrowth.Slow growth can also lead to severe financial conditions, resulting in companies being eliminated or acquired.Therefore, to find out the relationship between real estate enterprises' real growth rate and sustainable growth rate, as well as the influence factors of their disconnection, is worth our careful study.In this paper, the real estate listed companies as the research object, collect the real estate listed companies real estate growth rate and sustainable growth rate and related factors of data,By calculating the real and sustainable growth rates of real estate listed companies in the past three years, using the theory of enterprise sustainable growth, the paper makes descriptive statistics and concrete analysis on the real and sustainable growth rates.The correlation coefficient is measured and the basic conclusion is drawn that the real growth rate is disjointed with the sustainable growth rate.In view of the disjointed situation of the two, this paper first analyzes the reasons for the disconnection between the actual growth rate and the sustainable growth rate of the selected sample of listed real estate companies from a macro perspective; then, from the perspective of financial factors at the micro level,The influence of various financial factors on the disconnection between the real growth rate and the sustainable growth rate is studied, and the multivariate linear regression of all sample companies is carried out. The regression results show that,The main factors that influence the real estate listed companies' real growth rate and sustainable growth rate are asset turnover rate and net interest rate of sales.The influence of non-financial factors, such as management strategy, on the growth rate of the company is analyzed.Finally, according to the research results, the paper puts forward some reasonable suggestions to promote the sustainable growth of the listed real estate companies from the government level and the company level.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23

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