改进的杜邦财务分析体系在房地产企业的应用研究

发布时间：2018-04-15 06:05

本文选题：杜邦财务分析体系 + 现金流量指标　；参考：《重庆大学》2014年硕士论文

【摘要】：随着国家进一步的市场调控，房地产企业的竞争也越来越激烈。为了使企业在这种市场背景下持续发展而不被淘汰，就需要从内部分析企业的财务状况。为了了解房地产企业的财务现状，就需要对企业的财务报表进行综合分析。对企业财务报表的分析，可以将最原始的财务数据转换成有用的财务信息，帮助使用者评价企业的财务状况。杜邦财务分析体系是以权益净利率为核心比率，然后分解为三个基础财务指标，包括销售净利率、总资产周转率和权益乘数。对杜邦体系的分解，既反映出企业的经营方针，又反映了企业的财务策略。但是，随着现代企业所处的经济环境日益复杂，传统的杜邦财务分析体系的缺点也逐渐显现出来，它已经满足不了对当代企业进行财务分析的需求。文章首先回顾了关于杜邦财务分析体系的研究综述，介绍了财务分析方法的发展及传统的杜邦财务分析体系的优缺点。其次，针对传统杜邦分析的不足，结合房地产行业的发展情况提出引入可持续增长率指标，对房地产企业的可持续增长能力进行分析。然后，结合房地产企业资金密集型及建设周期长的特点，引入现金流量指标，分析房地产企业经营活动的现金状况。并分别运用传统的和改进的杜邦财务分析体系，，结合趋势分析法、连环替代法对万科的财务状况进行全面的分析，发现万科的销售净利率一直保持比较高的水平，但是营业收入现金比却相对较低，甚至在有些年份是负值，其资产负债率也超过了70%的警戒线，总资产周转率总体呈下降的趋势。同时，利用威尔科克森带符号秩检验对万科的可持续增长率和实际增长率进行分析，得出万科在2003-2012年间理论上并没有实现可持续增长的结论。再次，文章从提高盈利质量、改善资产负债率、促进可持续增长等方面对万科提出了改进建议。最后，文章认为利用杜邦财务分析体系对房地产企业进行财务分析时，应该引入现金流量和可持续增长率指标。
[Abstract]:With the country's further market regulation and control, the competition of real estate enterprises is becoming more and more fierce.In order to make the enterprise develop continuously in this market background and not be eliminated, it is necessary to analyze the financial situation of the enterprise from the inside.In order to understand the present financial situation of real estate enterprises, it is necessary to analyze the financial statements comprehensively.The analysis of enterprise financial statements can transform the original financial data into useful financial information and help users to evaluate the financial situation of enterprises.DuPont financial analysis system takes equity net interest rate as the core ratio, and then decomposes into three basic financial indicators, including net interest rate of sales, total asset turnover and equity multiplier.The decomposition of DuPont system not only reflects the enterprise's management policy, but also reflects the enterprise's financial strategy.However, with the increasingly complex economic environment of modern enterprises, the shortcomings of the traditional DuPont financial analysis system have gradually emerged, it has been unable to meet the needs of the financial analysis of contemporary enterprises.This paper reviews the research on DuPont financial analysis system, introduces the development of financial analysis method and the advantages and disadvantages of traditional DuPont financial analysis system.Secondly, aiming at the deficiency of the traditional DuPont analysis and combining the development of the real estate industry, this paper puts forward the introduction of the sustainable growth rate index to analyze the sustainable growth ability of the real estate enterprises.Then, combined with the characteristics of capital intensive and long construction cycle of real estate enterprises, the cash flow index is introduced to analyze the cash status of real estate enterprises' business activities.And using the traditional and improved DuPont financial analysis system, combined with the trend analysis method, the serial substitution method is used to analyze the financial situation of Vanke. It is found that the net interest rate of Vanke's sales has been maintained at a relatively high level.But the operating income / cash ratio is relatively low, even in some years is negative, its ratio of assets and liabilities has exceeded the warning line of 70 percent, and the total assets turnover rate has shown a downward trend in general.At the same time, the paper analyzes the sustainable growth rate and actual growth rate of Vanke by using Wilkerson's signed rank test, and draws the conclusion that Vanke did not realize the sustainable growth in theory from 2003 to 2012.Thirdly, the paper puts forward some suggestions to Vanke from the aspects of improving profit quality, improving asset-liability ratio and promoting sustainable growth.Finally, the paper points out that the index of cash flow and sustainable growth rate should be introduced when using DuPont financial analysis system to analyze real estate enterprises.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【参考文献】