基于因子分析与EVA相结合的房地产企业业绩评价研究

发布时间：2018-04-22 01:38

本文选题：业绩评价 + 因子分析　；参考：《重庆交通大学》2013年硕士论文

【摘要】：企业业绩评价作为企业管理的难点之一,向来是管理科学领域研究的热点问题。建立一套科学合理并且行之有效的企业经营业绩评价体系,能够对企业的经营行为起到正确的引导作用,帮助企业的经营管理者寻找企业的优势和差距,从而使企业保持优势、缩短差距以提升自身的核心竞争力,实现企业发展的战略性目标。随着我国社会主义市场经济体制的实现,在经济快速发展的过程中,房地产行业的迅猛发展为我国国民经济建设添砖加瓦。2008年的金融危机使我国市场环境变化深刻,政府对于房地产市场的大力调控使得房地产业做出了重要的发展变革,在这样的背景下,评价我国房地产企业的业绩水平具有非常重要的现实意义,同时也对整个国民经济的发展起到了重要的作用。本文首先对企业业绩评价的相关理论进行了梳理,同时对本文所使用的因子分析和EVA这两种业绩评价方法进行了理论探讨。在此基础上,利用深沪两市30家房地产企业2012年的财务数据作为样本对其进行业绩评价的实证研究。从盈利能力、营运能力、偿债能力、发展能力四个角度筛选符合房地产企业特点的评价指标,作为因子分析的原始变量指标,文章共得到五个公共因子。然后运用EVA的业绩评价方法,选择计算的调整项目,根据公式计算出各样本企业EVA的值,由于考虑到规模效应,用EPA (EVA/投入资本总额)对30家房地产企业进行业绩情况的排名。得到这两种方法的评价结果后,运用综合序数法判断二者的相关度,然后选择适当的权重比例对两种业绩评价的结果进行综合,得到排名结果。使用因子分析和EVA相结合的业绩评价方法不仅可以较为全面的反映出企业的财务信息,而且由于考虑了企业的资本成本,使得评价结果能够更为真实地反映出企业为股东创造出的财富。
[Abstract]:As one of the difficulties in enterprise management, enterprise performance evaluation has always been a hot issue in the field of management science. The establishment of a set of scientific, reasonable and effective evaluation system of business performance can guide the management behavior of enterprises correctly, help the managers of enterprises to find the advantages and gaps of enterprises, so that the enterprises can maintain their advantages. Shorten the gap to enhance their core competitiveness and achieve the strategic goal of enterprise development. With the realization of socialist market economy system in China, the rapid development of real estate industry contributes to the construction of our national economy in the process of rapid economic development. The government has made great efforts to adjust and control the real estate market. Under this background, it is of great practical significance to evaluate the performance level of Chinese real estate enterprises. At the same time, the development of the entire national economy has played an important role. This paper firstly combs the relevant theories of enterprise performance evaluation, and probes into the two methods of performance evaluation, which are factor analysis and EVA, which are used in this paper. On this basis, the financial data of 30 real estate companies in Shenzhen and Shanghai stock markets in 2012 are used as samples to evaluate their performance. From the four angles of profitability, operation ability, solvency and development ability, the evaluation indexes which accord with the characteristics of real estate enterprises are selected. As the original variable indexes of factor analysis, five public factors are obtained in this paper. Then, by using the performance evaluation method of EVA, the adjusted items are selected, and the value of EVA of each sample enterprise is calculated according to the formula. Considering the effect of scale, the performance of 30 real estate enterprises is ranked by EPA / total investment capital. After the evaluation results of the two methods are obtained, the correlation degree of the two methods is judged by the method of comprehensive ordinal number, and then the results of the two kinds of performance evaluation are synthesized with appropriate weight ratio, and the ranking results are obtained. The performance evaluation method combining factor analysis and EVA can not only reflect the financial information of the enterprise, but also consider the capital cost of the enterprise. So that the evaluation results can more truly reflect the wealth created by enterprises for shareholders.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

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