房地产行业上市公司资产结构和经营绩效关系的实证研究

发布时间：2018-06-26 02:51

本文选题：房地产行业 + 上市公司　；参考：《江西农业大学》2016年硕士论文

【摘要】：众所周知,房地产行业与老百姓的生活息息相关,国家为防止房地产行业过热过快增长,出台了很多调控政策,使房地产行业的发展遭遇经济瓶颈,急需产业再升级。房地产企业升级的方向应着眼于自身资产结构的治理,通过提高其资产管理水平和利用效率,达到提高经营绩效的目的。通过文献及理论分析,结合科学的实证研究方法,探讨房地产行业在资产配置方面可能存在的问题,并对优化房地产企业资产结构提出相应的对策建议。以国泰安数据库提供的2007-2014年房地产行业135家上市公司的财务报表为研究对象,将房地产行业的资产简单分成流动资产和非流动资产两个大类,以货币资金占比、应收款项占比、预付款项占比、存货占比、长期股权投资占比、固定资产占比、无形资产占比作为反映资产结构的自变量,以资产报酬率作为反映经营绩效的因变量,以企业规模和资产负债率作为控制变量,用SPSS17.0统计软件对数据进行描述性统计分析和相关分析,并建立多元回归模型。最后得出货币资金占比、存货占比及企业规模与总资产报酬率呈正的线性相关关系,应收款项占比和资产负债率与总资产报酬率呈负相关关系,长期股权投资占比与总资产报酬率不相关。通过以上结论对房地产企业提出相应的对策和建议。首先,应对会计要素进行可靠真实的计量。其次,应加大货币资金的存量,加大对房地产开发生产的投资,加大对应收款项的有效管理和控制。再次要扩大企业规模寻求规模经济收益,同时控制资产负债率,降低财务风险。最后应提高固定资产的使用效率,重视无形资产的贡献,减少风险大、收益不能确定的长期股权投资项目。
[Abstract]:As we all know, the real estate industry is closely related to the lives of the common people. In order to prevent the real estate industry from overheating and growing too fast, the state has issued a lot of regulation and control policies, which make the development of the real estate industry meet with economic bottlenecks, and the industry is in urgent need of The direction of upgrading of real estate enterprises should focus on the governance of their own asset structure and improve the management level and utilization efficiency of their assets so as to achieve the purpose of improving the management performance. Through literature and theoretical analysis, combined with scientific empirical research methods, this paper discusses the possible problems in asset allocation in the real estate industry, and puts forward corresponding countermeasures and suggestions to optimize the asset structure of real estate enterprises. Taking the financial statements of 135 listed companies in the real estate industry from 2007 to 2014 provided by Cathay Pacific database as the research object, the assets of the real estate industry are simply divided into two categories: current assets and non-current assets. The proportion of prepaid payment, inventory, long-term equity investment, fixed assets, intangible assets as independent variables to reflect the structure of assets, return on assets as a dependent variable to reflect operating performance, Taking enterprise size and asset-liability ratio as control variables, descriptive statistical analysis and correlation analysis are carried out with SPSS 17.0 statistical software, and a multivariate regression model is established. Finally, the paper draws the conclusion that the proportion of money funds, the proportion of inventory and the return on total assets are positively linear, and the proportion of accounts receivable and the ratio of assets to liabilities are negatively correlated with the rate of return on total assets. The share of long-term equity investment is not related to the return on total assets. Through the above conclusions to the real estate enterprises put forward the corresponding countermeasures and suggestions. First of all, accounting elements should be measured reliably and truthfully. Secondly, we should increase the stock of monetary funds, increase investment in real estate development and production, and increase the effective management and control of receivables. Third, we should expand the scale of enterprises to seek economic benefits of scale, at the same time control the ratio of assets and liabilities, and reduce the financial risk. Finally, we should improve the efficiency of using fixed assets, attach importance to the contribution of intangible assets, and reduce the long-term equity investment projects with large risks and uncertain returns.
【学位授予单位】：江西农业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F299.233.42

【参考文献】