陆家嘴与融创中国的财务分析及发展战略研究

发布时间：2018-01-20 19:16

本文关键词： 陆家嘴融创财务分析　出处：《厦门大学》2014年硕士论文　论文类型：学位论文

【摘要】：近二十年以来,乘着房地产盛世的东风,许多房地产公司应运而出,不断调整着公司的战略,尽可能实现自身的利益最大化。本文通过对陆家嘴和融创中国近几年财务报表及相关财务指标、主要财务指标的因素分解分析,对两家公司的财务绩效、财务政策、财务战略进行比较研究,结合对公司目前经营战略方向和发展的评价,给出公司今后持续发展的一些建议。本文共分七章,各章主要内容如下：第一章：研究概论。本章首先对论文研究背景进行了概括性的介绍。通过对近期国内宏观经济环境、国家历年出台的房地产政策及房地产行业的发展历程进行回顾,为两家公司后续的研究做了铺垫。然后进入文章研究对象的概述部分,分别介绍了两家房地产公司的业务范围、经营历史、主要财务数据及资本市场等情况。最后提出本文选题的意义、研究的思路及基本内容。第二章：陆家嘴和融创的财务报表三维分析。通过趋势分析、结构对比及互比的方法对两家公司的三大财务报表进行分析,了解公司的经营情况、资产、资本的结构状况以及现金流的水平。第三章：陆家嘴和融创的财务指标分析。本章主要是对两家公司的盈利能力、资产使用效率、资产流动性、负债程度和偿债能力、现金创造能力以及资本市场的表现进行横向对比和纵向分析。第四章：陆家嘴和融创的财务指标因素分解分析。本章主要对上述的因素构成进行分解,深入剖析两家公司的盈利联动因素、企业自身的成长力水平、企业的价值创造力及存在的风险。第五章：陆家嘴和融创的财务战略分析与评价。本章从财务战略的角度分析企业所处的位置,对负债政策、营运资本管理政策、股利政策、投资政策等四个方面进行分析与评价,了解两家公司的财务管理手段。第六章：陆家嘴和融创的发展战略分析。本章通过对两家公司经营模式、战略发展轨迹的回顾和简单分析,探寻其战略的方向和发展优势与不足。第七章：结论及建议。对两家公司五年的财务状况及战略发展方向进行总结性评价,并提出相关的建议。通过对两家公司财务报表三维分析、各财务指标、相关指标因素分解、财务政策、财务战略、公司战略的分析,作者发现,融创在盈利水平与能力、资产的规模和扩张速度、资产的使用效率、资产的流动性、企业价值创造能力、股利政策、OPM战略的使用等方面均优于陆家嘴,显示出较强的相关管理水平及运营能力。陆家嘴的资产、资本结构、抗风险能力、毛利率水平状况比较好,企业发展战略优势更加明显。两家公司的资金状况、现金流状况均不稳定,并且两家公司的经营战略都需要改善。针对具体情况,对两家公司提出下列建议：陆家嘴公司的建议主要是加快企业发展脚步,制定更清晰、可操作的发展战略,发挥优势,将现有业务做大做强；加强现金流的管理；调整资本结构,适度增加负债；加强运营管理水平,加快资产周转效率；调整公司股利政策,减少分红。融创公司的建议主要包括解决目前经营模式中的追求差异化竞争战略与大规模扩张之间的矛盾,并考虑发展多业态经营；加强现金流管理；改善资本结构,增强股东权益水平；加强评估经营风险与财务风险；加强运营管理,保持资产高效周转水平。
[Abstract]:Over the past twenty years, by the real estate prosperity in the East, many Real Estate Company shipped out, constantly adjust the company's strategy, to maximize their own benefits as far as possible. This article through to the Lujiazui and SUNAC Chinese financial statements in recent years and the related financial indicators, decomposition analysis on the main factors of financial indicators, the two companies the financial performance, financial policy, comparative study of financial strategy, combined with the evaluation of our current business strategic direction and development, some suggestions are given in the future sustainable development.
This article is divided into seven chapters, the main contents of each chapter are as follows:
The first chapter: introduction. This chapter firstly gives a brief introduction of the research background. Based on the recent domestic macroeconomic environment, by reviewing the development of the national real estate policy and the real estate industry, paves the way for the study of the two companies in the future. Then enter the overview section of the research object, respectively. The two Real Estate Company's business scope, operating history, the main financial data and capital market. Finally, the significance of this topic, the ideas and the basic content of the research.
The second chapter: the three-dimensional analysis of financial statements of Lujiazui and Rong Chuang. Through the trend analysis, structural comparison and intercomparison method, we analyze the three major financial statements of two companies to understand the company's management, assets, capital structure and the level of cash flow.
The third chapter is the financial index analysis of Lujiazui and financial innovation. This chapter mainly compares two companies' profitability, asset utilization efficiency, asset liquidity, debt degree and solvency, cash creation ability and capital market performance.
The fourth chapter: the decomposition and analysis of financial indicators of Lujiazui and Rong Chuang. This chapter mainly decomposes the above factors, and further analyzes the two companies' earnings linkage factors, the growth level of their own businesses, the value creativity and the risks of enterprises.
The fifth chapter: the Lujiazui and the financial record of the financial evaluation and strategy analysis. This chapter analyzes from the financial point of strategic location of enterprise of debt policy, working capital management policy, dividend policy, analysis and evaluation of the four aspects of investment policy, the two companies understand the means of financial management.
The sixth chapter: the development strategy analysis of Lujiazui and Rong Chuang. This chapter explores the strategic direction and development advantages and disadvantages of two companies through reviewing and analyzing the strategic development trajectory of two companies.
The seventh chapter: conclusions and suggestions. A summary evaluation of the financial situation and strategic development direction of the two companies for five years is made and the relevant suggestions are put forward.
Through the analysis of the financial statements of three companies, the financial index, index decomposition, related factors of financial policy, financial strategy, corporate strategy analysis, the author finds that financial innovation in the level of profitability and ability, asset size and speed, the efficiency of the assets, the liquidity of assets, the ability to create business value, dividend OPM policy, strategy use were better than that of Lujiazui, shows the related management level and operation ability strong. Lujiazui's assets, capital structure, anti risk ability, the level of gross margin condition is good, the advantages of enterprise development strategy is more obvious. Two of the company's financial situation, cash flow situation is not stable, and the two companies business strategies need to be improved.
According to the specific situation, we put forward the following suggestions for the two companies: Lujiazui company that is mainly to speed up enterprise development pace, make more clear, development strategy, operational advantages, the existing business bigger and stronger; strengthen the management of cash flow; adjust the capital structure, a modest increase in liabilities; strengthen the operation and management level, accelerating asset turnover efficiency; adjustment of the company's dividend policy, reduce dividends. The proposals include financial record company to solve the contradiction between the business model in the pursuit of differentiation competitive strategy and large-scale expansion of the current, and consider the development of multi business; strengthen the management of cash flow; improve capital structure, enhance the equity level; strengthen the management risk and financial risk assessment; strengthen the management of the operation, maintain asset turnover high level.

【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【共引文献】