我国房地产上市公司成长性研究

发布时间：2018-02-16 13:01

本文关键词： 房地产上市公司成长性主成分分析法多元回归分析　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产业作为我国国民经济的支柱产业，在国家的经济建设，社会建设等各方面起到了不可估量的作用，房地产行业能否健康发展直接关系着我国社会的稳定，影响着人民生活质量的改善。作为房地产行业的先进代表——房地产上市公司，其三十年多年的成长历程，成绩是有目共睹的、显著的、喜人的，但不容忽视的是我国房地产上市公司成长严重不足的窘境，存在着成长中的“自然烦恼”：公司治理结构仍不规范、核心竞争力弱、供需结构不合理等问题。针对我国房地产上市公司成长力不足的事实，如何提高公司成长性显得尤为重要，鉴于此，在相关企业成长理论基础上，运用主成分分析法，多元回归法，设立评价指标体系，建立模型，对从沪深证券交易所选取的2008-2012年间100家房地产开发与经营的上市公司作为研究样本进行实质研究。本文的研究目的是想找出对房地产业上市公司成长性影响呈显著正相关的因素。一方面能够帮助企业找出影响成长性的关键因素，将有限的资源投入到对企业业绩影响较大的方面；另一方面使企业的管理层经营决策能更加有的放矢、更加有效。本文的研究结论是：（1）房地产上市公司的成长性与公司的规模显著正相关，即公司的规模越大，企业的成长能力越好强。这与预期的结果相一致。（2）房地产上市公司的成长性与公司的资本结构呈负相关关系。这与假设的结果相符。分析原因可能因为我国房地产行业普遍偏高的资产负债率，增大了公司的经营财务风险及资金使用成本，从而可能会对公司的成长造成阻碍。（3）房地产上市公司的利润与公司的成长性显著正相关。公司的利润是其存在与发展的基础，是一个企业成长的不懈动力。（4）房地上市公司的经营能力与公司的成长性显著正相关。这与假设的结果相符。（5）房地产上市公司的承担的风险越大，公司的成长力越强。（6）房地产上市公司拥有的现金越多，，公司的成长力会越弱。因为现金的特征是流动性强、获利能力弱，公司的现金越多，导致资金利用率低下，影响其他资产的周转率，进而影响公司的成长。最后本文依据实证研究结论分别从政府和房地产上市公司内部两个角度提出了改进建议。政府建议主要包括：稳定房屋销售价格；优化房屋供需结构、完善住房保障；加强市场监管、健全法制建设；完善房地产投资的信贷政策、预防金融风险等等。上市公司内部管理建议主要有：扩大公司规模、实现规模经济效应；优化公司资本结构；提高公司运营能力；重视公司人力资本的开发等等。
[Abstract]:As the pillar industry of our national economy, the real estate industry plays an inestimable role in the national economic construction, social construction and other aspects. Whether the real estate industry can develop healthily is directly related to the stability of our society. It is affecting the improvement of people's quality of life. As an advanced representative of the real estate industry, the listed real estate companies have achieved remarkable, remarkable and gratifying results in the course of more than three decades of growth. However, it can not be ignored that the real estate listed companies in our country are suffering from a serious shortage of growth, and there are "natural troubles" in their growth: the corporate governance structure is still not standardized, and the core competitiveness is weak. In view of the fact that the real estate listed companies in our country have insufficient growth capacity, it is particularly important to improve the growth of companies. In view of this, the principal component analysis method is used on the basis of the related enterprise growth theory. The multiple regression method, the establishment of evaluation index system, the establishment of a model, This paper studies 100 real estate development and management listed companies selected from Shanghai and Shenzhen Stock Exchange from 2008 to 2012. The purpose of this study is to find out the influence on the growth of real estate listed companies. Positive correlation factors. On the one hand, it can help enterprises to identify the key factors that affect their growth. Invest limited resources in areas that have a greater impact on corporate performance; on the other hand, make management decisions more targeted, The conclusion of this paper is that the growth of listed real estate companies is positively correlated with the size of the company, that is, the larger the size of the company, The stronger the growth ability of the enterprise, the better it is. This is consistent with the expected result.) the growth of the listed real estate company is negatively related to the capital structure of the company. This is consistent with the hypothetical result. The analysis of the reasons may be due to the premises in our country. The generally high asset-liability ratio in the industry, It increases the operating financial risk and the cost of using the funds, which may hinder the growth of the company.) the profit of the listed real estate company is significantly positively correlated with the growth of the company. The profit of the company is the foundation of its existence and development. Is an unremitting driving force for the growth of an enterprise. 4) the operating ability of the real estate listed company is significantly positively correlated with the growth of the company. This is consistent with the hypothetical result. 5) the higher the risk the listed real estate company assumes, The stronger the growth power of the company, the more cash the listed real estate company has, the weaker the growth ability of the company is, because the cash is characterized by strong liquidity and weak profitability, and the more cash the company has, the lower the utilization rate of funds is. Affect the turnover of other assets, and then affect the growth of the company. Finally, according to the conclusions of the empirical research, this paper puts forward the improvement suggestions from the two angles of the government and the real estate listed companies. The government's suggestions mainly include: stabilizing the house sales price, optimizing the housing supply and demand structure, perfecting the housing security; Strengthen the market supervision, perfect the legal system construction, perfect the credit policy of the real estate investment, prevent the financial risk and so on. Improve the company's operational ability; attach importance to the development of human capital, and so on.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4

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