我国房地产业上市公司经营活动营运资金管理效率对企业绩效的影响研究

发布时间：2018-02-25 21:26

本文关键词： 房地产营运资金管理渠道企业绩效　出处：《中国海洋大学》2014年硕士论文　论文类型：学位论文

【摘要】：营运资金是企业流动资产和流动负债的组合，其主要作用是维持企业正常运营。在现代企业日常财务管理中，营运资金管理最为频繁，已经成为现代企业管理的重要组成部分。营运资金管理涉及到企业日常经营活动的各个方面，不仅包括货币资金、应收账款、存货等流动资产项目的顺利高效运转，也包括短期借款、应付账款等流动负债的合理利用与偿付。营运资金的管理效率会直接影响到企业经营绩效，企业需要根据内部和外部环境，加强营运资金管理，提高管理效率，进而提升企业绩效。我国的房地产业起步于上世纪九十年代初，随着住房体系的不断改革、经济的飞速发展，我国房地产业发展迅速，逐渐成为中国经济增长的支柱产业，在国民经济中的地位日益重要。房地产行业关联性大，涉及上下游产业多，房地产行业的良好运作可以促进相关产业发展，提高全社会的就业率。房地产行业属于资金密集型行业，，具有资金投入量大、存货周转慢、回收期长等特点，房地产行业易受到政府政策调控的影响，这使得该行业的发展存在较大不确定性和不稳定性。近几年，我国政府颁布并实施了一系列加强房地产行业的监管政策，其中包括贷款监管，对房地产业的融资渠道产生很大影响，导致企业资金链断裂的风险上升。本文就是出于以上考虑，在渠道理论的指导下，将经营活动营运资金细分为采购渠道营运资金、生产渠道营运资金、营销渠道营运资金，选取我国房地产业上市公司数据作为研究样本，对房地产行业经营活动营运资金管理效率对企业绩效的影响进行深入研究分析。本文研究的具体内容如下：（1）对营运资金管理效率、营运资金管理与企业绩效的关系的国内外文献进行系统梳理和评述，在此基础上形成自己的研究思路。（2）结合我国房地产行业经营活动营运资金特点及其管理的风险收益权衡理念，对房地产行业各渠道的经营活动营运资金管理效率与企业绩效的关系进行理论分析，提出本文的研究假设。（3）本文选取综合反映房地产企业绩效的盈利能力、营运能力、偿债能力以及发展能力的四类财务指标，通过因子分析法得出一个综合得分，以此来衡量企业绩效；本文选用基于渠道的营运资金管理绩效评价体系作为各渠道营运资金管理效率的衡量指标；选取房地产行业上市公司2008-2012年的数据作为样本，借助SPSS统计分析软件，对分渠道的经营活动营运资金管理效率以及经营活动营运资金管理效率和企业绩效之间的关系进行研究。（4）通过对实证结果进行分析，得出本文的研究结论，并在此基础上提出了从渠道的视角提高房地产企业经营活动营运资金管理效率的对策建议，为我国房地产企业的持续健康发展提供新的动力。本文得出采购渠道营运资金周转期、生产渠道营运资金周转期、营销渠道营运资金周转期、经营活动营运资金周转期分别与企业绩效呈显著的负相关关系的结论，另外年份是影响企业绩效的显著因素。
[Abstract]:Working capital is the combination of the enterprise current assets and current liabilities, its main role is to maintain the normal operation of the enterprise. In the day-to-day financial management of modern enterprises, working capital management is the most frequent, has become an important part of modern enterprise management. Working capital management involves all aspects of the daily operations of enterprises, including not only the money. The smooth and efficient operation of accounts receivable, inventory and other current assets of the project, including the rational use of short-term loans, accounts payable and other liabilities and solvency. Working capital management efficiency will directly affect the operating performance of enterprises, enterprises need according to the internal and external environment, strengthen the working capital management, improve management efficiency, and enhance the enterprise performance.
China's real estate industry started in the last century at the beginning of 90s, with the continuous reform of the housing system, the rapid development of economy, China's real estate industry rapid development, has gradually become a pillar industry of China economic growth, in the national economy is becoming more and more important. The real estate Industry Association, involved in upstream and downstream industries. The good operation of the real estate industry can promote the development of related industries, improve the whole society. The employment rate of the real estate industry is a capital intensive industry, with large amount of capital investment, inventory turnover is slow, and the characteristics of a long payback period, the real estate industry affected by government policy, which makes the development of the industry there is a big uncertainty and instability. In recent years, the Chinese government promulgated and implemented a series of policies to strengthen the regulation of the real estate industry, including loan supervision of real estate financing channels greatly As a result, the risk of the break of the enterprise capital chain is rising.
This paper is based on the above considerations, in the channel under the guidance of the theory of the business activities of the working capital is subdivided into purchasing channel working capital, working capital production channels, marketing channel working capital, select the data of the listed companies in China's real estate industry as the research sample, in-depth analysis on the impact of the real estate industry working capital management efficiency of the performance of enterprises.
The specific contents of this study are as follows:
(1) systematically review and comment on the relationship between working capital management efficiency, working capital management and business performance, and form a research train of thought based on it.
(2) combined with the characteristics of the operation capital and the risk and profit trade-off idea of the real estate industry in China, this paper theoretically analyzes the relationship between the operation efficiency and the business performance of the various sectors of the real estate industry, and puts forward the hypothesis of this study.
(3) this paper comprehensively reflect the real estate business performance, profitability, operational capacity, four financial indicators of solvency and development ability, through the factor analysis method to get a comprehensive score, in order to measure corporate performance; the sources of working capital management performance evaluation system based on the index as a measure of the efficiency of working capital management each channel; selection of Listed Companies in the real estate industry for 2008-2012 years as the sample data, using SPSS statistical analysis software, to study the relationship between the sub channels of the working capital management efficiency and working capital management efficiency and corporate performance.
(4) through the analysis of the empirical results, we draw the conclusions of this study, and on this basis, put forward the countermeasures and suggestions to improve the management efficiency of real estate business activities from the perspective of channels, so as to provide new impetus for the sustainable and healthy development of China's real estate enterprises.
This paper draws the purchasing channelworking capital turnover, production channelworking capital turnover, marketing channelworking capital turnover, operating working capital turnover and corporate performance are significantly negative correlation between the conclusion, another year is significant factors affecting enterprise performance.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【参考文献】