调控政策下我国房地产上市公司财务绩效评价

发布时间：2018-01-02 23:22

本文关键词：调控政策下我国房地产上市公司财务绩效评价　出处：《成都理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产是我国转型过程中的特殊商品,在社会经济发展中扮演着举足轻重的角色,素来有“晴雨表”和“风向标”之称。从总体上讲,房地产业在整个经济体系中处于支柱性的地位,其繁荣与否直接关系到经济发展速度的快慢。房地产上市公司作为整个行业的运行载体,代表了地产业的综合实力,反映了整个房地产市场的发展全貌。房地产上市公司的健康发展是近年来学术界和业界共同关注的一个焦点,尤其是在紧锣密鼓出台调控政策的宏观背景下。原因就在于我国宏观调控趋势变化与我国房地产上市公司的发展息息相关,这种政策变动对房地产上市公司产生的影响是难以预测且无法改变的。宏观经济环境的波动,对房地产企业乃至整个行业的影响是不可估量的,不仅仅能够促进地产业的崛起,也能在瞬间导致整个楼市的瘫痪。因此,科学评价房地产业上市公司的财务绩效,建立专门针对房地产上市公司的一套财务绩效评价系统,深入研究不同调控阶段的绩效差异性,及时分析出经营发展中存在的问题,对企业本身提升核心竞争力和国家做出正确决策就显得尤为重要。在方法选择上,首先评述了经典绩效评价方法中的杜邦分析法、沃尔分析法、EVA评价体系和多指标综合评价法,对各个方法进行比较,指出每种方法的优势与劣势。在此基础上,提炼出本文采用的分析方法—因子分析法,重点陈述了该方法的原理、特点以及基本步骤,说明了其应用于房地产上市公司财务绩效评价的适用性,为财务绩效评价体系的指标筛选和结果分析工作做了工具准备。在实证研究上,本文在借鉴前人研究和分析我国房地产市场发展基本特征的基础上,以上海证券交易所的40家和深圳证券交易所的31家房地产上市公司作为研究样本,借助SPSS统计分析软件,根据2008-2013年度我国房地产行业上市公司的年报数据,选取盈利能力、偿债能力、营运能力、发展能力四个维度的12个指标进行因子分析,计算出因子得分,得到较可靠的分析结果,辨析目前近六年来我国房地产上市公司财务绩效水平的变化趋势,找出房地产上市公司总体存在的问题。在结论总结上,本文利用详实数据分析政策制定对房地产企业的调控效果,得出以下结论：(1)调控政策对房地产业公司财务绩效具有外部时滞性影响；(2)反复性调控政策对房地产行业上市公司财务绩效影响大；(3)财务绩效下降催生重资产时代的结束。在得出实证分析结果的基础上,借鉴国外先进经验、结合我国实际,提出我国房地产行业宏观调控政策的制定要着眼于平稳和长远,同时指出房地产上市公司作为绩效评价的主体,应认清形势,合理应对；资产重组,由重转轻；加强管理,优化自身；多元战略,规避风险。
[Abstract]:Real estate is a special commodity in China's transition, plays an important role in the development of social economy, has always been a "barometer" and "wind vane" said. Generally speaking, the real estate industry is a pillar role in the whole economic system, its prosperity is directly related to the speed of economic development the speed of operation. Real estate listed companies as the carrier of the whole industry, represents the comprehensive strength of the industry, reflecting the whole picture of the development of the real estate market. The healthy development of the real estate listed companies is a focus in recent years both academic and industry attention, especially in the background of macro control policy introduced by wildly beating gongs and drums. The reason lies in the development of China's macroeconomic trends and changes of China's real estate listed companies is closely related to the impact of policy changes of the real estate companies is difficult to predict Which cannot be changed. The fluctuation of macroeconomic environment, the impact on the real estate enterprises and the whole industry is immeasurable, not only can promote the rise of the industry, can also lead to paralysis of the entire property market at the moment. Therefore, the scientific evaluation of the real estate industry listed company's financial performance, establish a set of financial performance evaluation system for the real estate listed companies, in-depth study of the performance differences between different stages of control, timely analysis of existing business problems in the development of the enterprise itself to enhance the core competitiveness of countries and make the right decisions is particularly important.
In the method, first reviewed the classical performance evaluation method of DuPont analysis, Waldo analysis, EVA evaluation system and multi index comprehensive evaluation method, the comparison of the various methods, points out the advantages and disadvantages of each method. On this basis, refined analysis method factor analysis method used in this paper, the key statement of the principle of the method, characteristics and basic steps, illustrates the applicability of its application in the real estate financial performance evaluation of listed companies, financial performance evaluation system of index selection and result analysis work tools.
In the empirical research, this paper based on the previous research and analysis of China's real estate market development characteristics, with the Shanghai stock exchange and Shenzhen stock exchange in 40 of the 31 real estate listed companies as the research sample, using SPSS statistical analysis software, according to the annual report data of 2008-2013 years of China's listed companies in real estate industry the selection of profitability, solvency, operating capacity, 12 indicators of four dimensions of development capacity factor analysis, calculated the factor scores, get more reliable results, analysis of the current trends of financial performance of real estate listed companies in China for nearly six years, to find out the overall real estate listed companies the problem.
In conclusion, this paper use detailed data analysis of policy effect of regulation on real estate enterprises, draw the following conclusions: (1) control policy of external time lag on the financial performance of real estate companies; (2) effects of repetitive control policies on the real estate industry listed company financial performance; (3) financial performance the end of the birth weight decreased. Based on the age of assets on the results of the empirical analysis, draw lessons from foreign advanced experience, combined with China's reality, put forward the development of China's real estate industry in the macro-control policy should focus on the smooth and long, also pointed out that the real estate listed companies as the subject of performance evaluation, should understand the situation, a reasonable response; asset restructuring, from heavy to light; strengthen the management, optimize; diversified strategy to avoid risks.

【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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