深圳控股和华润置地财务绩效、财务政策和财务战略的比较研究

发布时间：2018-01-14 21:02

本文关键词：深圳控股和华润置地财务绩效、财务政策和财务战略的比较研究　出处：《厦门大学》2013年硕士论文　论文类型：学位论文

【摘要】：深圳控股有限公司(以下简称“深圳控股”)和中国大陆其它房地产企业正面临中国宏观经济增长方式转变、经济增速降低、行业调控政策持续和行业激烈竞争之环境,如何借助财务视野,通过与房地产标杆企业对比分析,提升其财务绩效、制定匹配的财务政策和前瞻性的财务战略,实现自我可持续发展是必须思考的一个严峻问题。文本选取行业领先者华润置地有限公司(以下简称“华润置地”)作为深圳控股对标对象,着重从深圳控股和华润置地2008-2012年的财务报表、财务指标及财务指标影响因素分解分析入手,比较研究两家企业的财务绩效、财务政策和财务战略,系统解读、诊断两家企业的财务状况,探究影响两家企业财务状况存在差异的深层次因素,尝试为深圳控股未来可持续发展提供建议。通过比较分析,得出以下结论：从盈利能力、现金创造能力、价值创造能力、风险控制能力和成长能力五个层面来看,深圳控股的财务绩效均弱于华润置地；从营运资本管理政策、负债政策、股利政策和投资政策来看,深圳控股的财务政策效率或效果不如华润置地；从价值创造和现金状况来看,两家企业均为价值创造型企业,但深圳控股价值创造能力弱于华润置地,深圳控股资金短缺较华润置地严峻；从两者差异形成的深层次原因来看,与案例公司之母公司深业集团有限公司(以下简称“深业集团”)、华润集团有限公司(以下简称“华润集团”)之背景、企业战略体系、商业模式、内部管控、资本结构和融资渠道有关。针对上述分析,本文建议深业集团增厚资源实力；深圳控股应从产品专业化营运、布局回归、抓住战略支点、商业模式转型,以及注重与母公司的战略协同来优化发展战略,从融资战略、融资渠道、现金流管理、预收及应付账款来优化负债政策,从存货管理、土地储备结构优化、期间费用管控、营运速度和流动资金效率、综合筹划税务来优化营运资本政策,从提高留存收益比例来优化股利政策,从增加持有物业、处置低效长期股权投资来优化投资政策,从提升管控水平、专业能力和完善内部机制来优化企业管理。
[Abstract]:Shenzhen Holdings Limited (hereinafter referred to as "Shenzhen Holdings") and other mainland Chinese real estate companies are facing the transformation of China's macroeconomic growth mode, economic growth rate is lower. Industry regulation and control policies and fierce competition in the industry environment, how to use financial vision, through comparative analysis with real estate benchmarking enterprises, to improve their financial performance, to formulate matching financial policies and forward-looking financial strategy. Realizing self-sustainable development is a serious problem that must be considered. The text selects China Resources Land Co., Ltd (hereinafter referred to as "China Resources Land") as the target of Shenzhen holding. Focusing on the financial statements of Shenzhen Holdings and China Resources from 2008 to 2012, the financial indicators and financial indicators of the impact factors decomposition analysis, comparative study of the financial performance of the two enterprises. Financial policy and financial strategy, systematic interpretation, diagnosis of the financial situation of the two enterprises, explore the two enterprises financial situation differences in the deep-seated factors, try to provide suggestions for the future sustainable development of Shenzhen Holdings. Through comparative analysis, the following conclusions are drawn: from the five aspects of profitability, cash creation ability, value creation ability, risk control ability and growth ability, the financial performance of Shenzhen Holdings is weaker than that of China Resources Land; From the point of view of working capital management policy, debt policy, dividend policy and investment policy, the financial policy of Shenzhen Holdings is less efficient or effective than China Resources Land purchase; In terms of value creation and cash situation, both enterprises are value creation enterprises, but Shenzhen's holding value creation ability is weaker than that of China Resources Land, and the shortage of Shenzhen holding funds is more severe than that of China Resources Land. From the deep-seated reasons of the difference, the background of the case is the parent company of Shenye Group Co., Ltd. (hereinafter referred to as "Shenye Group", China Resources Group Co., Ltd. (hereinafter referred to as "China Resources Group"). Enterprise strategic system, business model, internal control, capital structure and financing channel are related. Shenzhen Holdings should focus on product specialization, layout regression, strategic fulcrum, business model transformation, and focus on strategic coordination with the parent company to optimize the development strategy, from the financing strategy, financing channels. Cash flow management, advance collection and accounts payable to optimize liability policies from inventory management, land reserve structure optimization, duration cost control, operating speed and liquidity efficiency. Comprehensive tax planning to optimize the working capital policy, from increasing the proportion of retained earnings to optimize the dividend policy, from the increase of property holdings, disposal of inefficient long-term equity investment to optimize investment policy, from the level of control. Professional ability and perfect internal mechanism to optimize business management.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

【相似文献】