基于SEM的房地产上市公司收益质量评价研究

发布时间：2018-06-27 14:57

本文选题：收益质量 + 房地产上市公司　；参考：《大连海洋大学》2013年硕士论文

【摘要】：收益作为会计的核心概念之一，一直是信息使用者尤其是投资者最关心的信息。它能准确地反映企业在一定时期内的经营成果，企业的利益相关者视它为决策的重要依据，同时股东用它来衡量企业管理者的经营业绩。随着资本市场的发展，收益质量问题近年来备受人们的关注，经历了08年由美国两大房地产企业引发的经融危机后，使人们更加注重评价上市公司收益的质量而不是数量，对于收益质量的评价研究国内学者大多数都是以定性分析为主，而本文力求以结构方程模型这种定量分析方法，对房地产行业的收益质量进行评价，进行一步完善了收益质量的评价方法，帮助利益相关者从另一个角度了解企业的收益质量，使他们能够更深入地解读企业收益质量信息，为他们做出有效的、科学的管理决策提供理论依据。本文第一部分对论文的选题背景、意义、目的和运用的方法进行必要的阐述。分析国内外学者对收益质量的研究现状。第二部分，从收益的内涵开始引申，得出不同学者对收益质量内涵的不同界定，而文章对收益质量的内涵进行了整理得出可以用以下三个方面即企业的现金流量、收益的持续性和投资决策有用性对收益质量定义的进行阐述。通过对房地产行业的特征和发展现状进行描述确立了房地产行业的收益质量的特征，得出影响房地产行业收益质量的七大因素：经营环境与风险、企业的资产状况、会计收益结构、现金流量的收入、公司法理结构、会计规范与会计政策和社会监管。简要地介绍运用的统计方法结构方程模型和聚类分析法。结构方程模型是一种描述显变量与潜变量之间的关系的定量分析法。第三部分，运用第二章的理论知识建立以收益质量的六大特征即可靠性、现金保障性、持续性、成长性、安全性和盈利性为基础的评价指标体系，运用聚类分析法对房地产上市公司公布的财务指标进行筛选，再对聚类分析法聚类的数据结合其他学者经验和笔者的知识对指标按其特征进行归属，再结合专家为可靠性指标做出的评分最终建立完整的结构方程收益质量评价理论假设模型。第四部分运用结构方程模型进行实证分析，通过验证性因子分析和路径分析对模型进行评价、修正、拟合得出理想模型，验证研究假设，以实证分析结果为依据，得出结论。最后，，提出了改善房地产上市公司收益质量的政策建议，总结本文的研究成果，并对研究的局限性和未来的研究方向进行了展望。
[Abstract]:As one of the core concepts of accounting, income has always been the most concerned information for information users, especially investors. It can accurately reflect the business achievement of the enterprise in a certain period of time, and the stakeholders of the enterprise regard it as an important basis for decision-making, and shareholders use it to measure the management performance of the enterprise manager. With the development of the capital market, the problem of income quality has attracted people's attention in recent years. After the financial crisis caused by the two major real estate enterprises in the United States in 2008, people pay more attention to evaluating the quality rather than the quantity of the earnings of listed companies. For the evaluation of income quality, most domestic scholars are based on qualitative analysis, and this paper tries to use the structural equation model to evaluate the income quality of the real estate industry. The evaluation method of profit quality has been improved step by step, helping stakeholders to understand the income quality of enterprises from another angle, so that they can interpret the income quality information more deeply and make effective for them. Scientific management decision provides theoretical basis. The first part of this paper describes the background, significance, purpose and application of the paper. This paper analyzes the research status of income quality at home and abroad. The second part, beginning with the connotation of income, obtains different definitions of the connotation of income quality by different scholars, and the article arranges the connotation of income quality, and draws the conclusion that the cash flow of enterprises can be used in the following three aspects. The persistence of income and the usefulness of investment decision are the definitions of income quality. By describing the characteristics and development status of the real estate industry, the paper establishes the characteristics of the income quality of the real estate industry, and obtains seven factors that affect the income quality of the real estate industry: the operating environment and risk, the assets status of the enterprise, Accounting income structure, cash flow income, corporate legal structure, accounting norms and accounting policies and social supervision. The structure equation model and cluster analysis method are briefly introduced. The structural equation model is a quantitative analysis method to describe the relationship between explicit variables and latent variables. In the third part, based on the six characteristics of income quality, namely reliability, cash security, sustainability, growth, security and profitability, the evaluation index system is established based on the theoretical knowledge in chapter two. This paper uses cluster analysis to screen the financial indexes published by real estate listed companies, and then classifies the index according to its characteristics by combining the data of cluster analysis with other scholars' experience and the author's knowledge. Finally, a complete theoretical hypothesis model of income quality evaluation of structural equation is established based on the evaluation of reliability index made by experts. The fourth part uses the structural equation model to carry on the empirical analysis, through the confirmatory factor analysis and the path analysis carries on the appraisal to the model, the revision, the fitting obtains the ideal model, validates the research hypothesis, according to the empirical analysis result, draws the conclusion. Finally, the paper puts forward some policy suggestions to improve the income quality of listed real estate companies, summarizes the research results of this paper, and looks forward to the limitations of the research and the future research direction.
【学位授予单位】：大连海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F293.33

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