發(fā)布時(shí)間：2018-06-02 03:08

  本文選題：L地產(chǎn) + 財(cái)務(wù)績(jī)效評(píng)價(jià)�。� 參考：《西安理工大學(xué)》2017年碩士論文

【摘要】：伴隨著我國房地產(chǎn)行業(yè)“黃金十年”的結(jié)束,房地產(chǎn)企業(yè)開始從高速成長期向平穩(wěn)發(fā)展期過渡,行業(yè)整體形勢(shì)的驟變給相關(guān)企業(yè)帶來了更復(fù)雜的財(cái)務(wù)狀況和更巨大的經(jīng)營風(fēng)險(xiǎn)。科學(xué)合理的財(cái)務(wù)績(jī)效評(píng)價(jià)對(duì)企業(yè)管理層、國家相關(guān)職能部門和廣大投資者都具有重要意義。因此,房地產(chǎn)企業(yè)做好財(cái)務(wù)績(jī)效評(píng)價(jià)工作,尋找出在以往經(jīng)營過程中存在的不足和新形勢(shì)下發(fā)展的突破口,顯得越來越重要。目前,我國房地產(chǎn)企業(yè)在財(cái)務(wù)績(jī)效評(píng)價(jià)方面所采用的方法不盡相同,但都存在一定的不足。本文在充分借鑒了前人的經(jīng)驗(yàn)之后,認(rèn)為經(jīng)濟(jì)附加值法作為一種有別于以“會(huì)計(jì)利潤”為核心的財(cái)務(wù)績(jī)效評(píng)價(jià)方法,其充分考慮了企業(yè)的權(quán)益資本成本, 將“經(jīng)濟(jì)利潤”這一核心概念進(jìn)行充分利用,是對(duì)傳統(tǒng)財(cái)務(wù)績(jī)效評(píng)價(jià)方法的良好補(bǔ)充,可以更加真實(shí)的反映企業(yè)的財(cái)務(wù)狀況和經(jīng)營成果。在我國,EVA自2010年首次被國資委納入考核核心指標(biāo)以來,其重要性日益突出,2014年和2016年相繼出臺(tái)了《關(guān)于以經(jīng)濟(jì)增加值為核心加強(qiáng)中央企業(yè)價(jià)值管理的指導(dǎo)意見》和《考核辦法》,再一次EVA評(píng)價(jià)進(jìn)行了完善和擴(kuò)充。鑒于以上所述,本文選取了處于行業(yè)中上游的國有企業(yè)L地產(chǎn)作為研究對(duì)象。首先,從傳統(tǒng)的“會(huì)計(jì)利潤”角度出發(fā),以財(cái)務(wù)數(shù)據(jù)為基礎(chǔ),對(duì)企業(yè)2013-2015年的資產(chǎn)負(fù)債表、利潤表和現(xiàn)金流量表的構(gòu)成及變動(dòng)進(jìn)行分析;結(jié)合行業(yè)特點(diǎn),運(yùn)用比率分析法,從償債能力、營運(yùn)能力、盈利能力和成長能力四方面入手,選取12個(gè)具有代表性的財(cái)務(wù)指標(biāo)與行業(yè)龍頭萬科集團(tuán)及業(yè)內(nèi)107家企業(yè)均值水平進(jìn)行對(duì)比分析;其次,從“經(jīng)濟(jì)利潤”角度出發(fā),依據(jù)《經(jīng)濟(jì)附加值考核細(xì)則》對(duì)企業(yè)的相關(guān)會(huì)計(jì)指標(biāo)進(jìn)行調(diào)整,通過計(jì)算EVA值來對(duì)企業(yè)的財(cái)務(wù)狀況做出進(jìn)一步的補(bǔ)充分析。通過以上研究可以發(fā)現(xiàn),L地產(chǎn)存在資本結(jié)構(gòu)不合理、資金利用率不足,盈利能力疲軟以及管理層敏銳力不足的問題。最后,針對(duì)以上不足提出相應(yīng)的改進(jìn)建議。力圖幫助企業(yè)在改善其自身經(jīng)營狀況、降低財(cái)務(wù)風(fēng)險(xiǎn)的同時(shí),為行業(yè)內(nèi)其他企業(yè)的財(cái)務(wù)績(jī)效評(píng)價(jià)工作提供一定的參考借鑒。
[Abstract]:With the end of "golden decade" in China's real estate industry, real estate enterprises begin to transition from high-speed growth period to stable development period. The sudden change of the whole situation of the industry brings more complex financial situation and greater management risk to the related enterprises. Scientific and reasonable evaluation of financial performance is of great significance to the management of the enterprise, the relevant functional departments of the state and the vast number of investors. Therefore, it is more and more important for real estate enterprises to do well the financial performance evaluation and find out the shortcomings in the past management process and the breakthrough of development under the new situation. At present, the methods used by real estate enterprises in financial performance evaluation are different, but they all have some shortcomings. After drawing lessons from the previous experience, this paper holds that the economic added value method is different from the "accounting profit" as the core of the financial performance evaluation method. It takes full account of the cost of equity capital of the enterprise and makes full use of the core concept of "economic profit", which is a good supplement to the traditional financial performance evaluation method, and can more truly reflect the financial situation and operating results of the enterprise. In China, EVA has been included by SASAC for the first time since 2010, Its importance is becoming more and more prominent. In 2014 and 2016, the guiding opinions on strengthening the value Management of Central Enterprises with Economic value added as the Core and the Appraisal method were issued one after another, and the EVA evaluation was perfected and expanded again. In view of the above, this paper selects L real estate, a state-owned enterprise, which is in the upper and middle reaches of the industry as the research object. First of all, from the traditional "accounting profit" point of view, based on financial data, this paper analyzes the composition and changes of the balance sheet, income statement and cash flow statement of enterprises in 2013-2015. From the four aspects of solvency, operating capacity, profitability and growth ability, 12 representative financial indicators are selected to compare with the average level of Vanke Group and 107 enterprises in the industry. Secondly, From the angle of "economic profit", this paper adjusts the relevant accounting indexes of enterprises according to the rules of Economic value added Evaluation, and makes further supplementary analysis on the financial situation of enterprises by calculating the EVA value. Through the above research, we can find that the capital structure is unreasonable, the fund utilization rate is insufficient, the profit ability is weak and the management is not sharp enough. Finally, some suggestions for improvement are put forward in view of the above deficiencies. This paper tries to help enterprises to improve their own operating conditions and reduce financial risks, while providing some reference for other enterprises in the industry to evaluate their financial performance.
【學(xué)位授予單位】：西安理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

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本文編號(hào)：1967078