本文選題：L地產(chǎn) + 財務(wù)績效評價　； 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)整體形勢的驟變給相關(guān)企業(yè)帶來了更復(fù)雜的財務(wù)狀況和更巨大的經(jīng)營風(fēng)險�？茖W(xué)合理的財務(wù)績效評價對企業(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)做好財務(wù)績效評價工作,尋找出在以往經(jīng)營過程中存在的不足和新形勢下發(fā)展的突破口,顯得越來越重要。目前,我國房地產(chǎn)企業(yè)在財務(wù)績效評價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)驗之后,認為經(jīng)濟附加值法作為一種有別于以“會計利潤”為核心的財務(wù)績效評價方法,其充分考慮了企業(yè)的權(quán)益資本成本, 將“經(jīng)濟利潤”這一核心概念進行充分利用,是對傳統(tǒng)財務(wù)績效評價方法的良好補充,可以更加真實的反映企業(yè)的財務(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年相繼出臺了《關(guān)于以經(jīng)濟增加值為核心加強中央企業(yè)價值管理的指導(dǎo)意見》和《考核辦法》,再一次EVA評價進行了完善和擴充。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)作為研究對象。首先,從傳統(tǒng)的“會計利潤”角度出發(fā),以財務(wù)數(shù)據(jù)為基礎(chǔ),對企業(yè)2013-2015年的資產(chǎn)負債表、利潤表和現(xiàn)金流量表的構(gòu)成及變動進行分析;結(jié)合行業(yè)特點,運用比率分析法,從償債能力、營運能力、盈利能力和成長能力四方面入手,選取12個具有代表性的財務(wù)指標(biāo)與行業(yè)龍頭萬科集團及業(yè)內(nèi)107家企業(yè)均值水平進行對比分析;其次,從“經(jīng)濟利潤”角度出發(fā),依據(jù)《經(jīng)濟附加值考核細則》對企業(yè)的相關(guān)會計指標(biāo)進行調(diào)整,通過計算EVA值來對企業(yè)的財務(wù)狀況做出進一步的補充分析。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,針對以上不足提出相應(yīng)的改進建議。力圖幫助企業(yè)在改善其自身經(jīng)營狀況、降低財務(wù)風(fēng)險的同時,為行業(yè)內(nèi)其他企業(yè)的財務(wù)績效評價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)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.42

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本文編號：1967078