本文選題：房地產(chǎn)上市公司　切入點(diǎn)：特色流動(dòng)性指標(biāo)　出處：《江蘇大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：現(xiàn)代經(jīng)濟(jì)社會(huì)中,房地產(chǎn)行業(yè)橫跨生產(chǎn)、流通、消費(fèi)三大領(lǐng)域,其對(duì)國(guó)民經(jīng)濟(jì)和人民生活的影響作用不容小覷,因此房地產(chǎn)行業(yè)被稱作國(guó)民經(jīng)濟(jì)發(fā)展的“晴雨表”。08年爆發(fā)金融危機(jī)后,緊接著我國(guó)政府陸續(xù)提出“國(guó)十一條”、“新國(guó)八條”、“930”新政、“330”新政、降息降準(zhǔn)、放開二胎、房地產(chǎn)業(yè)去庫(kù)存等政策。到了2017年,全國(guó)兩會(huì)期間針對(duì)房地產(chǎn)去庫(kù)存、改造棚戶區(qū)、市場(chǎng)分類調(diào)控等政策再加碼。如此,資金密集并高負(fù)債經(jīng)營(yíng)的房地產(chǎn)公司,在錯(cuò)綜復(fù)雜的經(jīng)濟(jì)市場(chǎng)環(huán)境下,流動(dòng)性會(huì)產(chǎn)生巨大的變化。流動(dòng)性不足會(huì)使房地產(chǎn)市場(chǎng)運(yùn)行和公司的安全經(jīng)營(yíng)失去資金保障,進(jìn)而影響公司業(yè)績(jī)。流動(dòng)性過剩又會(huì)影響房地產(chǎn)市場(chǎng)穩(wěn)定與公司經(jīng)營(yíng)業(yè)績(jī)。研究房地產(chǎn)上市公司流動(dòng)性與公司業(yè)績(jī)的實(shí)際關(guān)系,使流動(dòng)性與公司業(yè)績(jī)達(dá)到一種動(dòng)態(tài)平衡,對(duì)于豐富和發(fā)展我國(guó)房地產(chǎn)上市公司流動(dòng)性理論,同時(shí)提高房地產(chǎn)上市公司治理能力與經(jīng)營(yíng)業(yè)績(jī),促進(jìn)經(jīng)濟(jì)市場(chǎng)的健康平穩(wěn)發(fā)展,具有非常重要的意義。本文通過對(duì)國(guó)內(nèi)外房地產(chǎn)公司流動(dòng)性及其與公司業(yè)績(jī)關(guān)系的相關(guān)文獻(xiàn)進(jìn)行梳理后,以流動(dòng)性的相關(guān)理論作為理論基礎(chǔ),結(jié)合房地產(chǎn)公司特點(diǎn),重新建立房地產(chǎn)公司特色流動(dòng)性指標(biāo),同時(shí)對(duì)房地產(chǎn)公司流動(dòng)性與公司業(yè)績(jī)的關(guān)系進(jìn)行理論分析,提出研究假設(shè),在搜集2012年到2015年房地產(chǎn)上市公司相關(guān)的樣本數(shù)據(jù)基礎(chǔ)上,通過描述性統(tǒng)計(jì)、相關(guān)性分析和回歸分析,實(shí)證研究房地產(chǎn)上市公司流動(dòng)性與公司業(yè)績(jī)兩者關(guān)系,并對(duì)提出的假設(shè)進(jìn)行檢驗(yàn)、論證。通過對(duì)房地產(chǎn)上市公司流動(dòng)性與公司業(yè)績(jī)關(guān)系進(jìn)行實(shí)證分析后,研究的結(jié)論表明房地產(chǎn)公司速動(dòng)比率、現(xiàn)金流動(dòng)負(fù)債率、預(yù)收賬款比率對(duì)房地產(chǎn)上市公司業(yè)績(jī)有顯著影響。房地產(chǎn)上市公司應(yīng)加強(qiáng)現(xiàn)金管理,預(yù)收賬款的管理,并熟悉房產(chǎn)政策,提高融資能力。在做決策時(shí),要充分考慮房地產(chǎn)上市公司所處的宏觀環(huán)境、自身經(jīng)營(yíng)狀況,對(duì)流動(dòng)性進(jìn)行合理安排,以獲取公司業(yè)績(jī)提升。
[Abstract]:In modern economic society, the real estate industry straddles the three major fields of production, circulation and consumption, and its impact on the national economy and people's lives cannot be underestimated. Therefore, the real estate industry has been called a "barometer" for the development of the national economy. After the financial crisis broke out in 2008, immediately after the Chinese government put forward "11 national rules", "eight new policies", "930" new policies, "330" new policies, cutting interest rates and lowering the standard, and opening up the second child, By 2017, during the two sessions of the National people's Congress, policies such as going to inventory for real estate, reforming shantytowns, and regulating the market classification were further increased. In this way, real estate companies with capital intensive and highly indebted operations were added. In the complex economic market environment, liquidity can produce tremendous changes. Lack of liquidity will cause the operation of the real estate market and the safe operation of the company to lose capital security. The excess liquidity will affect the stability of the real estate market and the operating performance of the company. This paper studies the actual relationship between the liquidity of the listed real estate company and the performance of the company, so as to achieve a dynamic balance between the liquidity and the performance of the company. To enrich and develop the liquidity theory of listed real estate companies in our country, at the same time to improve the governance ability and operating performance of listed real estate companies, and to promote the healthy and stable development of the economic market. This article combs the domestic and foreign real estate company liquidity and its relation with the company performance related literature, takes the liquidity correlation theory as the theoretical foundation, unifies the real estate company characteristic, The characteristic liquidity index of real estate company is re-established. At the same time, the relationship between real estate company liquidity and company performance is analyzed theoretically, and the research hypothesis is put forward, based on collecting the sample data of real estate listed company from 2012 to 2015. Through descriptive statistics, correlation analysis and regression analysis, this paper empirically studies the relationship between liquidity and corporate performance of listed real estate companies, and tests the proposed assumptions. Through the empirical analysis of the relationship between liquidity and corporate performance of listed real estate companies, the conclusion of the study shows that the real estate companies' liquidity ratio, cash flow debt ratio, cash flow debt ratio, The ratio of accounts received in advance has a significant impact on the performance of listed real estate companies. Real estate listed companies should strengthen cash management, the management of accounts received in advance, and be familiar with the property policy and improve their financing ability. We should fully consider the macro environment of the listed real estate companies, their own operating conditions, reasonable arrangements for liquidity, in order to achieve corporate performance improvement.
【學(xué)位授予單位】：江蘇大學(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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