本文選題：財(cái)務(wù)質(zhì)量 + 房地產(chǎn)上市公司�。� 參考：《西華大學(xué)》2017年碩士論文

【摘要】：自改革開放以來,國(guó)家對(duì)土地及房產(chǎn)制度的改革,使房地產(chǎn)市場(chǎng)擺脫了傳統(tǒng)經(jīng)濟(jì)的束縛,取得了驚人的發(fā)展,成為我國(guó)經(jīng)濟(jì)快速發(fā)展的重要推動(dòng)力。目前由于我國(guó)房地產(chǎn)市場(chǎng)供求發(fā)展不均衡,造成一二線城市房?jī)r(jià)持續(xù)上升,而三四線城市面臨著巨大的去庫(kù)存壓力。鑒于房地產(chǎn)行業(yè)的重要性及特殊性,有必要對(duì)房地產(chǎn)行業(yè)的財(cái)務(wù)質(zhì)量進(jìn)行有針對(duì)性的分析和評(píng)價(jià),一方面為企業(yè)深入了解自身經(jīng)營(yíng)狀況提供一個(gè)新的視角,另一方面也為投資者的資本決策提供參考。截止目前,對(duì)上市公司財(cái)務(wù)質(zhì)量方面的研究已較為廣泛,但是到底如何對(duì)財(cái)務(wù)質(zhì)量進(jìn)行定義,卻還未形成統(tǒng)一的標(biāo)準(zhǔn);同時(shí)對(duì)財(cái)務(wù)質(zhì)量評(píng)價(jià)方法的選擇也有差異,主要分為兩大類:案例分析與實(shí)證分析。對(duì)于房地產(chǎn)行業(yè)的相關(guān)研究主要集中于業(yè)績(jī)績(jī)效,利用宏觀數(shù)據(jù)對(duì)不同地區(qū)的房地產(chǎn)企業(yè)發(fā)展?fàn)顩r進(jìn)行評(píng)價(jià)�；诖�,本文在深入了解房地產(chǎn)企業(yè)現(xiàn)階段所面臨問題的基礎(chǔ)上,從微觀角度出發(fā),通過搜集房地產(chǎn)上市公司的相關(guān)財(cái)務(wù)數(shù)據(jù)并進(jìn)行相應(yīng)處理后,對(duì)房地產(chǎn)企業(yè)的財(cái)務(wù)質(zhì)量進(jìn)行綜合評(píng)價(jià)。為達(dá)到研究目的,本文以房地產(chǎn)上市公司作為研究對(duì)象,將利益相關(guān)者的需求納入考慮范疇,并對(duì)財(cái)務(wù)質(zhì)量進(jìn)行重新定義。在基于利益相關(guān)者模型的基礎(chǔ)上,選擇具有代表性的16個(gè)財(cái)務(wù)指標(biāo)建立因子分析模型,通過因子分析對(duì)所選390個(gè)樣本進(jìn)行實(shí)證研究:提取6個(gè)主因子,分別是盈利能力因子、營(yíng)運(yùn)能力因子、變現(xiàn)能力因子、發(fā)展能力因子、償債能力因子及獲現(xiàn)能力因子,通過對(duì)主因子得分及綜合得分判斷我國(guó)房地產(chǎn)上市公司在2011-2015年財(cái)務(wù)質(zhì)量的表現(xiàn)。研究發(fā)現(xiàn),近五年來我國(guó)房地產(chǎn)上市公司財(cái)務(wù)質(zhì)量的綜合得分在不斷下降,其各主因子得分也不盡理想,主要原因在于土地及人工成本飆升、稅負(fù)較重、房?jī)r(jià)與地價(jià)的不對(duì)等攀升。對(duì)此,本文針對(duì)性的提出了對(duì)策與建議,同時(shí)也指出了本文的不足之處。
[Abstract]:Since the reform and opening up, the reform of land and real estate system has made the real estate market get rid of the shackles of traditional economy, and it has made remarkable development, and has become an important driving force for the rapid economic development of our country. At present, because of the unbalanced development of supply and demand in China's real estate market, the housing prices of the first and second tier cities are rising continuously, while the third and fourth tier cities are facing enormous pressure of destocking. In view of the importance and particularity of the real estate industry, it is necessary to make a targeted analysis and evaluation of the financial quality of the real estate industry, on the one hand, to provide a new perspective for enterprises to understand their own operating conditions. On the other hand, it also provides reference for investors' capital decision. Up to now, the research on the financial quality of listed companies has been more extensive, but how to define the financial quality has not yet formed a unified standard, at the same time, there are differences in the choice of financial quality evaluation methods. Mainly divided into two categories: case analysis and empirical analysis. The research on the real estate industry mainly focuses on the performance, using macro data to evaluate the development of real estate enterprises in different regions. Based on this, this paper, on the basis of deeply understanding the problems faced by real estate enterprises at the present stage, from a micro perspective, through collecting the relevant financial data of listed real estate companies and dealing with them accordingly, Comprehensive evaluation of the financial quality of real estate enterprises. In order to achieve the purpose of the study, this paper takes the real estate listed companies as the research object, takes the needs of stakeholders into consideration, and redefines the financial quality. On the basis of stakeholder model, 16 representative financial indexes are selected to establish factor analysis model, and then 390 samples are tested by factor analysis: 6 main factors are extracted, respectively, which are profitability factors. Operating capacity factor, liquidity factor, development capacity factor, solvency factor and realizable ability factor. The financial quality of China's real estate listed companies in 2011-2015 is judged by the main factor score and comprehensive score. The study found that the comprehensive score of financial quality of listed real estate companies in China has been declining in the past five years, and the scores of the main factors are not ideal, mainly due to the soaring land and labor costs and the heavy tax burden. The unequal rise in house prices and land prices. For this, this paper puts forward the countermeasures and suggestions, but also points out the shortcomings of this paper.
【學(xué)位授予單位】：西華大學(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)：2014549