本文選題：經(jīng)濟(jì)增加值(EVA)　切入點：房地產(chǎn)　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)行業(yè)是關(guān)系到國計民生的重要行業(yè),也是支持國家經(jīng)濟(jì)增長的支柱產(chǎn)業(yè)。近幾年,在投資需求的強(qiáng)力推動下,國內(nèi)商品房銷售市場持續(xù)升溫,房地產(chǎn)價格一路走高,尤其是一二線城市的房價上漲幅度令人咋舌,價格明顯超過了自住需求客戶的承受能力,房地產(chǎn)企業(yè)也被推到了風(fēng)口浪尖。在這個背景下,如何科學(xué)合理的對房地產(chǎn)行業(yè)對社會的經(jīng)濟(jì)貢獻(xiàn)進(jìn)行評價,以及引導(dǎo)房地產(chǎn)行業(yè)健康持續(xù)發(fā)展顯得至關(guān)重要。經(jīng)濟(jì)增加值EVA是美國斯滕斯特公司提出的、基于對稅后營業(yè)凈利潤進(jìn)行調(diào)整并考慮產(chǎn)生這些利潤所投入資本的資本成本(包括權(quán)益資本成本)之后得出的一種企業(yè)績效評價方法,已在全球范圍內(nèi)受到廣泛推廣和應(yīng)用。我國國資委也于2010年在央企績效考核中引入EVA指標(biāo)并明確了其計算規(guī)則,但這種計算規(guī)則的不合理性也逐漸開始暴露。因為在實踐應(yīng)用方面,EVA的計算涉及100多個調(diào)整項目,其調(diào)整項目的選擇應(yīng)根據(jù)行業(yè)特點、企業(yè)發(fā)展戰(zhàn)略、按照一定的原則進(jìn)行,并沒有一套普遍使用的計算方法。對于業(yè)務(wù)復(fù)雜的房地產(chǎn),這點也顯得尤為明顯。本文運(yùn)用理論分析與案例分析、定性論述與定量分析相結(jié)合的方法對我國上市房地產(chǎn)企業(yè)EVA調(diào)整項目進(jìn)行了總體研究。首先,本文根據(jù)目前已有的關(guān)于EVA調(diào)整項目的研究,從關(guān)注房地產(chǎn)企業(yè)中長期利益的角度,還原房地產(chǎn)企業(yè)可持續(xù)增長的關(guān)鍵因素,將考核評價機(jī)制與房地產(chǎn)行業(yè)特性相結(jié)合,將EVA原始的調(diào)整原則與中國會計準(zhǔn)則相結(jié)合,將房地產(chǎn)企業(yè)EVA調(diào)整項目分為四類,即:基于重復(fù)計算的EVA調(diào)整項目、不反應(yīng)實際的EVA調(diào)整項目、不反應(yīng)主營業(yè)績的EVA調(diào)整項目和基于可持續(xù)增長關(guān)鍵因素的EVA調(diào)整項目,并對這四類調(diào)整項目進(jìn)行調(diào)整方法設(shè)計。其次,本文通過選取46個滬深兩市房地產(chǎn)上市公司2012-2015年間共4年的平行數(shù)據(jù),應(yīng)用統(tǒng)計模型,對基于可持續(xù)增長關(guān)鍵因素的EVA調(diào)整項目進(jìn)行適用性檢驗并根據(jù)檢驗結(jié)果得出我國上市房地產(chǎn)企業(yè)EVA調(diào)整框架。最后,本文采用案例分析方法對深圳市振業(yè)集團(tuán)2012-2013年的EVA進(jìn)行了計算分析及有效性檢驗,以形象的說明以上調(diào)整方法帶來的實際效果。本文研究結(jié)果顯示,房地產(chǎn)企業(yè)應(yīng)重視對資本化利息、投資性房地產(chǎn)、土地儲備、品牌宣傳推廣的調(diào)整方法,這些調(diào)整項目不僅僅關(guān)系到經(jīng)營者業(yè)績的公平公正、同時對企業(yè)未來的可持續(xù)發(fā)展具有重要影響。同時,本文根據(jù)研究結(jié)果總結(jié)出的我國上市房地產(chǎn)企業(yè)EVA調(diào)整項目及框架,為我國上市房地產(chǎn)企業(yè)在EVA計算時提供了參考,同時可為其他行業(yè)確定EVA調(diào)整項目時提供理論借鑒。
[Abstract]:The real estate industry is an important industry related to the national economy and the people's livelihood, as well as a pillar industry that supports the country's economic growth. In recent years, driven by the strong demand for investment, the domestic commercial housing sales market has continued to heat up, and the real estate prices have gone up all the way. Especially in the first and second tier cities, the rise in house prices is astounding, with prices obviously exceeding the affordability of self-occupied customers, and real estate enterprises are being pushed to the forefront of the storm. In this context, It is very important to evaluate the economic contribution of real estate industry to society scientifically and reasonably, and to guide the healthy and sustainable development of real estate industry. The value added of economy (EVA) is put forward by Stenster Company. An enterprise performance evaluation method based on adjusting the net operating profit after tax and considering the capital cost (including equity capital cost) of the capital invested to generate these profits. It has been widely used in the world. In 2010, the SASAC introduced the EVA index into the performance appraisal of the central enterprises and clarified its calculation rules. However, the irrationality of this kind of calculation rule has gradually begun to be exposed, because the calculation of EVA involves more than 100 adjustment items in practical application, and the selection of adjustment items should be carried out according to the characteristics of the industry, the enterprise development strategy, and the certain principles. There is no set of commonly used calculation methods. For the real estate with complex business, this is especially obvious. This paper uses theoretical analysis and case analysis. This paper makes a general study on the EVA adjustment project of listed real estate enterprises in China by combining qualitative analysis with quantitative analysis. Firstly, according to the existing research on EVA adjustment project, From the angle of paying attention to the long-term interests of real estate enterprises, this paper restores the key factors of the sustainable growth of real estate enterprises, combines the assessment mechanism with the characteristics of real estate industry, and combines the original adjustment principle of EVA with the accounting standards of China. The EVA adjustment projects of real estate enterprises are divided into four categories: EVA adjustment projects based on double calculation, EVA adjustment projects that do not reflect the actual EVA adjustment projects, EVA adjustment projects that do not reflect the main business performance, and EVA adjustment projects based on the key factors of sustainable growth. Secondly, by selecting 46 listed real estate companies in Shanghai and Shenzhen stock markets for 4 years from 2012 to 2015, we apply the statistical model. The applicability of the EVA adjustment project based on the key factors of sustainable growth is tested and the EVA adjustment framework of listed real estate enterprises in China is obtained according to the test results. This paper uses the case analysis method to calculate and analyze the EVA of Shenzhen Zhenye Group in 2012-2013, and verifies the effectiveness of the above adjustment method. Real estate enterprises should attach importance to the adjustment methods of capitalized interest, investment real estate, land reserve, brand promotion and promotion. These adjustment items are not only related to the fairness and fairness of operator's performance. At the same time, it has an important impact on the sustainable development of enterprises in the future. At the same time, according to the research results, this paper summarizes the EVA adjustment project and framework of listed real estate enterprises in China, which provides a reference for listed real estate enterprises in the calculation of EVA. At the same time for other industries to determine the EVA adjustment project to provide theoretical reference.
【學(xué)位授予單位】：北京交通大學(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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