本文關(guān)鍵詞： 陸家嘴 融創(chuàng) 財(cái)務(wù)分析　出處：《廈門大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：近二十年以來(lái),乘著房地產(chǎn)盛世的東風(fēng),許多房地產(chǎn)公司應(yīng)運(yùn)而出,不斷調(diào)整著公司的戰(zhàn)略,盡可能實(shí)現(xiàn)自身的利益最大化。本文通過(guò)對(duì)陸家嘴和融創(chuàng)中國(guó)近幾年財(cái)務(wù)報(bào)表及相關(guān)財(cái)務(wù)指標(biāo)、主要財(cái)務(wù)指標(biāo)的因素分解分析,對(duì)兩家公司的財(cái)務(wù)績(jī)效、財(cái)務(wù)政策、財(cái)務(wù)戰(zhàn)略進(jìn)行比較研究,結(jié)合對(duì)公司目前經(jīng)營(yíng)戰(zhàn)略方向和發(fā)展的評(píng)價(jià),給出公司今后持續(xù)發(fā)展的一些建議。 本文共分七章,各章主要內(nèi)容如下： 第一章：研究概論。本章首先對(duì)論文研究背景進(jìn)行了概括性的介紹。通過(guò)對(duì)近期國(guó)內(nèi)宏觀經(jīng)濟(jì)環(huán)境、國(guó)家歷年出臺(tái)的房地產(chǎn)政策及房地產(chǎn)行業(yè)的發(fā)展歷程進(jìn)行回顧,為兩家公司后續(xù)的研究做了鋪墊。然后進(jìn)入文章研究對(duì)象的概述部分,分別介紹了兩家房地產(chǎn)公司的業(yè)務(wù)范圍、經(jīng)營(yíng)歷史、主要財(cái)務(wù)數(shù)據(jù)及資本市場(chǎng)等情況。最后提出本文選題的意義、研究的思路及基本內(nèi)容。 第二章：陸家嘴和融創(chuàng)的財(cái)務(wù)報(bào)表三維分析。通過(guò)趨勢(shì)分析、結(jié)構(gòu)對(duì)比及互比的方法對(duì)兩家公司的三大財(cái)務(wù)報(bào)表進(jìn)行分析,了解公司的經(jīng)營(yíng)情況、資產(chǎn)、資本的結(jié)構(gòu)狀況以及現(xiàn)金流的水平。 第三章：陸家嘴和融創(chuàng)的財(cái)務(wù)指標(biāo)分析。本章主要是對(duì)兩家公司的盈利能力、資產(chǎn)使用效率、資產(chǎn)流動(dòng)性、負(fù)債程度和償債能力、現(xiàn)金創(chuàng)造能力以及資本市場(chǎng)的表現(xiàn)進(jìn)行橫向?qū)Ρ群涂v向分析。 第四章：陸家嘴和融創(chuàng)的財(cái)務(wù)指標(biāo)因素分解分析。本章主要對(duì)上述的因素構(gòu)成進(jìn)行分解,深入剖析兩家公司的盈利聯(lián)動(dòng)因素、企業(yè)自身的成長(zhǎng)力水平、企業(yè)的價(jià)值創(chuàng)造力及存在的風(fēng)險(xiǎn)。 第五章：陸家嘴和融創(chuàng)的財(cái)務(wù)戰(zhàn)略分析與評(píng)價(jià)。本章從財(cái)務(wù)戰(zhàn)略的角度分析企業(yè)所處的位置,對(duì)負(fù)債政策、營(yíng)運(yùn)資本管理政策、股利政策、投資政策等四個(gè)方面進(jìn)行分析與評(píng)價(jià),了解兩家公司的財(cái)務(wù)管理手段。 第六章：陸家嘴和融創(chuàng)的發(fā)展戰(zhàn)略分析。本章通過(guò)對(duì)兩家公司經(jīng)營(yíng)模式、戰(zhàn)略發(fā)展軌跡的回顧和簡(jiǎn)單分析,探尋其戰(zhàn)略的方向和發(fā)展優(yōu)勢(shì)與不足。 第七章：結(jié)論及建議。對(duì)兩家公司五年的財(cái)務(wù)狀況及戰(zhàn)略發(fā)展方向進(jìn)行總結(jié)性評(píng)價(jià),并提出相關(guān)的建議。 通過(guò)對(duì)兩家公司財(cái)務(wù)報(bào)表三維分析、各財(cái)務(wù)指標(biāo)、相關(guān)指標(biāo)因素分解、財(cái)務(wù)政策、財(cái)務(wù)戰(zhàn)略、公司戰(zhàn)略的分析,作者發(fā)現(xiàn),融創(chuàng)在盈利水平與能力、資產(chǎn)的規(guī)模和擴(kuò)張速度、資產(chǎn)的使用效率、資產(chǎn)的流動(dòng)性、企業(yè)價(jià)值創(chuàng)造能力、股利政策、OPM戰(zhàn)略的使用等方面均優(yōu)于陸家嘴,顯示出較強(qiáng)的相關(guān)管理水平及運(yùn)營(yíng)能力。陸家嘴的資產(chǎn)、資本結(jié)構(gòu)、抗風(fēng)險(xiǎn)能力、毛利率水平狀況比較好,企業(yè)發(fā)展戰(zhàn)略優(yōu)勢(shì)更加明顯。兩家公司的資金狀況、現(xiàn)金流狀況均不穩(wěn)定,并且兩家公司的經(jīng)營(yíng)戰(zhàn)略都需要改善。 針對(duì)具體情況,對(duì)兩家公司提出下列建議：陸家嘴公司的建議主要是加快企業(yè)發(fā)展腳步,制定更清晰、可操作的發(fā)展戰(zhàn)略,發(fā)揮優(yōu)勢(shì),將現(xiàn)有業(yè)務(wù)做大做強(qiáng)；加強(qiáng)現(xiàn)金流的管理；調(diào)整資本結(jié)構(gòu),適度增加負(fù)債；加強(qiáng)運(yùn)營(yíng)管理水平,加快資產(chǎn)周轉(zhuǎn)效率；調(diào)整公司股利政策,減少分紅。融創(chuàng)公司的建議主要包括解決目前經(jīng)營(yíng)模式中的追求差異化競(jìng)爭(zhēng)戰(zhàn)略與大規(guī)模擴(kuò)張之間的矛盾,并考慮發(fā)展多業(yè)態(tài)經(jīng)營(yíng)；加強(qiáng)現(xiàn)金流管理；改善資本結(jié)構(gòu),增強(qiáng)股東權(quán)益水平；加強(qiáng)評(píng)估經(jīng)營(yíng)風(fēng)險(xiǎn)與財(cái)務(wù)風(fēng)險(xiǎn)；加強(qiáng)運(yùn)營(yíng)管理,保持資產(chǎn)高效周轉(zhuǎn)水平。
[Abstract]:Over the past twenty years, by the real estate prosperity in the East, many Real Estate Company shipped out, constantly adjust the company's strategy, to maximize their own benefits as far as possible. This article through to the Lujiazui and SUNAC Chinese financial statements in recent years and the related financial indicators, decomposition analysis on the main factors of financial indicators, the two companies the financial performance, financial policy, comparative study of financial strategy, combined with the evaluation of our current business strategic direction and development, some suggestions are given in the future sustainable development.
This article is divided into seven chapters, the main contents of each chapter are as follows:
The first chapter: introduction. This chapter firstly gives a brief introduction of the research background. Based on the recent domestic macroeconomic environment, by reviewing the development of the national real estate policy and the real estate industry, paves the way for the study of the two companies in the future. Then enter the overview section of the research object, respectively. The two Real Estate Company's business scope, operating history, the main financial data and capital market. Finally, the significance of this topic, the ideas and the basic content of the research.
The second chapter: the three-dimensional analysis of financial statements of Lujiazui and Rong Chuang. Through the trend analysis, structural comparison and intercomparison method, we analyze the three major financial statements of two companies to understand the company's management, assets, capital structure and the level of cash flow.
The third chapter is the financial index analysis of Lujiazui and financial innovation. This chapter mainly compares two companies' profitability, asset utilization efficiency, asset liquidity, debt degree and solvency, cash creation ability and capital market performance.
The fourth chapter: the decomposition and analysis of financial indicators of Lujiazui and Rong Chuang. This chapter mainly decomposes the above factors, and further analyzes the two companies' earnings linkage factors, the growth level of their own businesses, the value creativity and the risks of enterprises.
The fifth chapter: the Lujiazui and the financial record of the financial evaluation and strategy analysis. This chapter analyzes from the financial point of strategic location of enterprise of debt policy, working capital management policy, dividend policy, analysis and evaluation of the four aspects of investment policy, the two companies understand the means of financial management.
The sixth chapter: the development strategy analysis of Lujiazui and Rong Chuang. This chapter explores the strategic direction and development advantages and disadvantages of two companies through reviewing and analyzing the strategic development trajectory of two companies.
The seventh chapter: conclusions and suggestions. A summary evaluation of the financial situation and strategic development direction of the two companies for five years is made and the relevant suggestions are put forward.
Through the analysis of the financial statements of three companies, the financial index, index decomposition, related factors of financial policy, financial strategy, corporate strategy analysis, the author finds that financial innovation in the level of profitability and ability, asset size and speed, the efficiency of the assets, the liquidity of assets, the ability to create business value, dividend OPM policy, strategy use were better than that of Lujiazui, shows the related management level and operation ability strong. Lujiazui's assets, capital structure, anti risk ability, the level of gross margin condition is good, the advantages of enterprise development strategy is more obvious. Two of the company's financial situation, cash flow situation is not stable, and the two companies business strategies need to be improved.
According to the specific situation, we put forward the following suggestions for the two companies: Lujiazui company that is mainly to speed up enterprise development pace, make more clear, development strategy, operational advantages, the existing business bigger and stronger; strengthen the management of cash flow; adjust the capital structure, a modest increase in liabilities; strengthen the operation and management level, accelerating asset turnover efficiency; adjustment of the company's dividend policy, reduce dividends. The proposals include financial record company to solve the contradiction between the business model in the pursuit of differentiation competitive strategy and large-scale expansion of the current, and consider the development of multi business; strengthen the management of cash flow; improve capital structure, enhance the equity level; strengthen the management risk and financial risk assessment; strengthen the management of the operation, maintain asset turnover high level.

【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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