本文關(guān)鍵詞： 房地產(chǎn)上市公司 成長(zhǎng)性 主成分分析法 多元回歸分析　出處：《陜西科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)業(yè)作為我國(guó)國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)，在國(guó)家的經(jīng)濟(jì)建設(shè)，社會(huì)建設(shè)等各方面起到了不可估量的作用，房地產(chǎn)行業(yè)能否健康發(fā)展直接關(guān)系著我國(guó)社會(huì)的穩(wěn)定，影響著人民生活質(zhì)量的改善。作為房地產(chǎn)行業(yè)的先進(jìn)代表——房地產(chǎn)上市公司，其三十年多年的成長(zhǎng)歷程，成績(jī)是有目共睹的、顯著的、喜人的，但不容忽視的是我國(guó)房地產(chǎn)上市公司成長(zhǎng)嚴(yán)重不足的窘境，存在著成長(zhǎng)中的“自然煩惱”：公司治理結(jié)構(gòu)仍不規(guī)范、核心競(jìng)爭(zhēng)力弱、供需結(jié)構(gòu)不合理等問題。針對(duì)我國(guó)房地產(chǎn)上市公司成長(zhǎng)力不足的事實(shí)，如何提高公司成長(zhǎng)性顯得尤為重要，鑒于此，在相關(guān)企業(yè)成長(zhǎng)理論基礎(chǔ)上，運(yùn)用主成分分析法，多元回歸法，設(shè)立評(píng)價(jià)指標(biāo)體系，建立模型，對(duì)從滬深證券交易所選取的2008-2012年間100家房地產(chǎn)開發(fā)與經(jīng)營(yíng)的上市公司作為研究樣本進(jìn)行實(shí)質(zhì)研究。本文的研究目的是想找出對(duì)房地產(chǎn)業(yè)上市公司成長(zhǎng)性影響呈顯著正相關(guān)的因素。一方面能夠幫助企業(yè)找出影響成長(zhǎng)性的關(guān)鍵因素，將有限的資源投入到對(duì)企業(yè)業(yè)績(jī)影響較大的方面；另一方面使企業(yè)的管理層經(jīng)營(yíng)決策能更加有的放矢、更加有效。本文的研究結(jié)論是：（1）房地產(chǎn)上市公司的成長(zhǎng)性與公司的規(guī)模顯著正相關(guān)，即公司的規(guī)模越大，企業(yè)的成長(zhǎng)能力越好強(qiáng)。這與預(yù)期的結(jié)果相一致。（2）房地產(chǎn)上市公司的成長(zhǎng)性與公司的資本結(jié)構(gòu)呈負(fù)相關(guān)關(guān)系。這與假設(shè)的結(jié)果相符。分析原因可能因?yàn)槲覈?guó)房地產(chǎn)行業(yè)普遍偏高的資產(chǎn)負(fù)債率，增大了公司的經(jīng)營(yíng)財(cái)務(wù)風(fēng)險(xiǎn)及資金使用成本，從而可能會(huì)對(duì)公司的成長(zhǎng)造成阻礙。（3）房地產(chǎn)上市公司的利潤(rùn)與公司的成長(zhǎng)性顯著正相關(guān)。公司的利潤(rùn)是其存在與發(fā)展的基礎(chǔ)，是一個(gè)企業(yè)成長(zhǎng)的不懈動(dòng)力。（4）房地上市公司的經(jīng)營(yíng)能力與公司的成長(zhǎng)性顯著正相關(guān)。這與假設(shè)的結(jié)果相符。（5）房地產(chǎn)上市公司的承擔(dān)的風(fēng)險(xiǎn)越大，公司的成長(zhǎng)力越強(qiáng)。（6）房地產(chǎn)上市公司擁有的現(xiàn)金越多，，公司的成長(zhǎng)力會(huì)越弱。因?yàn)楝F(xiàn)金的特征是流動(dòng)性強(qiáng)、獲利能力弱，公司的現(xiàn)金越多，導(dǎo)致資金利用率低下，影響其他資產(chǎn)的周轉(zhuǎn)率，進(jìn)而影響公司的成長(zhǎng)。 最后本文依據(jù)實(shí)證研究結(jié)論分別從政府和房地產(chǎn)上市公司內(nèi)部?jī)蓚�(gè)角度提出了改進(jìn)建議。政府建議主要包括：穩(wěn)定房屋銷售價(jià)格；優(yōu)化房屋供需結(jié)構(gòu)、完善住房保障；加強(qiáng)市場(chǎng)監(jiān)管、健全法制建設(shè)；完善房地產(chǎn)投資的信貸政策、預(yù)防金融風(fēng)險(xiǎn)等等。上市公司內(nèi)部管理建議主要有：擴(kuò)大公司規(guī)模、實(shí)現(xiàn)規(guī)模經(jīng)濟(jì)效應(yīng)；優(yōu)化公司資本結(jié)構(gòu)；提高公司運(yùn)營(yíng)能力；重視公司人力資本的開發(fā)等等。
[Abstract]:As the pillar industry of our national economy, the real estate industry plays an inestimable role in the national economic construction, social construction and other aspects. Whether the real estate industry can develop healthily is directly related to the stability of our society. It is affecting the improvement of people's quality of life. As an advanced representative of the real estate industry, the listed real estate companies have achieved remarkable, remarkable and gratifying results in the course of more than three decades of growth. However, it can not be ignored that the real estate listed companies in our country are suffering from a serious shortage of growth, and there are "natural troubles" in their growth: the corporate governance structure is still not standardized, and the core competitiveness is weak. In view of the fact that the real estate listed companies in our country have insufficient growth capacity, it is particularly important to improve the growth of companies. In view of this, the principal component analysis method is used on the basis of the related enterprise growth theory. The multiple regression method, the establishment of evaluation index system, the establishment of a model, This paper studies 100 real estate development and management listed companies selected from Shanghai and Shenzhen Stock Exchange from 2008 to 2012. The purpose of this study is to find out the influence on the growth of real estate listed companies. Positive correlation factors. On the one hand, it can help enterprises to identify the key factors that affect their growth. Invest limited resources in areas that have a greater impact on corporate performance; on the other hand, make management decisions more targeted, The conclusion of this paper is that the growth of listed real estate companies is positively correlated with the size of the company, that is, the larger the size of the company, The stronger the growth ability of the enterprise, the better it is. This is consistent with the expected result.) the growth of the listed real estate company is negatively related to the capital structure of the company. This is consistent with the hypothetical result. The analysis of the reasons may be due to the premises in our country. The generally high asset-liability ratio in the industry, It increases the operating financial risk and the cost of using the funds, which may hinder the growth of the company.) the profit of the listed real estate company is significantly positively correlated with the growth of the company. The profit of the company is the foundation of its existence and development. Is an unremitting driving force for the growth of an enterprise. 4) the operating ability of the real estate listed company is significantly positively correlated with the growth of the company. This is consistent with the hypothetical result. 5) the higher the risk the listed real estate company assumes, The stronger the growth power of the company, the more cash the listed real estate company has, the weaker the growth ability of the company is, because the cash is characterized by strong liquidity and weak profitability, and the more cash the company has, the lower the utilization rate of funds is. Affect the turnover of other assets, and then affect the growth of the company. Finally, according to the conclusions of the empirical research, this paper puts forward the improvement suggestions from the two angles of the government and the real estate listed companies. The government's suggestions mainly include: stabilizing the house sales price, optimizing the housing supply and demand structure, perfecting the housing security; Strengthen the market supervision, perfect the legal system construction, perfect the credit policy of the real estate investment, prevent the financial risk and so on. Improve the company's operational ability; attach importance to the development of human capital, and so on.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4

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