本文關(guān)鍵詞： 房地產(chǎn) 營(yíng)運(yùn)資金管理 渠道 企業(yè)績(jī)效　出處：《中國(guó)海洋大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：營(yíng)運(yùn)資金是企業(yè)流動(dòng)資產(chǎn)和流動(dòng)負(fù)債的組合，其主要作用是維持企業(yè)正常運(yùn)營(yíng)。在現(xiàn)代企業(yè)日常財(cái)務(wù)管理中，營(yíng)運(yùn)資金管理最為頻繁，已經(jīng)成為現(xiàn)代企業(yè)管理的重要組成部分。營(yíng)運(yùn)資金管理涉及到企業(yè)日常經(jīng)營(yíng)活動(dòng)的各個(gè)方面，不僅包括貨幣資金、應(yīng)收賬款、存貨等流動(dòng)資產(chǎn)項(xiàng)目的順利高效運(yùn)轉(zhuǎn)，也包括短期借款、應(yīng)付賬款等流動(dòng)負(fù)債的合理利用與償付。營(yíng)運(yùn)資金的管理效率會(huì)直接影響到企業(yè)經(jīng)營(yíng)績(jī)效，企業(yè)需要根據(jù)內(nèi)部和外部環(huán)境，加強(qiáng)營(yíng)運(yùn)資金管理，提高管理效率，進(jìn)而提升企業(yè)績(jī)效。 我國(guó)的房地產(chǎn)業(yè)起步于上世紀(jì)九十年代初，隨著住房體系的不斷改革、經(jīng)濟(jì)的飛速發(fā)展，我國(guó)房地產(chǎn)業(yè)發(fā)展迅速，逐漸成為中國(guó)經(jīng)濟(jì)增長(zhǎng)的支柱產(chǎn)業(yè)，在國(guó)民經(jīng)濟(jì)中的地位日益重要。房地產(chǎn)行業(yè)關(guān)聯(lián)性大，涉及上下游產(chǎn)業(yè)多，房地產(chǎn)行業(yè)的良好運(yùn)作可以促進(jìn)相關(guān)產(chǎn)業(yè)發(fā)展，提高全社會(huì)的就業(yè)率。房地產(chǎn)行業(yè)屬于資金密集型行業(yè)，，具有資金投入量大、存貨周轉(zhuǎn)慢、回收期長(zhǎng)等特點(diǎn)，房地產(chǎn)行業(yè)易受到政府政策調(diào)控的影響，這使得該行業(yè)的發(fā)展存在較大不確定性和不穩(wěn)定性。近幾年，我國(guó)政府頒布并實(shí)施了一系列加強(qiáng)房地產(chǎn)行業(yè)的監(jiān)管政策，其中包括貸款監(jiān)管，對(duì)房地產(chǎn)業(yè)的融資渠道產(chǎn)生很大影響，導(dǎo)致企業(yè)資金鏈斷裂的風(fēng)險(xiǎn)上升。 本文就是出于以上考慮，在渠道理論的指導(dǎo)下，將經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金細(xì)分為采購(gòu)渠道營(yíng)運(yùn)資金、生產(chǎn)渠道營(yíng)運(yùn)資金、營(yíng)銷渠道營(yíng)運(yùn)資金，選取我國(guó)房地產(chǎn)業(yè)上市公司數(shù)據(jù)作為研究樣本，對(duì)房地產(chǎn)行業(yè)經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金管理效率對(duì)企業(yè)績(jī)效的影響進(jìn)行深入研究分析。 本文研究的具體內(nèi)容如下： （1）對(duì)營(yíng)運(yùn)資金管理效率、營(yíng)運(yùn)資金管理與企業(yè)績(jī)效的關(guān)系的國(guó)內(nèi)外文獻(xiàn)進(jìn)行系統(tǒng)梳理和評(píng)述，在此基礎(chǔ)上形成自己的研究思路。 （2）結(jié)合我國(guó)房地產(chǎn)行業(yè)經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金特點(diǎn)及其管理的風(fēng)險(xiǎn)收益權(quán)衡理念，對(duì)房地產(chǎn)行業(yè)各渠道的經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金管理效率與企業(yè)績(jī)效的關(guān)系進(jìn)行理論分析，提出本文的研究假設(shè)。 （3）本文選取綜合反映房地產(chǎn)企業(yè)績(jī)效的盈利能力、營(yíng)運(yùn)能力、償債能力以及發(fā)展能力的四類財(cái)務(wù)指標(biāo)，通過(guò)因子分析法得出一個(gè)綜合得分，以此來(lái)衡量企業(yè)績(jī)效；本文選用基于渠道的營(yíng)運(yùn)資金管理績(jī)效評(píng)價(jià)體系作為各渠道營(yíng)運(yùn)資金管理效率的衡量指標(biāo)；選取房地產(chǎn)行業(yè)上市公司2008-2012年的數(shù)據(jù)作為樣本，借助SPSS統(tǒng)計(jì)分析軟件，對(duì)分渠道的經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金管理效率以及經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金管理效率和企業(yè)績(jī)效之間的關(guān)系進(jìn)行研究。 （4）通過(guò)對(duì)實(shí)證結(jié)果進(jìn)行分析，得出本文的研究結(jié)論，并在此基礎(chǔ)上提出了從渠道的視角提高房地產(chǎn)企業(yè)經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金管理效率的對(duì)策建議，為我國(guó)房地產(chǎn)企業(yè)的持續(xù)健康發(fā)展提供新的動(dòng)力。 本文得出采購(gòu)渠道營(yíng)運(yùn)資金周轉(zhuǎn)期、生產(chǎn)渠道營(yíng)運(yùn)資金周轉(zhuǎn)期、營(yíng)銷渠道營(yíng)運(yùn)資金周轉(zhuǎn)期、經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金周轉(zhuǎn)期分別與企業(yè)績(jī)效呈顯著的負(fù)相關(guān)關(guān)系的結(jié)論，另外年份是影響企業(yè)績(jī)效的顯著因素。
[Abstract]:Working capital is the combination of the enterprise current assets and current liabilities, its main role is to maintain the normal operation of the enterprise. In the day-to-day financial management of modern enterprises, working capital management is the most frequent, has become an important part of modern enterprise management. Working capital management involves all aspects of the daily operations of enterprises, including not only the money. The smooth and efficient operation of accounts receivable, inventory and other current assets of the project, including the rational use of short-term loans, accounts payable and other liabilities and solvency. Working capital management efficiency will directly affect the operating performance of enterprises, enterprises need according to the internal and external environment, strengthen the working capital management, improve management efficiency, and enhance the enterprise performance.
China's real estate industry started in the last century at the beginning of 90s, with the continuous reform of the housing system, the rapid development of economy, China's real estate industry rapid development, has gradually become a pillar industry of China economic growth, in the national economy is becoming more and more important. The real estate Industry Association, involved in upstream and downstream industries. The good operation of the real estate industry can promote the development of related industries, improve the whole society. The employment rate of the real estate industry is a capital intensive industry, with large amount of capital investment, inventory turnover is slow, and the characteristics of a long payback period, the real estate industry affected by government policy, which makes the development of the industry there is a big uncertainty and instability. In recent years, the Chinese government promulgated and implemented a series of policies to strengthen the regulation of the real estate industry, including loan supervision of real estate financing channels greatly As a result, the risk of the break of the enterprise capital chain is rising.
This paper is based on the above considerations, in the channel under the guidance of the theory of the business activities of the working capital is subdivided into purchasing channel working capital, working capital production channels, marketing channel working capital, select the data of the listed companies in China's real estate industry as the research sample, in-depth analysis on the impact of the real estate industry working capital management efficiency of the performance of enterprises.
The specific contents of this study are as follows:
(1) systematically review and comment on the relationship between working capital management efficiency, working capital management and business performance, and form a research train of thought based on it.
(2) combined with the characteristics of the operation capital and the risk and profit trade-off idea of the real estate industry in China, this paper theoretically analyzes the relationship between the operation efficiency and the business performance of the various sectors of the real estate industry, and puts forward the hypothesis of this study.
(3) this paper comprehensively reflect the real estate business performance, profitability, operational capacity, four financial indicators of solvency and development ability, through the factor analysis method to get a comprehensive score, in order to measure corporate performance; the sources of working capital management performance evaluation system based on the index as a measure of the efficiency of working capital management each channel; selection of Listed Companies in the real estate industry for 2008-2012 years as the sample data, using SPSS statistical analysis software, to study the relationship between the sub channels of the working capital management efficiency and working capital management efficiency and corporate performance.
(4) through the analysis of the empirical results, we draw the conclusions of this study, and on this basis, put forward the countermeasures and suggestions to improve the management efficiency of real estate business activities from the perspective of channels, so as to provide new impetus for the sustainable and healthy development of China's real estate enterprises.
This paper draws the purchasing channelworking capital turnover, production channelworking capital turnover, marketing channelworking capital turnover, operating working capital turnover and corporate performance are significantly negative correlation between the conclusion, another year is significant factors affecting enterprise performance.

【學(xué)位授予單位】：中國(guó)海洋大學(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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