本文關(guān)鍵詞：深圳控股和華潤置地財務(wù)績效、財務(wù)政策和財務(wù)戰(zhàn)略的比較研究　出處：《廈門大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：深圳控股有限公司(以下簡稱“深圳控股”)和中國大陸其它房地產(chǎn)企業(yè)正面臨中國宏觀經(jīng)濟(jì)增長方式轉(zhuǎn)變、經(jīng)濟(jì)增速降低、行業(yè)調(diào)控政策持續(xù)和行業(yè)激烈競爭之環(huán)境,如何借助財務(wù)視野,通過與房地產(chǎn)標(biāo)桿企業(yè)對比分析,提升其財務(wù)績效、制定匹配的財務(wù)政策和前瞻性的財務(wù)戰(zhàn)略,實現(xiàn)自我可持續(xù)發(fā)展是必須思考的一個嚴(yán)峻問題。文本選取行業(yè)領(lǐng)先者華潤置地有限公司(以下簡稱“華潤置地”)作為深圳控股對標(biāo)對象,著重從深圳控股和華潤置地2008-2012年的財務(wù)報表、財務(wù)指標(biāo)及財務(wù)指標(biāo)影響因素分解分析入手,比較研究兩家企業(yè)的財務(wù)績效、財務(wù)政策和財務(wù)戰(zhàn)略,系統(tǒng)解讀、診斷兩家企業(yè)的財務(wù)狀況,探究影響兩家企業(yè)財務(wù)狀況存在差異的深層次因素,嘗試為深圳控股未來可持續(xù)發(fā)展提供建議。 通過比較分析,得出以下結(jié)論：從盈利能力、現(xiàn)金創(chuàng)造能力、價值創(chuàng)造能力、風(fēng)險控制能力和成長能力五個層面來看,深圳控股的財務(wù)績效均弱于華潤置地；從營運資本管理政策、負(fù)債政策、股利政策和投資政策來看,深圳控股的財務(wù)政策效率或效果不如華潤置地；從價值創(chuàng)造和現(xiàn)金狀況來看,兩家企業(yè)均為價值創(chuàng)造型企業(yè),但深圳控股價值創(chuàng)造能力弱于華潤置地,深圳控股資金短缺較華潤置地嚴(yán)峻；從兩者差異形成的深層次原因來看,與案例公司之母公司深業(yè)集團(tuán)有限公司(以下簡稱“深業(yè)集團(tuán)”)、華潤集團(tuán)有限公司(以下簡稱“華潤集團(tuán)”)之背景、企業(yè)戰(zhàn)略體系、商業(yè)模式、內(nèi)部管控、資本結(jié)構(gòu)和融資渠道有關(guān)。針對上述分析,本文建議深業(yè)集團(tuán)增厚資源實力；深圳控股應(yīng)從產(chǎn)品專業(yè)化營運、布局回歸、抓住戰(zhàn)略支點、商業(yè)模式轉(zhuǎn)型,以及注重與母公司的戰(zhàn)略協(xié)同來優(yōu)化發(fā)展戰(zhàn)略,從融資戰(zhàn)略、融資渠道、現(xiàn)金流管理、預(yù)收及應(yīng)付賬款來優(yōu)化負(fù)債政策,從存貨管理、土地儲備結(jié)構(gòu)優(yōu)化、期間費用管控、營運速度和流動資金效率、綜合籌劃稅務(wù)來優(yōu)化營運資本政策,從提高留存收益比例來優(yōu)化股利政策,從增加持有物業(yè)、處置低效長期股權(quán)投資來優(yōu)化投資政策,從提升管控水平、專業(yè)能力和完善內(nèi)部機制來優(yōu)化企業(yè)管理。
[Abstract]:Shenzhen Holdings Limited (hereinafter referred to as "Shenzhen Holdings") and other mainland Chinese real estate companies are facing the transformation of China's macroeconomic growth mode, economic growth rate is lower. Industry regulation and control policies and fierce competition in the industry environment, how to use financial vision, through comparative analysis with real estate benchmarking enterprises, to improve their financial performance, to formulate matching financial policies and forward-looking financial strategy. Realizing self-sustainable development is a serious problem that must be considered. The text selects China Resources Land Co., Ltd (hereinafter referred to as "China Resources Land") as the target of Shenzhen holding. Focusing on the financial statements of Shenzhen Holdings and China Resources from 2008 to 2012, the financial indicators and financial indicators of the impact factors decomposition analysis, comparative study of the financial performance of the two enterprises. Financial policy and financial strategy, systematic interpretation, diagnosis of the financial situation of the two enterprises, explore the two enterprises financial situation differences in the deep-seated factors, try to provide suggestions for the future sustainable development of Shenzhen Holdings. Through comparative analysis, the following conclusions are drawn: from the five aspects of profitability, cash creation ability, value creation ability, risk control ability and growth ability, the financial performance of Shenzhen Holdings is weaker than that of China Resources Land; From the point of view of working capital management policy, debt policy, dividend policy and investment policy, the financial policy of Shenzhen Holdings is less efficient or effective than China Resources Land purchase; In terms of value creation and cash situation, both enterprises are value creation enterprises, but Shenzhen's holding value creation ability is weaker than that of China Resources Land, and the shortage of Shenzhen holding funds is more severe than that of China Resources Land. From the deep-seated reasons of the difference, the background of the case is the parent company of Shenye Group Co., Ltd. (hereinafter referred to as "Shenye Group", China Resources Group Co., Ltd. (hereinafter referred to as "China Resources Group"). Enterprise strategic system, business model, internal control, capital structure and financing channel are related. Shenzhen Holdings should focus on product specialization, layout regression, strategic fulcrum, business model transformation, and focus on strategic coordination with the parent company to optimize the development strategy, from the financing strategy, financing channels. Cash flow management, advance collection and accounts payable to optimize liability policies from inventory management, land reserve structure optimization, duration cost control, operating speed and liquidity efficiency. Comprehensive tax planning to optimize the working capital policy, from increasing the proportion of retained earnings to optimize the dividend policy, from the increase of property holdings, disposal of inefficient long-term equity investment to optimize investment policy, from the level of control. Professional ability and perfect internal mechanism to optimize business management.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F299.233.42

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