【摘要】：隨著經(jīng)濟(jì)的快速發(fā)展,我國房地產(chǎn)業(yè)發(fā)展勢頭迅猛,已經(jīng)成為我國國名經(jīng)濟(jì)的支柱型產(chǎn)業(yè)。但是,在巨大的發(fā)展機(jī)遇面前房地產(chǎn)企業(yè)也面臨著一系列挑戰(zhàn)。房地產(chǎn)企業(yè)如何在激烈的競爭環(huán)境中保持自身的核心競爭力,獲得競爭優(yōu)勢,實(shí)現(xiàn)企業(yè)整體財(cái)務(wù)管理的目標(biāo),是擺在房地產(chǎn)企業(yè)面前的關(guān)鍵問題。營運(yùn)資本管理是企業(yè)財(cái)務(wù)管理活動(dòng)中重要的組成部分,其管理效率的高低直接影響著企業(yè)財(cái)務(wù)目標(biāo)的實(shí)現(xiàn)。目前,國內(nèi)外對營運(yùn)資本管理效率研究的最新研究成果為王竹泉等提出的基于渠道的營運(yùn)資本管理績效評價(jià)體系。該體系將營運(yùn)資本重分類為經(jīng)營活動(dòng)營運(yùn)資本和理財(cái)活動(dòng)營運(yùn)資本兩類,并將經(jīng)營活動(dòng)營運(yùn)資本分為采購、生產(chǎn)、營銷三個(gè)渠道的營運(yùn)資本。房地產(chǎn)企業(yè)屬于典型的資金密集型行業(yè),其營運(yùn)資本具有占用資金大、生產(chǎn)周轉(zhuǎn)期長、產(chǎn)業(yè)鏈關(guān)系強(qiáng)、受政策性影響較大等特點(diǎn),因此基于渠道的角度對房地產(chǎn)企業(yè)進(jìn)行營運(yùn)資本管理效率的衡量更為適當(dāng)。本文采用理論分析和實(shí)證分析相結(jié)合的方法,以我國房地產(chǎn)上市公司為研究對象,先從理論層面出發(fā),結(jié)合房地產(chǎn)企業(yè)營運(yùn)資本周轉(zhuǎn)流程的特殊性和營運(yùn)資本管理的風(fēng)險(xiǎn),分析房地產(chǎn)上市公司營運(yùn)資本周轉(zhuǎn)效率的影響因素并提出假設(shè),以營運(yùn)資本周轉(zhuǎn)期(按渠道)作為被解釋變量,以存貨周轉(zhuǎn)率、預(yù)收賬款周轉(zhuǎn)率、應(yīng)收賬款周轉(zhuǎn)率、流動(dòng)比率以及現(xiàn)金比率作為解釋變量,然后建立模型,利用數(shù)據(jù)來驗(yàn)證假設(shè)。實(shí)證檢驗(yàn)和分析的結(jié)果表明:存貨周轉(zhuǎn)率、流動(dòng)比率以及現(xiàn)金比率都對營運(yùn)資本管理效率產(chǎn)生顯著的影響,應(yīng)收賬款周轉(zhuǎn)率和預(yù)收賬款周轉(zhuǎn)率對營運(yùn)資本管理效率的影響不顯著。本文研究各因素對營運(yùn)資本管理效率的影響,目的在于揭示各種因素變動(dòng)與營運(yùn)資本管理效率之間的關(guān)系,分析其原因,并根據(jù)研究結(jié)論為房地產(chǎn)行業(yè)建立及健全營運(yùn)資本運(yùn)作管理機(jī)制提出建議,以達(dá)到提高房地產(chǎn)行業(yè)營運(yùn)資本管理水平的目的,并為實(shí)現(xiàn)企業(yè)的整體財(cái)務(wù)目標(biāo)奠定基礎(chǔ)。
[Abstract]:With the rapid development of economy, the real estate industry of our country has developed rapidly, and has become the pillar industry of the national name economy of our country. However, in the face of huge development opportunities, real estate enterprises are also facing a series of challenges. How to maintain their core competitiveness, obtain competitive advantage and realize the goal of overall financial management in the fierce competitive environment is the key problem for real estate enterprises. Working capital management is an important part of enterprise financial management activities, and its management efficiency directly affects the realization of enterprise financial objectives. At present, the latest research results of working capital management efficiency at home and abroad are the performance evaluation system of working capital management based on channel proposed by Wang Zhuquan et al. In this system, working capital is reclassified into working capital of operating activities and working capital of financial activities, and working capital of operating activities is divided into three channels: procurement, production and marketing. Real estate enterprises are typical capital-intensive industries, their working capital has the characteristics of large occupation of funds, long production turnover period, strong industrial chain relationship, greatly affected by policy, and so on. Therefore, it is more appropriate to measure the efficiency of working capital management in real estate enterprises from the perspective of channels. This paper adopts the method of combining theoretical analysis and empirical analysis, takes the listed real estate companies in China as the research object, first from the theoretical level, combined with the particularity of the working capital turnover process of real estate enterprises and the risk of working capital management. This paper analyzes the influencing factors of the working capital efficiency of the real estate listed companies and puts forward the hypothesis, taking the working capital turnover period (according to the channel) as the explained variable, taking the inventory turnover rate, the prepaid account turnover rate and the accounts receivable turnover rate. The current ratio and cash ratio are used as explanatory variables, and then the model is established to verify the hypothesis with data. The results of empirical test and analysis show that inventory turnover ratio, current ratio and cash ratio all have a significant impact on the efficiency of working capital management. The turnover rate of accounts receivable and the turnover rate of accounts received in advance have no significant effect on the efficiency of working capital management. This paper studies the influence of various factors on the efficiency of working capital management, in order to reveal the relationship between the changes of various factors and the efficiency of working capital management, and to analyze the reasons. According to the conclusions of the study, this paper puts forward some suggestions for the real estate industry to establish and improve the working capital operation and management mechanism, so as to achieve the purpose of improving the working capital management level of the real estate industry and lay the foundation for the realization of the overall financial objectives of the enterprise.
【學(xué)位授予單位】：南京農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F299.233.42

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