本文選題：房地產(chǎn)企業(yè)　切入點：財務(wù)狀況　出處：《吉林財經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著經(jīng)濟的發(fā)展,我國房地產(chǎn)行業(yè)發(fā)生了翻天覆地的變化。2006年我國全社會住宅總投資19333.05億元,2015年我國全社會住宅總投資就達到了80247.69億元,短短十年時間,我國全社會住宅總投資翻了兩翻之多,這還未考慮我國商業(yè)地產(chǎn)的投資狀況,所以我國的房地產(chǎn)行業(yè)一直是政府宏觀調(diào)控的重點。由于我國房地產(chǎn)行業(yè)起步較晚,經(jīng)營管理還不健全,所以需要更多的監(jiān)管。目前對于房地產(chǎn)行業(yè)的研究主要有兩方面:一是從經(jīng)濟總量出發(fā)做宏觀研究,二是從企業(yè)財務(wù)狀況出發(fā)進行微觀研究。本文選擇從企業(yè)財務(wù)狀況的角度出發(fā)結(jié)合房地產(chǎn)業(yè)上市公司的行業(yè)數(shù)據(jù)做綜合性研究。本文寫作前期對企業(yè)財務(wù)狀況綜合評價的相關(guān)文獻做了整理和分析,發(fā)現(xiàn)這些文獻大致分為兩大類;第一類是對企業(yè)財務(wù)狀況評價方法的研究,第二類是對財務(wù)狀況評價構(gòu)成要素的研究,本文在此基礎(chǔ)上對房地產(chǎn)業(yè)的上市公司財務(wù)狀況做了進一步分析。首先,研究了企業(yè)財務(wù)狀況方面的理論知識,分別從償債能力、營運能力、盈利能力、成長能力和現(xiàn)金流量狀況這五個方面做了理論上的剖析,進一步引入了利益相關(guān)者理論和委托代理理論。利益相關(guān)者理論界定了我們做財務(wù)狀況分析所服務(wù)的對象,委托代理理論則是我們財務(wù)狀況分析的出發(fā)點。然后,通過比對各種財務(wù)分析方法的優(yōu)劣,慎重選擇了熵權(quán)法和灰色關(guān)聯(lián)分析法。主要做法是首先確定指標(biāo)體系,采用熵權(quán)法為所選取的指標(biāo)進行賦權(quán),在此基礎(chǔ)上用灰色關(guān)聯(lián)分析確定各個公司相對于我們選定的標(biāo)準(zhǔn)公司的關(guān)聯(lián)度,最后,構(gòu)建基于熵權(quán)法和灰色關(guān)聯(lián)分析相結(jié)合的模型。接下來,我們將熵權(quán)法和灰色關(guān)聯(lián)分析的綜合模型應(yīng)用于我國21家房地產(chǎn)企業(yè)的財務(wù)數(shù)據(jù),分別從微觀和宏觀兩個角度進行了實證分析,即先從五個財務(wù)方面進行了獨立研究,得到了相應(yīng)的結(jié)論,進一步我們又將所有的財務(wù)方面作為一個整體去考察整個行業(yè)的財務(wù)狀況,并且對企業(yè)和行業(yè)狀況進行了對比分析。研究結(jié)果表明:我國房地產(chǎn)企業(yè)財務(wù)狀況中,營運能力、成長能力和償債能力所占的權(quán)重比較大,其中營運能力對公司財務(wù)狀況影響最大;房地產(chǎn)企業(yè)目前整體償債能力較低。所以企業(yè)自身要提高經(jīng)營管理能力、增強綜合財務(wù)能力;政府及相關(guān)監(jiān)管部門應(yīng)出臺相應(yīng)政策嚴(yán)格監(jiān)督;建議由第三方構(gòu)建企業(yè)財務(wù)綜合評價體系并及時通報各項指標(biāo)。
[Abstract]:With the development of economy, the real estate industry of our country has undergone earth-shaking changes. In 2006, the total investment in China's entire social housing industry reached 1.933305 trillion yuan, and in 2015, the total investment of the whole social housing industry reached 8.024769 trillion yuan, a short period of 10 years. The total investment of housing in the whole society of our country has increased by two times, which has not considered the investment status of commercial real estate in our country, so the real estate industry in our country has always been the focus of the government's macro-control. Because the real estate industry of our country started relatively late, Management is not perfect, so more supervision is needed. At present, there are two main aspects in the study of the real estate industry: one is to do macro research from the point of view of the total economic volume. The second is to conduct microcosmic research on the financial situation of enterprises. This paper chooses to combine the industry data of listed companies in real estate industry from the angle of financial situation of enterprises. In the early stage of this paper, it synthesizes the financial situation of enterprises. The relevant documents of the joint evaluation have been collated and analyzed. It is found that these documents can be divided into two categories: the first is the research on the evaluation methods of the financial situation of enterprises, and the second is the study on the constituent elements of the evaluation of the financial situation. On this basis, this paper makes a further analysis on the financial situation of listed companies in real estate industry. Firstly, the paper studies the theoretical knowledge of the financial situation of enterprises, including solvency, operating capacity, profitability, etc. The growth ability and cash flow status are analyzed theoretically, and the stakeholder theory and principal-agent theory are introduced. The principal-agent theory is the starting point of our financial situation analysis. Then, by comparing the advantages and disadvantages of various financial analysis methods, we carefully select the entropy weight method and the grey relational analysis method. The entropy weight method is used to weight the selected index. On this basis, grey correlation analysis is used to determine the correlation degree of each company relative to the standard company selected by us. Finally, A model based on entropy weight method and grey correlation analysis is built. Then, we apply the entropy weight method and grey correlation analysis model to the financial data of 21 real estate enterprises in China. From the micro and macro perspectives of empirical analysis, that is, from the five financial aspects of independent research, the corresponding conclusions, Furthermore, we take all the financial aspects as a whole to investigate the financial situation of the whole industry, and make a comparative analysis of the financial situation of enterprises and industries. The results show that: in the financial situation of real estate enterprises in China, the operating capacity, The weight of growth ability and debt paying ability is relatively large, among which the operation ability has the biggest influence on the financial condition of the company; the real estate enterprise has low overall solvency at present, so the enterprise should improve its management ability and strengthen the comprehensive financial ability. The government and the relevant regulatory departments should issue the corresponding policies to strictly supervise and suggest that the third party should set up a comprehensive evaluation system of enterprise finance and notify the indicators in time.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.42

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