本文選題：房地產(chǎn)上市公司　切入點(diǎn)：實(shí)際增長(zhǎng)率　出處：《浙江工業(yè)大學(xué)》2013年碩士論文

【摘要】：中國(guó)房地產(chǎn)業(yè)在國(guó)民經(jīng)濟(jì)中處于重要的地位,并逐步成為社會(huì)經(jīng)濟(jì)體系中活躍的先導(dǎo)性支柱產(chǎn)業(yè)。經(jīng)過(guò)近10年的高速發(fā)展,許多房地產(chǎn)公司實(shí)際增長(zhǎng)與自身的可持續(xù)增長(zhǎng)率相脫節(jié)。過(guò)快速度的增長(zhǎng)會(huì)使一個(gè)公司的資源變得相當(dāng)緊張,以致后期增長(zhǎng)不足。而增長(zhǎng)過(guò)慢也會(huì)帶來(lái)嚴(yán)峻的財(cái)務(wù)狀況,導(dǎo)致公司被淘汰或被收購(gòu)。所以,弄清楚房地產(chǎn)企業(yè)實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率的關(guān)系,以及兩者脫節(jié)的影響因素,值得我們認(rèn)真研究。 本文以房地產(chǎn)上市公司作為研究對(duì)象,收集房地產(chǎn)上市公司實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率及其相關(guān)影響因素的數(shù)據(jù)資料,通過(guò)計(jì)算房地產(chǎn)上市公司近3年的實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率,運(yùn)用企業(yè)可持續(xù)增長(zhǎng)的相關(guān)理論,對(duì)實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率進(jìn)行描述性統(tǒng)計(jì)和具體情況分析,并測(cè)定其相關(guān)性系數(shù),得出實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率脫節(jié)的基本結(jié)論。針對(duì)兩者脫節(jié)現(xiàn)狀,先從宏觀的角度分析了所選房地產(chǎn)上市公司樣本的實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率脫節(jié)的原因；再?gòu)奈⒂^層面的財(cái)務(wù)因素角度,研究各個(gè)財(cái)務(wù)因素對(duì)實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率脫節(jié)的影響程度,并將全部樣本公司的進(jìn)行多元線性回歸,回歸結(jié)果顯示,影響房地產(chǎn)上市公司實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率相脫節(jié)的主要因素是資產(chǎn)周轉(zhuǎn)率和銷(xiāo)售凈利率；最后從微觀層面的管理者素質(zhì)、公司內(nèi)部治理、企業(yè)的經(jīng)營(yíng)管理戰(zhàn)略等非財(cái)務(wù)因素角度分析了其對(duì)公司增長(zhǎng)率的影響。文章最后根據(jù)研究結(jié)果分別從政府層面和公司層面提出促進(jìn)我國(guó)房地產(chǎn)上市公司可持續(xù)增長(zhǎng)的合理化建議。
[Abstract]:China's real estate industry plays an important role in the national economy and has gradually become an active leading pillar industry in the social economic system.After nearly 10 years of rapid development, many real estate companies' real-estate growth and their own sustainable growth rate is out of step.Too fast growth can strain a company's resources to a later stage of undergrowth.Slow growth can also lead to severe financial conditions, resulting in companies being eliminated or acquired.Therefore, to find out the relationship between real estate enterprises' real growth rate and sustainable growth rate, as well as the influence factors of their disconnection, is worth our careful study.In this paper, the real estate listed companies as the research object, collect the real estate listed companies real estate growth rate and sustainable growth rate and related factors of data,By calculating the real and sustainable growth rates of real estate listed companies in the past three years, using the theory of enterprise sustainable growth, the paper makes descriptive statistics and concrete analysis on the real and sustainable growth rates.The correlation coefficient is measured and the basic conclusion is drawn that the real growth rate is disjointed with the sustainable growth rate.In view of the disjointed situation of the two, this paper first analyzes the reasons for the disconnection between the actual growth rate and the sustainable growth rate of the selected sample of listed real estate companies from a macro perspective; then, from the perspective of financial factors at the micro level,The influence of various financial factors on the disconnection between the real growth rate and the sustainable growth rate is studied, and the multivariate linear regression of all sample companies is carried out. The regression results show that,The main factors that influence the real estate listed companies' real growth rate and sustainable growth rate are asset turnover rate and net interest rate of sales.The influence of non-financial factors, such as management strategy, on the growth rate of the company is analyzed.Finally, according to the research results, the paper puts forward some reasonable suggestions to promote the sustainable growth of the listed real estate companies from the government level and the company level.
【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F299.23

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