房地产上市公司财务绩效评价研究

房地产上市公司财务绩效评价研究摘要：房地产业在过去十五年来都是我国国民经济的基本承载体，在国民经济的高速增长中发挥着重要的作用。而近十年里，房地产行业的发展成了我国经济的“晴雨表”。从总体上说，房地产业在经济体系中发挥着“基础性、先导性和支柱性”的作用，房地产行业发展的健康与否也关系在整个国民经济发展的状况作为一个典型的资本密集型产业，房地产行业受宏观经济政策的影响非常大。房地产上市公司作为整个发展企业的“领头羊”，代表了整个房地产行业的发展。本文主要研究的是房地产上市公司财务绩效评价，从理论和实证的角度出发,在参阅国内外关于财务绩效评价的文献的基础上,对我国房地产上市公司的经营过程中的财务绩效评价体系进行分析，在反映企业经营的真实情况的基础上分析实证分析的结果，并提出针对性的建议，找出房地产上市公司整体存在的问题，为房地产企业财务绩效评价的改进做出一定的贡献。关键字：房地产财务绩效评价FinancialperformanceevaluationoflistedrealestatecompaniesAbstract:therealestatesectoroverthepast15yearsisthebasiccarrierofChina'snationaleconomyandplayedanimportantroleintherapidgrowthofthenationaleconomy.Innearlyadecade,therealestateindustryhasdevelopedintoChina'seconomicbarometer.Generalsays,therealestateindustryplaysintheeconomy,fundamental,guidingandpillarroleofhealthbutalsoforthedevelopmentofrealestateindustryinthedevelopmentofthenationaleconomyasawholeasatypicalcapital-intensiveindustries,therealestateindustryisgreatlyinfluencedbymacroeconomicpolicy.Realestatecompaniesasawholedevelopmententerprisebellwetherrepresentsthedevelopmentoftheentirerealestateindustry.Papermainresearchofisrealestatelistedcompanyfinancialperformanceevaluation,fromtheoryandempiricalofanglestarting,inseebothathomeandabroadonfinancialperformanceevaluationofliteratureofbasedShang,onChinarealestatelistedcompanyofbusinessprocessintheoffinancialperformanceevaluationsystemforanalysis,inreflectenterprisebusinessofrealsituationofbasedShanganalysisempiricalanalysisofresults,andproposedtargetedofrecommends,findrealestatelistedcompanyoverallexistsofproblem,forrealestateenterprisefinancialperformanceevaluationofimprovedmademustofcontribution.Keywords:performanceevaluationofrealestatefinance目录1绪论..................................................................................................11.1研究背景和意义.......................................................................................11.1.1研究背景...............................................................................................11.1.2研究意义...............................................................................................11.2研究方法..................................................................................................21.2.1文献法...................................................................................................21.2.2比较分析方法.......................................................................................21.3国内外研究综述.......................................................................................21.3.1国外对绩效评价的研究.......................................................................21.3.2国内对绩效评价的研究.......................................................................21.3.3我国房地产上市公司财务绩效评价的研究.......................................32我国房地产上市公司发展概况........................................................32.1我国房地产上市公司发展概括及特点.....................................................32.1.1发展周期性...........................................................................................32.1.2发展的区域性.......................................................................................42.1.3发展的不均衡性...................................................................................42.2我国房地产上市公司发展面临的问题.....................................................42.2.1房地产财务投资风险较大...................................................................42.2.2对房地产政策较为敏感.......................................................................42.2.3房地产上市公司开发周期长...............................................................52.2.4缺乏核心竞争力...................................................................................52.3建立房地产上市公司财务绩效评价指标体系的必要性...........................52.3.1财务绩效指标评价体系及时反馈企业信息......................................52.3.2债权人可以通过对上市公司财务绩效评价进行风险判定...............52.3.3为政府政策提供依据...........................................................................53上市公司绩效评价的指标体系设计....................错误!未定义书签。3.1数据来源.....................................................................错误!未定义书签。3.2样本选取及依据..........................................................错误!未定义书签。3.2.1盈利能力指标........................................................错误!未定义书签。3.2.2偿债能力指标........................................................错误!未定义书签。3.2.3资产营运资本........................................................错误!未定义书签。3.3我国房地产上市公司财务绩效评价指标体系的建立..错误!未定义书签。4房地产上市公司财务绩效评价实证研究............错误!未定义书签。4.1财务绩效评价指标的分析与评价................................错误!未定义书签。4.2综合财务绩效评价......................................................错误!未定义书签。4.2.1主成分分析法的基本思想....................................错误!未定义书签。4.2.2主成分分析法的实证应用.................................................................104.3实证分析结果及建议.............................................................................114.3.1实证分析结果.....................................................................................114.3.2措施与建议.........................................................................................115结论.........................................................................