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论文编号：	11714
作者编号：	2120182903
上传时间：	2020/6/19 22:47:04
中文题目：	房地产企业运营管理能力对企业价值创造的影响研究
英文题目：	Research on the influence of real estate enterprises'' operation and management ability on enterprise value creation
指导老师：	程莉莉
中文关键字：	房地产企业；运营管理能力评价；大运营；企业价值创造；EVA绩效评价
英文关键字：	Real estate enterprises; Operational management capability evaluation; Large operations; Enterprise value creation; EVA performance evaluation
中文摘要：	随着房地产企业集团化、规模化优势凸显，跨区域、多项目发展成为众多房地产企业战略的不二选择，越来越多的房地产企业已经从关注外部转向依靠自身内部管理来应对多变的环境，即谋求开发模式变革为向“运营管理”要效益。然而当下房地产企业运营管理的发展程度不尽相同，仍旧还有一大部分企业处于管理粗放的阶段，未能借由运营管理牵引公司高速发展，因此本论文将重点对房地产企业的运营管理能力进行评价，并探索运营管理能力对企业价值创造的关系。 基于此，本文首先于第二章总结了运营管理、企业价值创造的理论文献，并于第三章对房地产企业的运营管理过程、运营管理能力进行分析，梳理了运营管理能力对企业价值创造的推动路径和存在的问题，提出了本文的研究内容。随后，于第四章分析了研究切入视角，进而建立了本文的运营管理能力评价体系，共包含运营效率、盈利能力、现金流管理能力3个视角的8个指标。此外，本文选取每股EVA作为企业价值创造能力的衡量指标。 本文通过实证研究进行检验并得出结论，以2012-2018年7年间我国沪深A股上市的125家房地产企业数据为基础，运用Stata14.0统计软件实证检验与分析运营管理能力对企业价值创造的影响，并根据房地产企业的规模性、成长性进行异质性分析。结果显示：（1）房地产企业运营管理能力和企业价值创造存在某种线性关系，提升房地产企业运营管理能力有助于企业长远发展和创造价值。（2）存货收入比较高会对企业的价值创造产生负面影响，而总资产周转率、人均薪酬、投入资本回报率、营业毛利率提升会正向提升企业的价值创造能力。（3）不同规模、成长性的企业影响企业价值创造的因素存在显著差异，运营管理者的关注重点也应有所不同。最后，本文从实现房地产企业卓越运营的价值创造导向层面、意识前提层面、落地实施层面提出了管理建议，并于文末对本文的创新点、局限进行了分析，并提出了未来的研究展望。
英文摘要：	With the increasing scale advantage of real estate enterprises, cross-regional and multi-project development has become a good choice for many real estate enterprises. More and more real estate enterprises have turned from external focus to rely on their own internal management to cope with the changing environment, that is, to seek development mode to use "operation management" to improve efficiency. However, at present, the development degree of operation and management of real estate enterprises is not exactly the same. There are still many real estate enterprises in the stage of extensive management, and they have not yet been able to help the company grow by operating management. Therefore, this thesis will focus on the evaluation of the operation and management ability of real estate enterprises, and explore the relationship between operation and management ability and enterprise value creation. Based on this, this thesis firstly summarizes the theoretical literature of operation management and enterprise value creation in the second chapter. The third chapter analyzes the operation management process and operation management ability of real estate enterprises, sorts out the promotion path and existing problems of operation management ability to enterprise value creation, and proposes the research content of this thesis. In the fourth chapter, the research perspective is determined and the operational management capability evaluation system is established. The system consists of eight indicators from three perspectives: operational efficiency, profitability and cash flow management. In addition, this thesis selects EVA per share as the measurement index of enterprise value creation ability. In the fifth chapter, this thesis tests and draws a conclusion through empirical research. Based on the data of 125 real estate enterprises listed on Shanghai and Shenzhen A-shares in China from 2012 to 2018, this thesis uses Stata14.0 statistical software to empirically test and analyze the impact of operation and management ability on enterprise value creation, and conducts heterogeneity analysis according to the scale and growth of real estate enterprises. The results show that : (1) there is a linear relationship between the operation and management ability of real estate enterprises and the value creation of enterprises. The improvement of the operation and management ability of real estate enterprises is conducive to the long-term development and value creation of enterprises. (2) a high ratio of inventory to income will have a negative impact on the value creation of enterprises, while the increase of total asset turnover, per capita compensation, return on invested capital and operating gross margin will positively improve the value creation ability of enterprises.(3) there are significant differences in the factors affecting the value creation of enterprises of different sizes and growth, and the focus of operation managers will be different. Finally, this thesis puts forward management suggestions from the perspective of value creation orientation, consciousness premise and implementation of achieving operational excellence in real estate enterprises. At the end of this thesis, the innovative points and shortcomings of this thesis are analyzed, and the future research prospects are proposed.
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