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论文编号：	13896
作者编号：	2320200690
上传时间：	2023/6/5 16:19:22
中文题目：	A集团对房地产子公司的财务绩效评价优化研究
英文题目：	A study on the optimization of financial performance evaluation of A group''''s real estate subsidiaries
指导老师：	李莉
中文关键字：	房地产；财务绩效评价；熵权法；TOPSIS
英文关键字：	real estate company；financial performance evaluation；entropy weight；TOPSIS
中文摘要：	房地产业作为我国国民经济发展的重要组成部分，其生存与发展和众多行业密切相关。当下，世界百年变局加速演进，我国经济面临需求收缩、供给冲击、预期转弱三重压力，房地产行业也呈现持续低迷的状态，面临着土地投资力度不足、融资环境整体偏紧、销售规模大幅萎缩等难题，行业形势的严峻性远远超出年初的预计。在此背景下，以年初设定的目标值作为衡量各子公司财务绩效完成情况的房地产集团，出现了子公司面对遥不可及的当年目标，将本来可以当年实现的回款、利润等延迟至下年进行收回和确认的情况，本来是促进集团战略目标实现的财务绩效评价体系，反而损害了集团的整体利益。A集团作为一家拥有728家子公司的上市房地产企业，在近两年深受此类问题困扰，本文以其作为案例企业开展研究，有一定的代表性。 本文采用文献研究、案例研究和实地调研相结合的方法，以 A集团对其房地产子公司的财务绩效评价体系为研究对象，发现其存在的问题，分析其背后存在的原因，对原有财务绩效评价体系进行优化设计，最后得出研究结论。第二章主要梳理房地产企业、财务绩效评价的相关理论，为后续公司财务绩效评价优化设计提供理论基础。第三章通过对A集团所在行业环境和财务策略进行分析，对A集团 2018 年至 2022年的财务数据和经营情况做详细分析，总结出A集团年初制定的“四保”目标过高，使得按期完成业绩的子公司仅占7.67%，而且越是成熟的子公司，能够按期完成业绩的子公司占比越低。当子公司在年中预计年终的目标遥不可及时，就出现了刻意延期收款等损害集团利益的情况。 第四章结合第三章的分析结果，从盈利能力、营运能力、偿债能力、成长能力、现金流量能力等五个维度选取若干个具体指标构建财务绩效评价体系，并使用熵权法确定各评价指标权重，按照TOPSIS对各子公司按照特定的类别进行排名。通过集团内的相对排名，可实现A集团对排名靠前的子公司通过给予恰当的物质奖励或精神奖励的方式，有效降低了原评价方案中仅以目标值作为计算财务绩效完成情况的标准值，制约了企业战略目标实现的可能性。
英文摘要：	The real estate industry, as an important component of China's national economic development, is closely related to the survival and development of many industries. At present, the century long changes in the world are accelerating, and China's economy is facing triple pressures of demand contraction, supply shock, and weakening expectations. The real estate industry is also showing a sustained downturn, facing challenges such as insufficient land investment, overall tight financing environment, and significant shrinkage in sales scale. The severity of the industry situation far exceeds the expectations at the beginning of the year. In this context, the real estate group, which uses the target values set at the beginning of the year as a measure of the financial performance of its subsidiaries, has encountered a situation where subsidiaries face unattainable goals for the current year and delay the collection and confirmation of payments and profits that could have been achieved that year until the next year. This was originally a financial performance evaluation system that promoted the achievement of the group's strategic goals, but instead harmed the overall interests of the group. As a listed real estate enterprise with 728 subsidiaries, Company A has been deeply troubled by such problems in the past two years. This article takes it as a case study and has a certain representativeness. This article adopts a combination of literature research, case studies, and field research methods, taking A group's financial performance evaluation system for its real estate subsidiary as the research object, discovers its problems, analyzes the reasons behind them, optimizes the design of the original financial performance evaluation system, and finally draws research conclusions. The second chapter mainly reviews the relevant theories of real estate enterprises and financial performance evaluation, providing a theoretical basis for the optimization design of subsequent company financial performance evaluation. Chapter 3 analyzes the industry environment and financial strategy of Company A, and conducts a detailed analysis of Company A's financial data and business situation from 2018 to 2022. It is concluded that the "four guarantees" target set by Company A at the beginning of the year is too high, resulting in a subsidiary's financial performance compliance rate of only 7.67%. Moreover, the more mature the subsidiary, the lower the financial performance compliance rate, leading to situations where the subsidiary deliberately delays payment and damages the interests of the group, and analyzing the problems it faces. Chapter 4, based on the analysis results of Chapter 3, selects several specific indicators from five dimensions: profitability, operational ability, debt paying ability, growth ability, and cash flow ability to construct a financial performance evaluation system. The entropy weight method is used to determine the weight of each evaluation indicator, and each subsidiary is ranked according to specific categories according to TOPSIS. By providing appropriate material or spiritual rewards to the top ranked subsidiaries, Company A can effectively reduce the use of target values as the standard value for calculating financial performance in the original evaluation plan, but it actually restricts the possibility of achieving the company's strategic goals.
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