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论文编号：	1817
作者编号：	031711
上传时间：	2010/5/13 10:24:25
中文题目：	房地产公司财务指标体系
英文题目：	evaluation system of real estate enterprises
指导老师：	孙广平
中文关键字：	房地产公司 指标体系 主成分分析
英文关键字：	real estate enterprises evaluation system factor analysis
中文摘要：	近年来土地政策和信贷政策变更同时限制了房地产公司的两大命脉——土地和资金，因此整个房地产市场的竞争更加激烈，综合实力较强的公司将会取得更迅速的发展，而综合实力较弱的公司可能会发展减缓甚至退出竞争，那么对于房地产公司综合实力的评价就显得尤为重要。同时房地产行业是一个较为特殊的行业，其典型特征为资金密集、项目周期长、对土地的依赖性大，我们对于房地产企业的评价必须考虑其自身的行业特点。本文回顾了中国房地产TOP10研究组提出的“2005中国蓝筹地产上市公司研究方法体系”、上海世纪联融企业咨询有限公司所作的中国上市公司竞争力排行所采取的指标体系以及《新地产》杂志进行的“中国房地产上市公司十强系列评选”活动所采取的指标体系以及其研究方法，在对其进行分析的基础上，提出了新的指标体系和研究方法。本文选择了部分上市房地产公司，对其财务报告进行了较为全面的比较和分析，按照财务比率分析方法提出了一套较为全面的指标体系，然后从29家公司中提取这些指标的具体数据，再将这些数据输入SPSS软件中运用主成分分析方法，从这套指标体系中提取了七个主因子，并依据指标之间的内在关系赋予这七个主因子客观的权重，从而可以对每一个公司的各个主因子得分以及综合得分进行排名，根据旋转后的因子载荷矩阵可以知道各个因子的主要解释能力：因子1主要解释了企业的盈利能力、资金的管理能力以及费用管理能力；因子2主要解释了企业的资产周转能力、财务管理能力以及成本管理能力；因子3主要解释了企业的规模；因子4主要解释了企业的资金运转能力以及发展能力；因子5主要解释了企业资产的流动性和债务状况；因子6一定程度上解释了企业的员工素质；因子7一定程度上揭示了企业的销售潜力，根据各个因子的得分情况而确定的综合得分值显示了各公司综合实力的排名情况。本文的研究目的是对房地产公司的综合实力做出比较，研究结果得出的各因子排名情况可以使公司更好地了解自身的优势和劣势，从而进一步提高经营管理水平，综合排名情况也可以更好地引导市场资金流动，有利于投资者、债权人等利益相关者做出更好的投资决策。
英文摘要：	For real estate enterprises, land and funds are the most important sources, but both of them are restricted by the new land and credit policies in recent years, therefore, the competition in the real estate market is more and more stronger. Those good companies will get better development, and those bad ones will become worse even drop out of the market in competition, so it is very important to evaluate the performance of the companies and tell which ones are good. The paper reviewed some researches, selected some sample companies, provided an evaluation system with 21 indexes and eventually gave each sample company a place in competition. During the research, we selected 21 indexes based on financial ratio analysis theories, adopted main factor analysis method, and got 7 main factors. All of the factors still have strong power of explanation for the former 21 indexes: factor 1 explained abilities of profit, fund and expenses management; factor 2 explained abilities of assets turnover and costs management; factor 3 explained sizes of sample companies; factor 4 explained ability of development of each company; factor 5 explained abilities of profit, fund and expenses management; factor 6 explained abilities of assets liquidity and debt management; factor 7 explained ability of potential for future sales. Using the scores of each company get on all of the main factors and the objective weights among the 7 factors which are given by the linear relationship among the former 21 indexes, we can achieve a list about 29 companies’ places in competition. According to the result of the research, companies evaluated will know their strengths and weaknesses better, market funds will be guided in the wise way and interested parties will make their investment decisions better.
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