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论文编号：	3947
作者编号：	2120092329
上传时间：	2011/12/9 14:42:31
中文题目：	我国房地产上市公司综合绩效评价研究——兼论宏观调控对房地产企业的影响
英文题目：	Performance Evaluation Study on Listed Real Estate Companies——And the Influences of Macro Control on Real Estate Companies
指导老师：	刘志远教授
中文关键字：	综合绩效评价 因子分析法 房地产企业 宏观调控
英文关键字：	evaluation of the comprehensive performance factor analysis real estate companies macro-control
中文摘要：	近五年内，我国不断出台房地产宏观调控政策，政策性风险向来被视为企业重要的综合经营风险之一，有关其对企业综合绩效的影响一直是学者们津津乐道的问题。房地产市场宏观调控为本文提供了一个从宏观政策风险层面上研究房地产企业综合绩效的契机。本文结合宏观经济政策背景，以沪深股票交易所112个房地产板块上市企业为研究对象，运用因子分析法综合评价我国房地产上市企业的综合绩效，并从宏观调控层面分析其对企业综合经营绩效存在的影响，为管理者决策提供重要参考。研究结果表明，2005年至2010年我国实施的宏观调控政策已经对大多数上市房地产企业的综合绩效产生了较大的负面影响，实证结果证明这与宏观政策的连续出台和政策之严厉的效应集中显现有关。 2006年年房地产市场比较火爆，企业较多采取扩张的土地开发战略，长期负债增多，致使长期偿债能力普遍下降。2007年宏观政策效果显现，房地产企业平均综合绩效在2007年末出现急剧下滑的现象。2009年开始楼市复苏，持续到2010年楼市继续大涨，表现在盈利能力因子得分则是2008年年末至2010年年末迅速回升，期间间或有观望现象，长期偿债能力有待提高，但总的来说房地产企业平均综合绩效也有所上升。最后本文以深振业为案例进行具体分析，并就提高上市企业综合绩效提出相关建议。本文的创新点可能有两个，其一是通过因子分析法对房地产企业综合绩效评价，另外鉴于我国目前持续宏观调控政策对房地产市场的冲击，本文如何考虑宏观因素对综合绩效评价的影响，使之成为本文的第二个创新点。
英文摘要：	With the macro-control policies introduced gradually in the past five years, policy risk has always been regarded as one of the most important comprehensive-operating risks of enterprises. Macro-control on real estate offered a good chance to analyze the overall performance of enterprises from macro policy risk level. Under macroeconomic policy background, we choose 112 listed companies in Shanghai and Shenzhen Stock Exchange for study, using factor-analysis to evaluate the overall performance of listed real estate companies, and the influences from the macro control, which can provide an important reference for the management's decision. The results showed that from 2005 to 2010, China's macro-control policy implemented have a greater negative impact on the comprehensive performance of most of these listed real estate companies, and proved that it is due to continuous macroeconomic policies and the severe effects of these policies. In 2006, the real estate market was prosperous, many companies adopted expansionary business strategy to develop the land, as a result, long-term debt increased, ability to pay long-term debt reduced. Till 2007 the effects of policies appeared, the average overall performance of the real estate companies had a sharp decline. The market recovered in 2009, and grows prosperous again in 2010, and you can see the profitability factor score is raising quickly in the end of 2008 to that of 2010, during when there may be some pessimism occurred occasionally and the ability to pay long-term debt needed to be improved, but as a whole the average overall performance is performing nice. Finally, we take Shenzhen Zhenye (Group) CO., LTD as a case analysis, and make relevant recommendations on improving the comprehensive performance of real estate companies. There maybe two Innovations in this paper, one is the using factor analysis in evaluation of the comprehensive performance on real estate companies, the other is how to study the influences on real estate companied from macro-control in view of the current policies background, making this the second innovation.
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