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论文编号：	6289
作者编号：	2120122571
上传时间：	2014/6/7 9:30:44
中文题目：	房地产上市公司营运资本管理政策影响因素研究——基于宏微观经济因素视角
英文题目：	Study on the factors affecting the working capital management policies of real estate ——based on the macro and micro-economic factors
指导老师：	陈国欣
中文关键字：	营运资金；微观经济因素；宏观经济因素；房地产行业
英文关键字：	Working capital;The micro economic factors;The macro economic factors;The real estate industry
中文摘要：	企业财务管理活动包括投资管理、筹资管理、营运资金管理和利润分配管理，在现有的研究中，营运资金管理得到的关注度始终不及其他三项管理活动。营运资金管理涉及到企业日常经营运作的各个方面，重要性如同人体的血液，理应受到重视，尤其是在房地产这样对营运资金的规模和使用都有特殊特点的行业。营运资金管理既包括如何确定其内部结构，也包括企业对持有营运资金总量的偏好，本文所指的管理政策是指后者。显而易见的，营运资金管理的激进程度要同时受到企业内外部因素的影响，微观经济因素包括企业管理效率、业绩、规模、成长机会、资本结构等，宏观经济因素包括经济周期、通货膨胀等。近年来，微观经济因素和营运资本管理政策之间关系的研究有了很大的发展，但研究宏观经济因素与公司营运资金管理之间的关系，并没有很大的进步，大部分学者承认行业差异对于营运资金的显著影响，但是对于其他影响因素而言，基本还处于定性研究的阶段，鲜有成功的经验证明。房地产行业是我国经济发展的支柱性行业之一，房地产企业营运资金有着资本需求量大、资金流动不规则、周转周期长、资产负债率高等显著特点，对影响因素的研究有助于提高企业价值，促进经济发展。本文在对前人研究进行梳理的基础上，承认行业差异的存在，选取房地产行业为研究样本，对密切影响房地产企业的各个因素展开研究，以期为其所面临的现实困境找到新的出路。本文首先对营运资金相关概念和基本理论进行回顾，接着对宏微观经济因素影响下的营运资金管理的相关文献进行梳理；其次选取房地产54家上市公司2007年—2012年的数据为研究样本，建立模型进行实证研究，研究结果表明，营运资金投资政策稳健程度确实与资本结构、企业规模、现金流量、货币政策等因素负相关，与通货膨胀、盈利能力等因素正相关；营运资金融资政策激进程度确实与资本结构因素负相关，与企业规模、成长能力、现金流量、货币政策、通货膨胀等因素正相关；而两种管理政策则正相关。最后提出了一系列房地产行业营运资金管理的建议和意见，如注意营运资金质量与安全、选择适合自己的融资渠道、灵活变通、全面统筹等。
英文摘要：	Enterprise financial management activities including four kinds of activities, they are investment management, financing management, working capital management and profit distribution management. In existing research, the attention of working capital management is always less than the other three activities of management. Especially in 1998, the ministry of finance specialized post enterprises must prepare a statement of cash flows, the original statement of changes in financial position is no longer as compiled by the financial statements, which makes financial management reduced less attention . Working capital management involves how to maintain the daily work of enterprises, it is the material basis to survival, it is related to all aspects of the daily management, it should be taken seriously, especially in the real estate industry whose working capital is more than others and have many own characteristics. Only the enterprise working capital is healthy operated, can we ensure the procurement, production, sales, payment, collection and so on each link to connect each other, the survival and development of the enterprise can be guaranteed, on the contrary, if there is no good operation of working capital, the survival and development of the enterprise also is impossible, enterprises will not achieve its goals. Working capital management is an important content of its short-term financial management, management of working capital is the key to determine the optimal level of working capital, which corresponding to determine the level of current assets and current liabilities in the balance between profitability and risk. If we want to determine the best working capital management policy, we will have to consider the influence factors of working capital management policies, obviously, working capital management is influenced by macro and micro economic factors at the same time, the microeconomic factors including enterprise management efficiency, performance, size, growth opportunities and capital structure, etc., the macroeconomic factors including economic cycles, interest rates, inflation, government regulation, etc. In recent years, the research of the relationship between the microeconomic factors and working capital management policy has larger development, but the research of macroeconomic factors and the relationship between the enterprise operating funds management has little progress, most scholars admit that significantly affect industry difference for working capital, but the research of other influencing factors is still in the stage of qualitative research, needing successful experience. Real estate industry is one of the backbone industries of China's economic development, the working capital of real estate has a large demand for capital, cash flow is irregular and long turnover period, high asset-liability ratio. The research of real estate industry’s working capital management policy fundamentally helps enterprises to achieve the goals of financial management for a long time, to improve the enterprise’s value. This article, on the basis of carding predecessors' research, admitting the existence of industry difference, chooses the pair of real estate industry working capital has strict requirements of the industry as the research sample, based on the macro to micro economic Angle of view launches the research, discusses the influence factors of working capital management policies, has provided the new mentality for the real estate industry’s working capital management. This paper on the basic of the concept and theory of working capital related, the macro to micro economic factors under the influence of working capital management of the relevant literature to comb; Second selects China's real estate industry 54 listed companies in 2007-2012 data as the research sample, and establishes the random effects model of panel data to analyze the relationship between macro to micro economic factors and real estate industry’s working capital management policies.
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