我国房地产上市公司流动性与公司业绩关系研究

发布时间：2018-03-21 06:26

本文选题：房地产上市公司　切入点：特色流动性指标　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：现代经济社会中,房地产行业横跨生产、流通、消费三大领域,其对国民经济和人民生活的影响作用不容小觑,因此房地产行业被称作国民经济发展的“晴雨表”。08年爆发金融危机后,紧接着我国政府陆续提出“国十一条”、“新国八条”、“930”新政、“330”新政、降息降准、放开二胎、房地产业去库存等政策。到了2017年,全国两会期间针对房地产去库存、改造棚户区、市场分类调控等政策再加码。如此,资金密集并高负债经营的房地产公司,在错综复杂的经济市场环境下,流动性会产生巨大的变化。流动性不足会使房地产市场运行和公司的安全经营失去资金保障,进而影响公司业绩。流动性过剩又会影响房地产市场稳定与公司经营业绩。研究房地产上市公司流动性与公司业绩的实际关系,使流动性与公司业绩达到一种动态平衡,对于丰富和发展我国房地产上市公司流动性理论,同时提高房地产上市公司治理能力与经营业绩,促进经济市场的健康平稳发展,具有非常重要的意义。本文通过对国内外房地产公司流动性及其与公司业绩关系的相关文献进行梳理后,以流动性的相关理论作为理论基础,结合房地产公司特点,重新建立房地产公司特色流动性指标,同时对房地产公司流动性与公司业绩的关系进行理论分析,提出研究假设,在搜集2012年到2015年房地产上市公司相关的样本数据基础上,通过描述性统计、相关性分析和回归分析,实证研究房地产上市公司流动性与公司业绩两者关系,并对提出的假设进行检验、论证。通过对房地产上市公司流动性与公司业绩关系进行实证分析后,研究的结论表明房地产公司速动比率、现金流动负债率、预收账款比率对房地产上市公司业绩有显著影响。房地产上市公司应加强现金管理,预收账款的管理,并熟悉房产政策,提高融资能力。在做决策时,要充分考虑房地产上市公司所处的宏观环境、自身经营状况,对流动性进行合理安排,以获取公司业绩提升。
[Abstract]:In modern economic society, the real estate industry straddles the three major fields of production, circulation and consumption, and its impact on the national economy and people's lives cannot be underestimated. Therefore, the real estate industry has been called a "barometer" for the development of the national economy. After the financial crisis broke out in 2008, immediately after the Chinese government put forward "11 national rules", "eight new policies", "930" new policies, "330" new policies, cutting interest rates and lowering the standard, and opening up the second child, By 2017, during the two sessions of the National people's Congress, policies such as going to inventory for real estate, reforming shantytowns, and regulating the market classification were further increased. In this way, real estate companies with capital intensive and highly indebted operations were added. In the complex economic market environment, liquidity can produce tremendous changes. Lack of liquidity will cause the operation of the real estate market and the safe operation of the company to lose capital security. The excess liquidity will affect the stability of the real estate market and the operating performance of the company. This paper studies the actual relationship between the liquidity of the listed real estate company and the performance of the company, so as to achieve a dynamic balance between the liquidity and the performance of the company. To enrich and develop the liquidity theory of listed real estate companies in our country, at the same time to improve the governance ability and operating performance of listed real estate companies, and to promote the healthy and stable development of the economic market. This article combs the domestic and foreign real estate company liquidity and its relation with the company performance related literature, takes the liquidity correlation theory as the theoretical foundation, unifies the real estate company characteristic, The characteristic liquidity index of real estate company is re-established. At the same time, the relationship between real estate company liquidity and company performance is analyzed theoretically, and the research hypothesis is put forward, based on collecting the sample data of real estate listed company from 2012 to 2015. Through descriptive statistics, correlation analysis and regression analysis, this paper empirically studies the relationship between liquidity and corporate performance of listed real estate companies, and tests the proposed assumptions. Through the empirical analysis of the relationship between liquidity and corporate performance of listed real estate companies, the conclusion of the study shows that the real estate companies' liquidity ratio, cash flow debt ratio, cash flow debt ratio, The ratio of accounts received in advance has a significant impact on the performance of listed real estate companies. Real estate listed companies should strengthen cash management, the management of accounts received in advance, and be familiar with the property policy and improve their financing ability. We should fully consider the macro environment of the listed real estate companies, their own operating conditions, reasonable arrangements for liquidity, in order to achieve corporate performance improvement.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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