摘 要

上市公司，作为其所在行业的领导者，在市场竞争中发挥着重要作用，从侧面鲜明地展现其所在行业的发展现状。去年年初，在一线、二线城市在房地产行业方面筹资速度下降的时候，三线城市在房地产行业方面的筹资速度则一反常态，跨度极大，这就导致了地区筹资分布的分化。这一现象的出现，与市场经济以及国家政策的走向有着密不可分的关系,是有关部门、投资者共同关注的问题。因此，房地产上市公司要定期进行绩效评价，反馈公司在生产经营过程中存在的问题,这样有助于了解我国房地产业的经营现状以及公司未来发展规划的制定，来确保企业的健康发展。另外，经营问题的解决、未来发展规划的制定等将会提高整个房地产行业的市场竞争力。

本文分析世界上已存在的财务绩效评价模型，结合我国房地产上市公司的经营现状，建立新的绩效评价指标体系，通过绩效评价，科学地指出我国房地产行业的绩效水平主要受经营规模、房地产景气指数、资本结构、资产管理等因素影响，并根据这些因素提除了合理的解决方案，如：加强现金流量管理、优化企业资本结构等。本文通过大量数据及图表分析房地产上市公司财务绩效，得出的问题及解决措施，对政府宏观调控以及房地产公司管理决策都具有一定的现实意义。

关键词：房地产上市公司；财务绩效；评价指标。

Enterprise Financial performance Appraisal: a case study of 20 listed Real Estate companies

ABSTRACT

Listed companies, as the leaders of their own industries, play an important role in market competition and show the development status of their own industries from the side.Early last year, in a line, second-tier cities in terms of the real estate industry financing speed decreases, the three cities in the aspects of the real estate industry financing velocity, span is great, this leads to the regional differentiation of the distribution of financing.The emergence of this phenomenon is closely related to the market economy and the direction of national policies. It is a common concern of relevant departments and investors.As a result, the performance evaluation of listed real estate companies regularly, feedback the problems existing in the company in the production and business operation process, it helps to study the status quo of management of real estate industry in our country as well as the establishment of the company's future development plan, to ensure the healthy development of the enterprise.In addition, the solution of business problems and the formulation of future development plans will improve the market competitiveness of the whole real estate industry.

This paper analyzes the existing financial performance evaluation model in the world, together with the present situation of the management of listed companies of real estate in our country, establish a new performance evaluation index system, through the performance evaluation, scientifically pointed out that the performance level of the real estate industry in our country mainly by the scale of operation, the real estate boom index, capital structure, asset management and other factors, and according to these factors in addition to the reasonable solution, such as: to strengthen cash flow management, optimization of corporate capital structure, etc.In this paper, through a large amount of data and charts analysis real estate financial performance of listed companies, it is concluded that the problems and solutions, for the government macroeconomic regulation and control and the real estate company management decisions has a certain practical significance.

Keywords:Compartmentalizes;Financial performance;Evaluation indicators.

目 录

1引言……………………………………………………………………………1

1.1研究背景………………………………………………………………………1

1.2国内外研究现状………………………………………………………………1

1.2.1 国外研究现状………………………………………………………………………1

1.2.2 国内研究现状………………………………………………………………………2

1.2.3 研究评述……………………………………………………………………………3

1.3本章总结…………………………………………………………………………3

2相关理论基础…………………………………………………………………………4

2.1相关概念的界定…………………………………………………………………4

2.1.1 房地产的概念…………………………………………………………………4

2.1.2 我国房地产上市公司的概念…………………………………………………4

2.1.3 财务绩效评价的概念………………………………………………………4

2.1.4 公司财务绩效评价的重要性……………………………………………5

2.1.5 公司绩效评价体系及其构成要素………………………………………5

2.2财务绩效评价方法………………………………………………………………6

2.3本章总结…………………………………………………………………………7

3房地产上市公司及其所在行业概述………………………………………………8

3.1我国房地产行业的发展历程……………………………………………………8

3.1.1 房地产行业的诞生………………………………………………………………8

3.1.2 房地产的初步发展………………………………………………………………8

3.1.3 房地产市场初具规模…………………………………………………………8

3.1.4 房地产行业的飞速发展………………………………………………………8

3.2房地产上市公司发展现状……………………………………………………9

3.3房地产上市公司提高绩效的措施……………………………………………10

3.4房地产行业绩效评价的特点……………………………………………………10

1. 财务绩效评价指标体系的建立……………………………………………………12

4.1评价指标选取原则……………………………………………………………12

4.2财务指标的选取………………………………………………………………13

4.2.1偿债能力指标的选取………………………………………………………13

4.2.2资产营运指标的选取………………………………………………13

4.2.3财务效益指标的选取…………………………………………………13

4.2.4发展能力指标的选取…………………………………………………13

1. 房地产上市公司财务绩效评价及完善措施…………………………………………15

5.1样本选取………………………………………………………………………15

5.2财务绩效评价指标分析…………………………………………………………15