本文選題：杜邦財(cái)務(wù)分析體系 + 現(xiàn)金流量指標(biāo)�。� 參考：《重慶大學(xué)》2014年碩士論文

【摘要】：隨著國家進(jìn)一步的市場調(diào)控，房地產(chǎn)企業(yè)的競爭也越來越激烈。為了使企業(yè)在這種市場背景下持續(xù)發(fā)展而不被淘汰，就需要從內(nèi)部分析企業(yè)的財(cái)務(wù)狀況。為了了解房地產(chǎn)企業(yè)的財(cái)務(wù)現(xiàn)狀，就需要對企業(yè)的財(cái)務(wù)報(bào)表進(jìn)行綜合分析。對企業(yè)財(cái)務(wù)報(bào)表的分析，可以將最原始的財(cái)務(wù)數(shù)據(jù)轉(zhuǎn)換成有用的財(cái)務(wù)信息，幫助使用者評價(jià)企業(yè)的財(cái)務(wù)狀況。 杜邦財(cái)務(wù)分析體系是以權(quán)益凈利率為核心比率，然后分解為三個(gè)基礎(chǔ)財(cái)務(wù)指標(biāo)，包括銷售凈利率、總資產(chǎn)周轉(zhuǎn)率和權(quán)益乘數(shù)。對杜邦體系的分解，既反映出企業(yè)的經(jīng)營方針，又反映了企業(yè)的財(cái)務(wù)策略。但是，隨著現(xiàn)代企業(yè)所處的經(jīng)濟(jì)環(huán)境日益復(fù)雜，傳統(tǒng)的杜邦財(cái)務(wù)分析體系的缺點(diǎn)也逐漸顯現(xiàn)出來，它已經(jīng)滿足不了對當(dāng)代企業(yè)進(jìn)行財(cái)務(wù)分析的需求。 文章首先回顧了關(guān)于杜邦財(cái)務(wù)分析體系的研究綜述，介紹了財(cái)務(wù)分析方法的發(fā)展及傳統(tǒng)的杜邦財(cái)務(wù)分析體系的優(yōu)缺點(diǎn)。其次，針對傳統(tǒng)杜邦分析的不足，結(jié)合房地產(chǎn)行業(yè)的發(fā)展情況提出引入可持續(xù)增長率指標(biāo)，對房地產(chǎn)企業(yè)的可持續(xù)增長能力進(jìn)行分析。然后，結(jié)合房地產(chǎn)企業(yè)資金密集型及建設(shè)周期長的特點(diǎn)，引入現(xiàn)金流量指標(biāo)，分析房地產(chǎn)企業(yè)經(jīng)營活動(dòng)的現(xiàn)金狀況。并分別運(yùn)用傳統(tǒng)的和改進(jìn)的杜邦財(cái)務(wù)分析體系，，結(jié)合趨勢分析法、連環(huán)替代法對萬科的財(cái)務(wù)狀況進(jìn)行全面的分析，發(fā)現(xiàn)萬科的銷售凈利率一直保持比較高的水平，但是營業(yè)收入現(xiàn)金比卻相對較低，甚至在有些年份是負(fù)值，其資產(chǎn)負(fù)債率也超過了70%的警戒線，總資產(chǎn)周轉(zhuǎn)率總體呈下降的趨勢。同時(shí)，利用威爾科克森帶符號秩檢驗(yàn)對萬科的可持續(xù)增長率和實(shí)際增長率進(jìn)行分析，得出萬科在2003-2012年間理論上并沒有實(shí)現(xiàn)可持續(xù)增長的結(jié)論。再次，文章從提高盈利質(zhì)量、改善資產(chǎn)負(fù)債率、促進(jìn)可持續(xù)增長等方面對萬科提出了改進(jìn)建議。最后，文章認(rèn)為利用杜邦財(cái)務(wù)分析體系對房地產(chǎn)企業(yè)進(jìn)行財(cái)務(wù)分析時(shí)，應(yīng)該引入現(xiàn)金流量和可持續(xù)增長率指標(biāo)。
[Abstract]:With the country's further market regulation and control, the competition of real estate enterprises is becoming more and more fierce.In order to make the enterprise develop continuously in this market background and not be eliminated, it is necessary to analyze the financial situation of the enterprise from the inside.In order to understand the present financial situation of real estate enterprises, it is necessary to analyze the financial statements comprehensively.The analysis of enterprise financial statements can transform the original financial data into useful financial information and help users to evaluate the financial situation of enterprises.DuPont financial analysis system takes equity net interest rate as the core ratio, and then decomposes into three basic financial indicators, including net interest rate of sales, total asset turnover and equity multiplier.The decomposition of DuPont system not only reflects the enterprise's management policy, but also reflects the enterprise's financial strategy.However, with the increasingly complex economic environment of modern enterprises, the shortcomings of the traditional DuPont financial analysis system have gradually emerged, it has been unable to meet the needs of the financial analysis of contemporary enterprises.This paper reviews the research on DuPont financial analysis system, introduces the development of financial analysis method and the advantages and disadvantages of traditional DuPont financial analysis system.Secondly, aiming at the deficiency of the traditional DuPont analysis and combining the development of the real estate industry, this paper puts forward the introduction of the sustainable growth rate index to analyze the sustainable growth ability of the real estate enterprises.Then, combined with the characteristics of capital intensive and long construction cycle of real estate enterprises, the cash flow index is introduced to analyze the cash status of real estate enterprises' business activities.And using the traditional and improved DuPont financial analysis system, combined with the trend analysis method, the serial substitution method is used to analyze the financial situation of Vanke. It is found that the net interest rate of Vanke's sales has been maintained at a relatively high level.But the operating income / cash ratio is relatively low, even in some years is negative, its ratio of assets and liabilities has exceeded the warning line of 70 percent, and the total assets turnover rate has shown a downward trend in general.At the same time, the paper analyzes the sustainable growth rate and actual growth rate of Vanke by using Wilkerson's signed rank test, and draws the conclusion that Vanke did not realize the sustainable growth in theory from 2003 to 2012.Thirdly, the paper puts forward some suggestions to Vanke from the aspects of improving profit quality, improving asset-liability ratio and promoting sustainable growth.Finally, the paper points out that the index of cash flow and sustainable growth rate should be introduced when using DuPont financial analysis system to analyze real estate enterprises.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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