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湖南涉外经济学院本科生毕业论文（设计）
摘 要
房地产行业是我国国民经济的支柱产业，长期以来受到国家产业政策的扶持和各级政府的高度重视，在证券市场上也得到优先发展。然而，随着近年来房价的持续走高以及房地产投资的持续升温，房地产行业成为了国家宏观调控的重点调控行业。调控政策的不断深化对房地产企业的开发成本、资金链、土地取得和销售回款等方面施加了一定的影响，同时，房地产企业的盈利能力也受到较大的影响。本文拟采用理论分析和实证分析相结合的方法，从加强营运资本管理方面，对提高我国房地产上市公司的盈利能力进行研究。首先，本文从营运资本的基本概念入手，论述了营运资本与盈利能力的相关理论，并结合房地产上市公司营运资本的特点及其管理现状，对房地产上市公司营运资本与盈利能力的关系进行了重点分析。其次，通过实证的方法分析了2007-2010年四年来我国房地产上市公司营运资本与盈利能力相关指标的特点和趋势，并在此基础上对营运资本与盈利能力的相关性进行了回归分析。最后，结合理论分析与实证分析的相关结论，对提高我国房地产上市公司的营运资本运行效率提出了一些对策性的建议。
关键词：房地产上市公司；营运资本；盈利能力；实证分析
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湖南涉外经济学院本科生毕业论文（设计）
ABSTRACT
As a pillar industry of our national economy, the real estate industry has enjoyed the long-term support of national industrial policies and highly concern of governments at all levels, and it has also got priority development in the stock market. However in the recent years, as the house prices keep rising and the investment in the real estate industry expanding, the real estate industry has been considered as the focus of national macro-control. The macro-economic regulation has deepened its influence on such aspects of this industry as cost of development, capital chain, land, sale and collections, which affect the profitability of the firms in real estate industry. With the combination of theoretical analysis and experimental analysis, this paper tries to treat the working capital as the inlet to study the ways to improve the profitability of the listed companies in the real estate industry. Firstly, this paper tries to state relevant theories about working capitals and profitability with the marketing capital as the lead-in, and combined with the real estate listed company of the characteristics and its working capital management present situation, the listed company to real estate working capital management and profitability of the relationship of key analysis. Secondly, this paper analyzes the characteristics and trends of the marketing capitals and profitability of the listed companies in the real estate industry in a four year period from 2007 to 2012, and on the basis of working capital and profitability was made on the correlation of regression analysis. Lastly, this paper comes to a theory-and-experiment based conclusion and puts forward some constructive suggestions on improving the profitability of the listed companies in China’s real estate industry.
Keywords: listed companies in real estate industry; working capitals; profitability; experimental analysis
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湖南涉外经济学院本科生毕业论文（设计）
目 录
摘要???????????????????????????????????I
Abstract?????????????????????????????????II
第一章 绪论??????????????????????????????1
1.1 研究背景和意义?????????????????????????1
1.1.1 研究的背景?????????????????????????1 1.1.2 研究的理论意义???????????????????????1 1.1.3 研究的实际意义???????????????????????1 1.2 国内外文献综述?????????????????????????2
1.2.1 国外文献综述????????????????????????2 1.2.2 国内文献综述????????????????????????3 1.3 研究方法与技术思路???????????????????????5
第二章 营运资本与盈利能力相关性的理论分析????????????7
2.1 营运资本与盈利能力理论综述????????????????????7
2.1.1 营运资本相关概念界定????????????????????7 2.1.2 营运资本管理策略??????????????????????7 2.1.3 盈利能力相关理论??????????????????????9 2.2 房地产上市公司营运资本的特点???????????????????9 2.3 房地产上市公司营运资本的管理现状????????????????10
2.3.1 营运资本政策分析??????????????????????10 2.3.2 营运资本结构分析??????????????????????11 2.3.3 营运资本管理效率分析????????????????????12 2.4 房地产上市公司营运资本与盈利能力的相关性分析??????????14
第三章 房地产上市公司营运资本对盈利能力的影响的实证分析???15
3.1 研究假设????????????????????????????15 3.2 变量的选取???????????????????????????15
3.2.1 被解释变量的选取??????????????????????15 3.2.2 解释变量的选取???????????????????????16 3.2.3 控制变量的选取???????????????????????16 3.3 模型与数据???????????????????????????16
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湖南涉外经济学院本科生毕业论文（设计）
3.3.1 模型的建立?????????????????????????16
3.3.2 样本选取和数据来源?????????????????????17 3.4 实证研究结果与说明???????????????????????17
3.4.1 描述性统计分析???????????????????????17 3.4.2 相关性分析?????????????????????????18 3.4.3 回归分析??????????????????????????19
第四章 提高房地产上市公司营运资本运行效率的对策及建议 ????21
4.1 优化营运资本结构，制定科学合理的营运资本政策??????????21 4.2 加强营运资本管理，提高营运资本的周转效率????????????21 4.3 拓宽融资渠道，建立良好的企业信誉度???????????????22 4.4 借鉴国外企业营运资本管理经验??????????????????22
结论??????????????????????????????????24 参考文献????????????????????????????????25 致谢??????????????????????????????????28 附录A?????????????????????????????????29 附录B?????????????????????????????????37
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