房地产行业的企业财务绩效评价实证研究

An Empirical Study on Corporate Financial Performance Evaluation in the Real Estate Industry

摘要: 房地产行业一直以来都是影响中国经济发展的重要部分。一方面，绝大多数的房地产企业都具有资本密集型企业的特征。对于这些企业来说，融资往往是维持企业长期发展的重要手段。因此，房地产企业在财务报表中通常体现为高资产负债率，影响了对企业的偿债能力的判断。另一方面，房地产企业在开发经营过程中发生的管理费用和销售费用作为期间费用，直接计入当期损益，在项目有着大量预收账款未转化为销售收入时会产生巨额亏损，很难通过单一指标去衡量一家房地产企业的财务绩效。为了全面考察房地产企业的财务指标，通过多元统计分析方法中的因子分析，对30家房地产企业在2021年度的财务绩效进行评价和分析，得到三个公共因子，代表不同的财务绩效能力，经过对三个公共因子和总因子得分的公司比较，我们发现第一个公共因子对总因子得分的影响最大，代表了公司的盈利能力、成长能力和偿债能力。其中新城控股、张江高科、上海临港等几家公司的财务绩效表现较差。总体而言，主成分分析对分析房地产企业的财务绩效评价具有重要的指导作用，通过因子降维的方法聚合了不同变量，对评价公司财务绩效意义深远。

Abstract: The real estate industry has always been an important part of China’s economic development. On the one hand, the vast majority of real estate enterprises have the characteristics of capi-tal-intensive enterprises. For these enterprises, financing is often an important means to maintain the long-term development of the enterprise. Therefore, real estate enterprises usually have a high asset-liability ratio in their financial statements, which affects the judgment of the solvency of the enterprise. On the other hand, the management expenses and sales expenses incurred by real es-tate enterprises in the process of development and operation are directly included in the profit and loss of the current period as period expenses, which will produce huge losses when the project has a large number of advance receivables that have not been converted into sales revenue, and it is dif-ficult to measure the financial performance of a real estate enterprise through a single indicator. In order to comprehensively investigate the financial indicators of real estate enterprises, through the factor analysis in the multivariate statistical analysis method, the financial performance of 30 real estate enterprises in 2021 was evaluated and analyzed, and three public factors were obtained, representing different financial performance capabilities. Among them, the financial performance of several companies such as Xincheng Holdings, Zhangjiang Hi-Tech and Shanghai Lingang was poor. In general, principal component analysis has an important guiding role in analyzing the financial performance evaluation of real estate enterprises, and aggregates different variables by factor di-mensionality reduction method, which is of far-reaching significance for evaluating the financial performance of companies.