基于因子分析法的我国房地产行业财务绩效评价研究

Research on Financial Performance Evaluation of Chinese Real Estate Industry Based on Factor Analysis Method

摘要: 随着房地产市场的逐渐成熟，作为国民经济重要组成部分的房地产行业也日益壮大，行业间的竞争也越来越激烈。房地产企业想要在市场上长期占据优势地位，这就需要其本身加强对企业整体的管理、重视绩效从而提高绩效，房地产行业龙头企业大多为房地产上市公司，它们的发展现状体现了房地产行业的发展水平及状况，房地产上市公司绩效的提高，不仅有利于房地产行业的综合竞争力的提高，同时对于我国的长期金融市场的健康发展也是十分有利的。因此，建立一个完整的房地产上市公司的绩效评价体系，有利于公司加强对其自己的管理，提高企业竞争力，还有利于投资者进行选择以及证券等监管部门进行监管。本文选取了28家房地产上市公司为研究对象，运用因子分析法，对房地产上市公司的偿债能力、成长能力、运营能力、盈利能力，风险能力等五个方面的14个财务指标进行评价。结果显示运用因子分析法对房地产上市公司绩效进行综合评价是可行的能够为经营者和投资者客观评价房地产行业财务绩效提供客观意见，同时通过分析行业具体情况提出提高房地产行业的综合实力的客观建议。

Abstract: With the gradual maturity of the real estate market, as an important part of the national econo-my, the real estate industry is growing, and the competition between industries is becoming more and more fierce. If real estate enterprises want to occupy a dominant position in the market for a long time, they need to strengthen the overall management of enterprises and attach importance to performance so as to improve their performance. Most leading enterprises in the real estate industry are listed real estate companies, and their development status reflects the development level and condition of the real estate industry. It is not only beneficial to the improvement of comprehensive competitiveness of the real estate industry, but also very advantageous to the healthy development of our long-term financial market. Therefore, the establishment of a complete performance evaluation system for listed real estate companies is conducive to the company to strengthen its own management, improve the competitiveness of enterprises, and facilitate the selection of investors and the supervision of securities and other regulatory departments. In this paper, 28 listed real estate companies are selected as research objects, and 14 financial indicators from five aspects, such as debt paying ability, growth ability, operation ability, profitability and risk ability, are evaluated by factor analysis method. The results show that it is feasible to use the factor analysis method to comprehensively evaluate the performance of listed real estate companies. It can provide objective opinions for the operators and investors to objectively evaluate the financial performance of the real estate industry, and put forward objective suggestions to improve the comprehensive strength of the real estate industry by analyzing the specific situation of the industry.