企业财务报表作为企业会计的载体,全面、系统地记录了企业经济业务的发

生。对企业的财务报表进行分析及研究,可以综合评价企业经营状况。因此,财

务报表分析是一种非常实用的工具,也是一个非常值得关注和研宄的领域。

笔者从事高校财务管理教学工作,在MBA学习过程中特别对企业财务分析产

生了较浓厚的兴趣。因此,笔者希望通过具体运用财务分析的有关理论,对企业

经营状况进行分析和评价,从而更好地理论联系实际,更好地服务本职工作。

由于笔者关注中国房地产行业发展动态,所以选择万科和保利这两家房地产业

的标杆企业作为分析和研宄对象,探究房地产企业赢利模式及未来发展。本文通

过分析两家企业的财务报表,运用财务指标体系和三维分析方法,对其财务绩效

进行比较分析,从而进一步了解两家企业财务政策,并对其今后财务政策提出建
I

议。

全文共八章。第一章是绪论。第二章是房地产行业及其宏观环境分析。第三

章是万科与保利地产基本情况。第四章是万科与保利地产的财务报表三维分析。

第五章是万科与保利地产的财务指标体系比较分析。第六章是万科与保利地产财

务指标的因素分解分析。第七章财务政策、财务战略矩阵比较分析。第八章是建

议和结论。通过对两家房地产标杆企业的财务绩效、财务政策和财务战略进行比

较分析,笔者发现两家企业的总体财务状况健康,存在很多相似的地方,希望笔

者的分析有助于更深刻理解房地产业发展定位以及为投资决策提供参考依据。

关键词:财务战略;盈利能力;资产管理

ABSTRACT

As the supporter of Corporate Accounting, Financial Statements completely, and

systematically, record a company's business running. Research and analysis of

financial statements are helpful to fully evaluate a company's business condition.

Therefore, financial statement analysis is not only a useful tool but also an area that

deserves more attention and study.

The author of this thesis works in financial management and teaching in college,

and nurtured a keen interest in corporate financial analysis during MBA study. As a

result, the author wants to adopt the theory of financial analysis when analyzing and

evaluating company's business condition. In the meantime, builds a connection between

theory and reality to better serve her works.

Since the author paid attention on the development of Chinese real estate industry,

she picked two giants of this industry-Vanke and Poly Real Estate, to analyze and

research, hoped to find out real estate Company's profit model and their further

development. In this thesis, the author applied financial index system and three

dimensional analyzing methods to compare the financial statements and analyze the

financial performance of two companies. By learning more about the financial policies

of the two, the author proposed suggestion for their further financial policies reform.

The whole thesis consists of eight chapters. The first chapter is introduction. The

second chapter is about the environment and the development of real estate industry.

The third chapter introduces the two real estate giantsVanke and Poly. The fourth

chapter is the three dimensional analysis of financial statements of Vanke and Poly. The

fifth chapter analyzes the financial index system of Vanke and Poly respectively and

makes a comparison between the two. The sixth chapter decomposes the financial

indexes of the two companies and clarifies each sub-factor. The seventh chapter

comparatively analyzes the financial policies, financial strategies of the two

companies.The eighth chapter is the conclusion and suggestion. Though the study of the

two benchmarking real estate enterprise, the author finds that the two companies both

present a healthy financial status and share a lot in common in aspects like financial

performance and financial policies and strategies. This study can help people better

understand the development of real estate industry,and provide reference when making

investment.

Key Words: financial strategy, profit ability, assert management

目录

n-M.绪论 1

l.i研究背景 1

1.2研究意义 1

1.3研宄目标与内容
2

第二章房地产行业及其宏观环境分析
3

2.1房地产业的定义
3

2.1.1房地产概念
3

2.1.2房地产行业
3

2.1.3房地产企业
3

2.2中国房地产业的宏观环境分析
4

2.2.1中国房地产的政治法律环境
4

2.2.2中国房地产的经济环境
4

2.2.3中国房地产的社会文化环境
5

2.2.4中国房地产的技术环境
5

2.3中国房地产业发展历程及特点
6

2.3.1中国房地产发展历程
:
6

2.3.2中国房地产行业发展特点
7

第三章万科与保利地产基本情况
9

3.1企业发展历史
9

3.1.1万科发展历史
9

3.1.2保利地产发展历史
9

3.2行业地位 10

3.3企业经营战略对比
11

3.3.1产品定位
11

3.3.2经营战略对比
12

3.3.3股利政策对比
13

3.4资本市场表现比较分析
14

3.4.1股权结构对比
14

3.4.2员工构成
16

III

3.4.3股市表现
18

第四章万科与保利地产的财务报表三维分析
20

4.1资产负债表三维分析
20

4.1.1总资产规模分析
20

4.1.2资产结构分析
21

4.1.3现金比重
23

4.1.4存货及往来款项
24

4.2利润表三维分析
25

4.2.1营业收入与利润分析
25

4.2.2营业成本
27

4.2.3三项费用
28

4.2.4营业外收入
30

4.3现金流量表三维分析
31

4.3.1经营净现金分析
31

4.3.2经营净现金与投资净流出分析
33

4.3.3筹资活动现金流分析
34

第五章万科与保利地产的财务指标体系比较分析
35

5.1盈利能力指标分析
35

5.1.1盈利能力数据分析
35

5.1.2盈利能力变化的主要原因
37

5.1.3盈利能力分析的结论
38

5.2资产使用效率指标分析
38

5.2.1资产使用效率数据分析
39

5.2.2资产使用效率变化的主要原因
43

5.2.3资产使用效率的分析结论
45

5.3负债管理指标分析
45

5.3.1负债管理分析
46

5.3.2负债和偿债指标变化的原因
50

5.3.3负债管理的分析结论
50

5.4现金创造能力比较分析
51

IV