房地产企业营运资本优化研究详解.doc

房地产企业营运资本优化研究 摘 要 我国房地产行业发展十分迅速，在国民经济中的地位日益重要。而且房地产行业相对于其它行业来说，具有资金流量大、流动不规则、负债率高等特点，尤其是近几年，我国金融监管部门制定了一系列加强对房地产贷款监管的政策，对房地产行业的融资渠道有所影响。如何应对政策与宏观经济环境的变化，保证企业正常活动的开展，将成为业界关注的热点。营运资本是企业的一项重要财务资源，合理的营运资本决定着企业正常经营活动的开展，也直接对企业价值产生影响。然而研究表明，营运资本管理并未引起企业管理者的足够重视，我国许多企业没有明确的营运资本目标，没有稳定或合理的营运资本政策，政策随意性很大，这对于企业的生存发展是很不利的。 本文以我国房地产企业作为主要研究对象，以有关营运资本的基本理论和政策为基础，结合我国房地产企业营运资本的规模、内部各项目结构等方面的现状，对其营运资本与企业价值进行了分析，明确我国房地产企业营运资本管理存在的问题，并就如何以企业价值最大化为目标来改善现有营运资本提出建议。 关键词：房地产企业 营运资本 企业价值 ABSTRACT The real estate industry in China is rapidly developing, and the status in the national economy has become increasingly important. Compared with the other sectors, the real estate industry has a large flow of funds, irregular flow and high debt ratio. Especially in recent years, Chinas financial supervision departments strengthen a series of real estate loan monitoring policies on Housing Real estate financing industry, which has an influence on financing channels of the real estate industry. How to deal with the change of macro-economic environment and policy, ensure normal business activities of enterprise, has become the focus of attention. As all important financial resource of company, Working capital is an important financial resource of enterprise, reasonable working capital decides the enterprise normal business activities, it also has a direct influence on the enterprise value. However, evidences from related research prove that there is no enough focus on working capital practice from management. Most of our companies dont have explicit aim of working capital, stable or reasonable working capital policy, policy is optional. It’s surely disadvantaged to the enterprises survival and development. The study chooses Chinas real estate enterprises, based on the basic theory and policy—related to the working capital, combined with the working capital size and the internal structure of the current situation of Chinas real estate companies, analyses working capital and the enterprise value