导　　师： 邵希娟

学科专业： 1251

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 在国家房地产政策调控频出，土地成本和房价持续上升，业主需求日益多元化，行业竞争日益激烈的形势下，房地产企业依然保持着稳定的盈利能力。主营业务为房地产开发经营的YE公司从2010年开始，连续三年的净资产收益率仅为9.9/%,7.4/%,5.7/%，其盈利能力不仅与同背景的优秀企业富力地产有较大差距，而且还呈现持续下滑的趋势。本文将对YE公司盈利能力出现的问题进行分析诊断，以帮助改善其经营状况，提高盈利能力。 本文用杜邦分析等财务分析方法对YE公司的盈利能力问题进行多角度的分析，发现主要有以下原因：第一，公司的前期工程及配套设施成本过高，开发间接费用控制不好，特别是兰州、西安等项目成本过高。第二，佣金提成、广告及业务宣传费等销售费用及职能部门管理费用过高。第三，存货及应收账款周转速度过慢。特别是西安、兰州等项目的存货积压较多，广州C项目房款回笼较慢。 经过诊断，本文提出了相应的改善建议，期望能帮助YE公司提高盈利能力，增强竞争力。措施如下： 1、做好规划和研究，减少重复设计成本，严格监控开发间接费用的审批和支出，监控和缩减西安等重点项目的前期及配套工程成本。 2、精简销售机构和人员，降低销售佣金和提成，做好广告推广活动分析，缩减宣传费用，加强对本部职能部门管理费用的监控。 3、公司运营部门着重协调重点项目的工程进度及推盘速度，以加快存货去化速度。公司开发部门集中解决证件办理及历史遗留问题，促使房款的回笼，增强利用资产的获利效率。 Facing the frequent changing national policies, the rising land costs and housingprices, the increasingly diversified customer demands, the increasingly intenseindustry competition, the real estate enterprises still maintained a stable profitability.YE company’s main business is real estate development. And its return of net assetwhich was9.9/%,7.4/%and5.7/%since2010to2012respectively showed a great gapwith Fuli, one excellent real estate company and a continued downward trend as well.It can help to improve YE company’s profitability through the diagnosis on it. The following reasons can be found through using several financial diagnosismethods such as Du Pont financial analysis. First, the company's pre construction andfacilities costs are too high, the indirect development costs are not well controlled,especially Lanzhou, Xi'an project. Second, the selling expenses such as commission,advertising and promotion expenses, and administrative expenses are too high. Third,inventory and accounts receivable turnover rate are too low, especially Xi'an, Lanzhouprojects’ overstock and the recoverability of Guangzhou c project. Below measures can be taken to improve YE company’s profitability and enhanceits competitiveness. 1. Reduce redesign cost, strengthen the pre construction and facilities’ costcontrol, especially for key projects such as Xi’an. 2. Condense the sales department, Cut the sales commission and promotionexpenses, Add advertising activities’ analysis, Improve administrative expenses’saving. 3. Reinforce the coordination of marketing and engineering to reduce stock,Accelerate the progress of property ownership certificate to recover the receivablesand to enhance the return on assets.

关 键 词： 财务诊断 房地产 盈利能力

分 类 号： [F299.233.42]

领　　域： [经济管理]