摘要：近年来，房地产业成为我国国民经济的支柱产业之一，显著影响了民生的发展。因此开展房地产上市公司财务绩效的评价研究，有助于利益相关者科学客观的评价我国房地产行业上市公司的经营状况，对于规范房地产市场稳定健康的发展也有一定的指导意义。

本文采用了理论分析与实证研究相结合的方法。首先从财务绩效评价综述、房地产上市公司财务绩效评价指标体系构建进行了理论阐述；在实证分析方面以万科地产为例，用其2014—2016年的数据作样本，与保利地产对比分析了“四能力”指标，并结合杜邦分析法，总结出万科的财务绩效评价结果。根据评价结果得出促进房地产上市公司发展的相应对策和建议，以期能提高房地产上市公司的竞争力和实现行业的均衡发展。

关键词：房地产上市公司；万科；财务绩效评价

A Study on The Financial Performance Evaluation of Listed Real Estate Company——Take vanke as an example Abstract

In recent years, the real estate industry has become a pillar industry of China's national economy, the development of people's livelihood has had a profound impact.Therefore, it is helpful to carry out the study on the financial performance evaluation of listed real estate company, which will help stakeholders to evaluate the situation of listed companies in china's real estate industry scientifically and objectively. It also has certain guiding significance for regulating the stability and healthy operation of real estate market.

This paper adopts the method of combining theoretical analysis with empirical research.Firstly, this paper expounds the financial performance evaluation and the construction of financial performance evaluation index system of listed real estate   companies in theory;In the aspect of empirical analysis, this paper takes vanke real estate as an example, uses the data of 2014-2016 as the sample, compares the "four ability" indicators with the Poly real estate, summed up the results of financial performance evaluation of vanke. According to the evaluation results of the corresponding countermeasures and suggestions to promote the development of real estate listed companies.

Key words:Listed real estate Company;vanke;financial performance evaluation

目 录

0引言 1

1绪论 1

1.1研究现状 1

1.2研究内容及方法 2

2财务绩效评价综述 3

2.1财务绩效评价的基本概念 3

2.2财务绩效评价指标的选取原则 4

2.3财务绩效评价指标的方法 4

3房地产上市公司财务绩效评价指标体系构建 5

3.1我国房地产行业的发展现状 5

3.2房地产上市公司财务绩效评价指标的选取 6

4万科财务绩效评价分析 6

4.1万科股份有限公司简介 6

4.2万科“四能力”财务指标分析 7

4.3杜邦分析法在万科中的应用 13

5提高房地产上市公司绩效的对策建议 14

5.1创新产业防范风险，多元融资改善结构 14

5.2科学规划严控土地，合作拿地谨慎投资