| With the further development of China’s market economy, the accelerating urbanization process and the comprehensive reforms of housing system, the real estate industry has emerged in China and flourishes, which serves as one of the most important industry promoting China’s GDP growth. Microscopically, it is closely related to people’s daily life while highly connected to various industries and occupies a significant position in national economy, macroscopically. To some extent, it can even be deemed as the weather vane of Chinese economy, for the development and fluctuations of the real estate industry reflects the changes in macroeconomy.Undoubtedly, the listed real estate companies are put under the spotlight of government departments, investors, experts and scholars and even the general public. However, to different researchers and interested persons, different purposes and evaluation standards and methods would produce different results. In order to grasp this industry and scientifically supervise and evaluate the listed real estate companies, establishment of a set of standardized and generally acknowledged enterprise performance evaluation system is needed.At present, the performance evaluation of China’s listed real estate industry has been extensively studied from the perspective of the whole industry. However, the current study is rather macroscopic and theoretical. To start with Micro-enterprise (by choosing the bellwether topped the list in China’s real estate industry - Vanke), several traditional financial indicators are revised according to the characteristics of the real estate industry and a set of financial index system suited to the real estate industry is established. Collecting and sorting the entire industry’s financial data as well as Vanke’s, calculating with the traditional financial indicators and the revised ones respectively, the relevant results is obtained. Through comparative analysis of the financial index values of the entire real estate industry’s and Vanke’s, the problems on increases and decreases, changes and trends can be seen, some of which have been proved successful by Vanke’s practice and can be to spread into the entire industry while others remained unsolved. This paper puts forward some practical countermeasures and suggestions, aimed at promoting the health and sustainable development of the industry.Therefore, based on the analyses of previous studies, this paper establishes a suitable financial performance evaluation system for the listed real estate companies to contrastively study Vanke’s solvency, profitability, operational capacity and growth capacity with a large number of financial data, financial ratio formulas and charts and delves into Vanke’s routes to success through systematic study with the aim of getting inspired from Vanke’s development and offering countermeasures and suggestions to other listed real estate companies. It can help whom identify problems timely and solve them effectively by the conclusions drawn form financial performance evaluation, as well as discovering the future trend in development and directions so as to fit in with the needs of the industry and make wise management decisions and reasonable planning in the light of the fast-changing market. |
PDF Full Text Request