从财务报表分析房地产行业特征

1、从财务报表分析房地产行业特征以万科为例近年来的经济趋势。一、直观分析以下是五个行业代表企业2016年度资产负债表与利润表的结构百分比表： 达信息）17.94%5.09%5.19%3.48%0.06%0.27%1.18%6.27%8.95%7.19%0.00%56.03%13.67%0.06%13.45%0.21%0.01%0.00%2.01%17.14%0.00%0.51%0.00%47.06%22.84%1.40%18.35%1.23%0.00%0.00%3.13%18.93%0.00%5.56%8.23%79.67%20.19%0.04%5.78%9.10%0.00%0.00%0.45%1

2、8.39%0.00%18.43%0.00%72.38%8.55%0.43%10.61%4.97%0.00%0.53%0.00%4.45%0.00%1.88%1.42%0.47%9.20%7.49%0.00%17.24%0.00%0.97%5.31%1.22%3.07%0.96%0.13%0.00%1.13%2.74%1.01%20.33%100.00%0.77%6.70%0.06%3.58%0.00%17.12%0.26%0.00%2.92%0.00%2.94%2.32%0.00%0.00%0.00%52.94%100.00%27.62%100.00%1.48%35.40%0.00%6.04%

3、0.28%0.21%3.22%0.07%0.00%6.76%0.00%0.00%0.00%0.00%52.86%0.00%21.82%15.32%1.45%1.28%0.55%0.00%0.13%5.72%0.00%0.00%0.98%0.00%47.26%10.68%8.25%17.82%5.71%3.65%0.70%0.00%0.04%9.64%0.63%0.50%0.00%5.78%64.77%0.73%2.40%0.03%0.14%0.37%0.00%0.00%9.83%6.31%0.00%0.00%0.00%0.00%1.60%0.00%8.51%3.54%0.00%0.00%0.0

4、0%0.07%1.10%0.98%6.36%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%60.20%61.38%47.26%71.13%1.87%17.11%4.95%1.57%14.11%0.86%36.26%6.47%3.93%6.08%0.00%2.95%7.58%1.43%7.26%3.64%6.74%5.46%16.39%7.31%计32.49%52.74%18.64%28.87%39.80%38.62%52.74%100.00%100.00%100.00%100.00%通过五个行业的资产负债表的对比我们能够发现在资产项目中房地产行业的存货所占比例

5、为56.26%明显高于其他行业，我们可以征。同时对于房地产行业来说，很少出现赊销的情况所以，它的应收账款所占资产比率只有0.25%.在负债项目中万科的预收账款的比例达到了33.06%，预收账款付费用。其中万科的应付债券达到3.50%说明万科具有良好的信用以及盈利能力。二、财务比率分析企业的偿债能力、经营效率、盈利能力进行分析。国美电器114.25%110.12%0.21%93.78%89.70%1.15%126.35% 34.43%6.40% 12.49%42.54%16.23%（1）速动比率是考虑到存货的变现能力差的因素，将存货从流动资产中减去，因此其反映的企业短期偿债能力更让人信服。从表中

6、我们可以明显看到万科的速动比率最低，这就是由于房地产行业存货占流动资产比列较大这一特征的影响。（2）总资产周转率则可以反映企业销售能力的强弱，从表中我们可（3）最后在营业利润率一项中，万科排名第一。作为房地产业的老大，万科的利润率一直维持在较高的水平。当然，我们都知道近几十年房地产的形式都是一片大好，其利润率久高不下也在意料之中。三、趋势分析下面是万科2008-2016每股股息的指标图：2011 2010 2009 2008税后利润（万元）每股收益（元）每股股息（元）24047724 19554913 14638800 13541879 10311625 7178275 5071385 488

7、8101 40991782835026 2594944 1928752 1829755 1566259 1159961 883961 6430014639870.371.91.641.431.371.140.880.660.487.907.205.004.101.801.301.700.501.00趋势分析表：20162015201420132008营业收入（%）税后利润（%）每股收益（%）每股股息（%）586.65% 477.04% 357.12% 330.36% 251.55% 175.11% 123.72% 119.25% 100.00%611.01% 559.27% 415.69% 394.35% 337.57% 250.00% 190.51% 138.58% 100.00%513.51% 443.24% 386.49% 370.27% 308.11% 237.84% 178.38% 129.73% 100.00%790.00% 720.00% 500.00% 410.00% 180.00% 130.00% 170.00%50.00% 100.00%从表中我们可以看出四项指标在整体时间上都是呈现增长的趋09-11在 2014 2014年房价下跌的影响房地轨。从整体趋势来看，万科的经营状况与财务状况在不断的改善，按照这个趋势，万科在2017年的状况应该会更