摘要
2010年至2013年12月止，万科房地产企业的民用住宅累计销售的规模在中国房地产行业中最大，房屋面积销售量最高。但是一家企业的偿债能力影响企业自身的经营，因此了解企业自身偿债能力，有助于帮助企业提升自己的偿债能力，找出问题降低风险，有利于其他企业参考和找寻自身的缺点。如果企业不重视自身的偿债能力，任由其发展，很有可能造成企业的失败,所以分析企业的偿债能力具有十分重要的现实意义。本文就对万科房地产企业的偿债能力进行了深入的分析和研究。首先是对企业偿债能力具有重大影响的各个财务要素进行划分。其次，是对万科房地产企业的整体情况采用正态分布分析法了解整体的偿债情况，然后，采用灰色关联度分析方法，对影响万科偿债能力的内因，进行了分析，再次，运用主成分分析方法,对比分析万科与其他房地产企业在同一时期的偿债情况，然后，采用层次分析方法具体分析企业自身的偿债能力，对于万科相对更重要的财务指标，采用趋势分析方法补充说明。得出以下结论，即万科房地产企业的总体偿债能力较强，年初短期偿债能力弱，年末短期偿债能力强，这与企业的资金持有量，存货周转以及销售量有关，长期偿债能力比较稳定，需要规避资金短缺风险。
关键词：偿债能力；层次分析方法 ；主成份分析方法；万科
From 2010 to December 2013, Vanke residential real estate companies accumulated sales of the largest houses in the area of highest sales in the Chinese real estate industry . But a company ‘s solvency affect their operations , so understanding their own solvency , will help the enterprises to improve their solvency to identify problems reduce risk, in favor of other companies and find their own shortcomings reference . If companies do not pay attention to their solvency and let its development , is likely to result in failure of the enterprise, so the practical significance corporate solvency analysis very important . In this paper, the real estate business on the solvency of Vanke conducted in-depth analysis and research. First, the various financial elements have a significant impact on corporate solvency divided . Secondly, is the overall situation of China Vanke real estate companies using the normal distribution analysis to understand the overall solvency situation, and then , using gray correlation analysis methods, the effects of internal solvency Vanke , analyzed, again , using the principal components analysis, comparative analysis with other real estate companies Vanke in the same period of insolvency cases, and then , using the analytic hierarchy process method detailed analysis of their own solvency , Vanke relatively more important for financial indicators , using trend analysis supplement. Concluded that the overall solvency Vanke real estate business is strong, weak short-term solvency beginning of the end of short-term solvency is strong, which is the amount of money held by companies , inventory turnover and sales related to the long-term solvency capacity is relatively stable , the need to avoid the risk of a shortfall .
Keywords : solvency ; Analytic Hierarchy Process ; principal component analysis ; Vanke
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