房地产企业员工跟投机制设计与高周转财务管理----以阳光城为例
摘 要
本文以房地产企业中发展迅速的上市公司阳光城作为案例公司，通过案例对比分析、文献分析及财务指标分析后的结果，探讨房地产企业员工的跟投机制设计与企业财务管理中的高周转。主要的成果和结论是：首先，规模为王的时代下，房企的高周转作为现实选择对其公司治理提出了更高的要求，需要与时俱进的跟投制度匹配以激励员工，完成房企规模增长下公司治理面临的问题；其次，跟投机制设计与财管管理考核指标挂钩后，对房企员工的行为的激励和约束需要辩证看待，既有业绩指标增长，也有实践中以高周转的财务管理为导向的房企偏离原有的经营方向；最后，管理层和普通员工作为公司治理的参与一方，受限于短期偏好和治理角色定位不当，使得跟投机制的落地效果不甚良好。综上，我们需要客观地看待房企房地产企业员工跟投机制对公司治理的积极意义及局限性。本文在实践应用方面，对跟投制度在房企的落地提供了一个完整的机制设计路径，对房企的高周转财务管理有一定的借鉴意义。
关键词：跟投机制 高周转 财务管理
The follow-up investment mechanism for employees in real estate industry and the high turn-over phenomenon in corporate financial management--A case study of Yango Group Co.，Ltd
ABSTRACT
This article discusses the follow-up investment mechanism for employees in real estate industry and the high turn-over phenomenon in corporate financial management through research methods of comparative case study, literature analysis, and financial index analysis, with an example of a rapidly developing listed company, Yango Group Co., Ltd. The main outcomes and conclusions are as follows: Firstly, in the era where the scale is the highest priority, the realistic phenomenon of high turn-over of real estate companies puts forward higher requirements for the corporate governance. It calls for a suitable follow-up investment mechanism to motivate employees to solve issues in corporate governance under the growth of real estate companies. Secondly, a critical evaluation of the impact of the combination of mechanism design and financial ratio control on employees’ behavior is necessary, which should include the business indicator growth together with the realistic operational direction of real estate companies under the guidance of financial management with high turn-over rate. Thirdly, as the participants of corporate governance, management positions as well as general staff would impact the practical effect of follow-up investment mechanism due to short-term preference and improper role definition of governance. In summary, we need to take an objective look at the positive significance and limitations of the real estate company employees' follow-up investment mechanism on corporate governance. In conclusion, both the positive significance and the shortcomings of the impact of the follow-up investment mechanism in real estate industry on corporate governance should be put in perspective. This article provides a completed designed route for the practice of follow-up investment mechanism in real estate industry, which is to be referred to in the high turn-over financial management of real estate industry.
Keywords: Follow-up investment mechanism, High turn-over, Financial management
目录
摘 要
ABSTRACT
目录
第1章 绪论
1.1 研究背景
1.2 研究内容
1.3 研究思路和方法
1.4 研究意义
1.5 本章小结
第2章 文献综述
2.1 公司治理
2.2 股权激励
2.3 本章小结
第3章 案例背景介绍
3.1 阳光城简介
3.2 阳光城2016-2018年财务情况
3.3 阳光城跟投制度介绍
3.4 阳光城高周转财务管理实施情况
3.5 本章小结
第4章 案例分析和讨论
4.1 阳光城员工跟投制度设计要点
4.2 阳光城高周转财务管理的各项指标体现
4.3 阳光城的员工跟投制度的优缺点
4.4 跟投制度对公司治理的启示
4.5 阳光城财务管理建议
4.5 本章小结
第5章 结论与展望
参考文献
后记
