持续调控对江苏上市房企盈利能力的影响分析

Research on the Impact of Continuous Macroeconomic Regulation and Control on ProfitAbility of Listed Real Estate Companies in Jiangsu

针对房价上涨过快现象,我国自2003年起对房地产市场进行了持续的宏观调控,调控政策对房地产企业的盈利能力产生了影响。通过对每股收益、净资产收益率和营业利润率等指标进行实证分析,发现江苏房地产上市公司的盈利能力在持续调控期间基本保持稳定,偶有短期波动。调控使得房地产开发企业的成本增加,但持续上涨的房价却使得企业的营业收入增加得更多,因此,盈利能力并未受到太多的影响。尽管如此,江苏房地产上市公司还应该认识到其与万科地产等国内知名企业的差距,采取措施进一步提升自己的盈利能力。

In view of the soaring housing prices, our country has carried out continuous macroeconomic regulation and control on real estate market since 2003 and control policies have had an impact on the profitability of real estate companies. Through empirical analysis of EPS,ROE and OPR,we found that the profitability of listed real estate companies in Jiangsu remained stable with occasional short-term fluctuations during the continuous regulation. The regulation made the cost of real estate companies raised, but the continuous rise in housing prices made business income increased even more, therefore, profitability has not been too much influenced. Nevertheless, Jiangsu listed real estate companies should also be aware of the gap with Vanke and other well-known domestic enterprises, and take measures to enhance their profitability.