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本文首先从宏观、中观和微观三个层面来分析影响房地产项目价
值的因素。其次将房地产项目的价值分解为土地成本、开发成本、职
工薪酬、利息费用、税费及利润等。再从政府、股东、债权人和职工
四个利益主体角度分析房地产项目价值的分配去向，以及不同利益主
体在价值分配中的地位。然后以Z房地产公司为例，对其2011-2015年
的销售额进行分解，从公司层面分析销售额的构成及分配去向。最后
选取该公司两个完整的房地产项目，剖析房地产项目价值的分配去向
以及利益主体所享有的份额
本文的研究结论是：在高房价的背景下，政府是最大的受益者，
分享了房地产项目整个价值的三分之一以上；债权人和职工从中也各
得其所，收获匪浅；股东享有的收益并不可观且存在风险。而消费者
则是为这些受益者买单，并承受着高房价的生活压力。因此，政府应
当反思现行房地产发展政策，从出让土地、房地产信贷、房地产公司
鼓励政策等方面采取有效的措施，抑制房地产市场泡沫，保障房地产
市场的稳定健康发展
关键词：房地产项目，价值构成，分配去向，利益主体
论文类型：案例分析IV
ANALYSIS ON VALUE CONSTITUTIONAND
ALLOCATION DIRECTION
OF REALESTATE PROJECT
——Z REALESTATE COMPANYAS EXAMPLE
Abstract
Rapid development of real estate industry matters with national economy and the
people’s livelihood. Domestic housing price has increased constantly recent years,
which draws the attention of the public up to a new high. Behind the high housing
price, the turnover of real estate industry has reached to an amazing number. But
where is the giant turnover allocated finally Who is the beneficiary behind the high
additional value of real estate industry This is the key point of the research.
First of all,this paper analyzes factors that influence on the value of real estate project
from three layers including macroscopic view, middle view and microcosmic view.
Next to the value of real estate project is decomposed into land cost, development cost,
employee compensation, interest expenses, taxes and profits, etc., Analyzes value
allocation of real estate project from four interest bodies including government,
shareholders, creditors and employees, and analyzes the position of different interest
bodies in value distribution. Then to Z real estate company as an example,
decomposes its sales from 2011 to 2015, and analysis the composition and allocation
of the sales from the company level. Lastly, chooses the company of two complete
real estate projects to analyze the value of real estate project allocations, and share
that interest bodies enjoy.
The research conclusion of this paper: under the background of high housing prices,
the government is one of the biggest beneficiaries,which shares more than a third of
the value of real estate project; creditors and employees as well, harvest this program;
the benefits of shareholders enjoy is not significant and there are risks. While
consumers pays the bill for these beneficiaries, and house buyers bear the life stress of
high housing price. Therefore, the government should reflect on the current policy on
real estate development, to take effective measures from granting land, real estate
credit, real estate company&39;s encouragement policies and so on, to curb real estate
market bubble, ensure the stable and healthy development of the real estate market.
KEYWORDS: Real estate project;Value composition;Allocation direction;Interest
bodies
TYPE OF DISSERTATION / THESIS: Case Study浙江工业大学硕士学位论文 房地产项目的价值构成与分配去向分析——以 Z 房地产公司为例
V
目 录
1 绪论..........8
1.1 研究的背景与意义.......8
1.1.1 研究背景...8
1.1.2 研究意义...8
1.2 研究内容...........9
1.3 研究方法.........10
1.4 研究创新点.....11
2 基本概念、理论基础和文献综述.......12
2.1 房地产项目概述.........12
2.1.1 房地产项目概念.12
2.1.2 房地产项目的特点.........12
2.1.3 房地产项目开发的基本过程.....13
2.2 房地产项目的价值构成.........14
2.2.1 土地成本.14
2.2.2 开发成本.15
2.2.3 所得税.....16
2.2.4 利润.........16
2.3 房地产项目价值分配去向的利益主体.........17
2.3.1 政府.........17
2.3.2 股东.........17
2.3.3 债权人.....17
2.3.4 职工.........18
2.4 相关理论基础.18
2.4.1 利益相关者理论.18
2.4.2 委托代理理论.....19
2.4.3 股利理论.20
2.5 文献综述.........21
2.5.1 成本管理方面的研究.....21
2.5.2 信贷方面的研究.22
2.5.3 税收方面的研究.23
2.5.4 高管薪酬方面的研究.....23
2.5.5 股利分配方面的研究.....24浙江工业大学硕士学位论文 房地产项目的价值构成与分配去向分析——以 Z 房地产公司为例
VI
3 影响房地产项目价值的因素分析.......25
3.1 宏观因素分析.25
3.2 中观因素分析.25
3.2.1 经济发展水平.....25
3.2.2 居民收入水平.....26
3.2.3 房地产地方政策.26
3.3 微观因素分析.26
3.3.1 企业品牌.26
3.3.2 地段环境.27
3.3.3 基础配套设施.....27
4 Z 房地产公司销售额的构成分析........28
4.1 Z 房地产公司简介......28
4.1.1 公司简介......
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