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新闻万科，（中国万科企业股份有限公司）很长一段时间一直以来在中国的房地产行业一个非常有吸引力的话题。此外，作为中国房地产行业的支柱，万科的动作一直吸引公众的注意力，也有对中国房地产的发展有很大的影响。
1. Project objectives and overall research approach
1.1 Reasons for choosing this topic and this organization
News of Vanke, (China Vanke Co., Ltd) has always been a very attractive topic in China’s real estate industry for a long time. Besides, as a pillar in China’s real estate industry, Vanke’s action has always drawn the public attention and also has a great impact on the development of China’s real estate. In 2008, Vanke took the lead in reducing the house price, which started that year’s prelude to the big fall of China’s real estate price. (Contributing editor of SouFun, 2010a)While 2011 represents a key time for China’s real estate and even China’s economy, Vanke’s business performance and risk level reflects the down line of China’s real estate and even the safety condition of China’s economy as well as has a indirect impact on the economic pattern of the whole world.
On the other hand, Vanke’s philosophy, corporate culture, strategic management, internal control, marketing strategy, financial management and other aspectshave always been the study object of China’s several enterprises and many foreign institutions. Vanke is chosen as the study object in this essay because of its crucial position in China’s real estate and its demonstration effect of “Vanke Mold” in the economic management of China’s real estate (Liu and Yi ,2008).
It needs to be noted that the study on an enterprise should be wide, and different focuses will have different results. This essay just focuses on studying Vanke’s business and financial performance from 2008 to 2010.
My academic background is in business management. I have been comprehensively studying business management and financial accounting after getting the Chinese CPA certificate with passing all the exams and also passing the first 9 exams of ACCA. Regarding practical work, I have performed financial accounting works in an enterprise and also auditing-related works in accounting firms. I began to work on the field of financial management and investment as well as took the position of general manager in large-scale real estate enterprises from year 2000. So I am much familiar with all the management details of real estate. This is also the main reason for me to choose to analyze business and financial performance of Vanke in the latest 3 years as the study object.
3.4.2 Further improve company’s management and internal control systems
The previous analysis is only focus on the acquired Vanke’s management and internal control systems, but not an audit. The author suggests that Vanke’s internal control systems still need to be improved, especially on the risks management. We recommend Vanke to carry out related audits and consultations through professional internal control institutions to further improve its internal control systems.
Contents
1. Project objectives and overall research approach 3
1.1 Reasons for choosing this topic and this organization 3
1.2 Project objectives and research questions 3
1.3 Overview of the research approach 4
2. Information gathering and accounting / business techniques 6
2.1. Information gathering 6
2.1.1. Information sources 6
2.1.2. Methods used to collect information 6
2.1.3 Limitations of information gathering 6
2.1.4 Ethical issues in information gathering 7
2.2. The accounting and business techniques used. 7
2.2.1 Techniques 7
2.2.2 Limitations of techniques 8
3. Analysis, results, conclusion and recommendation 10
3.1Financial analysis of information 10
3.1.1 Profitability 10
3.1.2 Term liquidity analysis 13
3.1.3 Long-term debt paying ability 17
3.1.4 Asset management Effectiveness 20
3.2.1 Vanke’s financial management strategy 23
3.2.2 Vanke’s land strategy 27
3.2.3 Vanke’s corporate goverance and internal control 29
3.3 Conclusion 32
3.3.1 High profit ratio and growth rate within the background of “three highs” 32
3.3.2 Company’s management and internal control systems 32
3.4 Recommendation 33
3.4.1 Properly reduce the liabilities ratio and decrease the land storage 33
3.4.2 Further improve company’s management and internal control systems 33
List of references for RR
1. Contributing editor of SouFun (2010 a) The disclosed truth for China’s House Price. Do not depend on buying house to live a retired life [Online]. BeiJin: SouFun.com Limited. Retrieved from: [Accessed 3 Oct 2011].
2. Contributing editor of SouFun (2010 b) Vanke,a Price Reduction Foregoer' Transcript [Online]. BeiJin: SouFun.com Limited. Retrieved from: [Accessed 3 Oct 2011].
3. Economist Intelligence Unit (2011) Building Rome in a day-The sustainability of China’s housing boom [Online]. London: The Economist Intelligence Unit Limited. Retrieved from: [Accessed 3 Oct 2011].
4. Emile Woolf Publishing Limited (2010) ACCA F9 financial management. London: Emile Woolf Publishing Limited.
5. HWL (2009).Hutchison Whampoa Limited 2008 Annual Report [online]. Hongkong: Hutchison Whampoa Limited. Retrieved from: [Accessed 3 Oct 2011].
6. HWL (2010).Hutchison Whampoa Limited 2009 Annual Report [online]. Hongkong: Hutchison Whampoa Limited. Retrieved from:[Accessed 3 Oct 2011].
7. HWL (2011).Hutchison Whampoa Limited 2010 Annual Report [online]. Hongkong: Hutchison Whampoa Limited. Retrieved from: [Accessed 3 Oct 2011].
8. Liu, Guangyu (2010) Detail Property regulation [Online]. BeiJin: Sohu.com Inc.. Retrieved from: [Accessed 5 Oct 2011].
9. Liu Yisong and Yi Jin. (2008) Learning vanke good example. XiaoMen: Lu Jiang Publications.
10. Ma, Diming (2011) Reason for idleness of land, reasonable or collusive [Online]. BeiJin: Qianlong.com Inc.. Retrieved from: [Accessed 5 Oct 2011].
11. Qiao, Hanbing (2010) China housing price :greedy or speculate [Online]. WuHan: FDC.COM.CN Inc.. Retrieved from: [Accessed 5 Oct 2011].
12. Vanke (2009),2008 Annual Report [online]. ShenZhen: China Vanke Co., Ltd.. Retrieved from: [Accessed 3 Oct 2011].
13. Vanke (2010),2009 Annual Report [online]. ShenZhen: China Vanke Co., Ltd.. Retrieved from: [Accessed 3 Oct 2011].
14. Vanke (2011),2010 Annual Report [online]. ShenZhen: China Vanke Co., Ltd.. Retrieved from: [Accessed 3 Oct 2011].
15. Zhou, Yuwu (2009) Question for the commercial housing pre-sale system [Online]. BeiJin: Sohu.com Inc..Retrieved from:
List of references for SLS
1. Zidu Cyclopedia Editorial Group (2011a) Oral Communication [Online]. XiaoMen: MBA Library Inc.. Retrieved from:
2. Zidu Cyclopedia Editorial Group (2011b) Writing Communication [Online]. XiaoMen: MBA Library Inc.. Retrieved from:
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