万科企业盈利能力V型反转的驱动因素探究

一直以来，房地产行业的发展备受关注。作为我国房地产行业的龙头企业，万科企业2009年度报告显示，万科的各项盈利能力指标呈现V型反转。通过解读利润表、利用改进的杜邦分析体系，探究万科盈利能力V型反转的驱动因素的结果表明：政策面利好是万科企业盈利能力V型反转的主要驱动因素，其主要经营活动收益未见增长，核心竞争力未得到增强。

Research on the Driving Factors Affecting the V-pattern Reversal of Vanke's Profit Ability

The development of real estate industry has always been our concern. As the leading enterprise of the Chinese real estate industry, Vanke＇s 2009 financial report shows its various profit ability takes on a V-pattern reversal. By interpreting the profit statement and using Du Pont Analysis Systems, the paper tries to explore the driving factors of the V-pattern reversal of profit ability and the result is that the principal driving factor of the V-pattern reversal of Vanke＇s profit ability is the benefit of the macro-economic policy, but the profit of the business activities doesn＇t increase and the ability of the core competition doesn＇t enhance.