The Researches Of Asset Pricing And Risk Analysis On Real Estate Company

Financial risk management is one of the three pillars of modern financial theory. As one of research hotspots about modern financial theory, estimates of real estate and risk assessment and management of real estate finance have attracted extensive attention and research in recent years and have made quite fruitful research results. Basis of risk management includes the measure of financial risk and the optimal allocation of risk. Risk management is divided into basic risk management and strategic risk management.Basic risk management, from the micro perspective, takes into consideration the company's risk characteristics and the original of management. And it focuses on the internal control of risk. If a company studies risk, pays close attention to risk throughout every year, and sets risk as a set of system, the risk itself is able to serve the company. Only with sound risk management systems, a company can be a truly outstanding company. The only way of risk management-internal control, is to achieve effective control of all operational management. The direct effect of risk management, is to play a role of protecting, regulating, supervising and value creation. So that it ensures the smooth achieving of business development strategy and operation plan. Typically, real estate companies generally have formed a system of management and control:SFO Strategy-Focused Organization-HIM flexible management-COSO internal control. By continuing to promote internal control system, through the management+management+control to achieve the effective operation of the company, through a simplified and orderly house to deal with external complexity, you can build" Simplified management" real estate SFO Strategy-Focused Organization. And in the end our premises can be to a list of companies who create the most investment value in both our country and foreign countries.Strategic risk management is macroscopical. When it comes down to policy, the risks about it in general is not controllable. In this paper, based on the research work of the existing real estate risk management, we give deeper discuss and research about various types of risk, which we face when financing, investment, operation, management in the real estate industry. Specifically we do several aspects of the research as follows:We proposed the concept of the default probability risk measure in real estate business, discussed the overall risk level and management and the original in the real estate industry; Then we proposed real estate pricing model which was based on the jump- diffusion stochastic differential equations, discussed the solution existence problem for the stochastic differential equations model with jump diffusion, gave the number of value analysis, and tested the model's rationality and effectiveness; In the end, we proposed the definition of quasi-convex risk measures, gave a table theorem and related display characteristics about quasi-convex risk measures, analysed comparely the similarities and differences between quasi-convex risk measures and convex risk measures. And presented the Portfolio selection based on quasi-convex risk measures, also gave the corresponding instance analysis and verified the validity and superiority of the new model.First, as prior knowledge, we summered up the financial sub-index analysis which was invoved in the real estate company and all risk in real estate business. We let the probability of default be one of the characteristics of real estate business risk. Then, we discussed the risk of the property industry as a whole and the measurement of risk degree. Second, we gave one key point of this article, which is to build a real estate differential equation model with Jump-stochastic. Taking into account that unexpected events, politics, economic policy such things have a profound impact on the real estate industry, the model described the sudden events with jump must have economic implications and theoretical value. This paper presents the analytical solution of this Class model and the corresponding case study. Finally, by using the measure of the risk context as the main line, through the nature of the risk measure Characteristics, we firstly summered the classical VaR, CVaR, consistent risk measures etc, and combining with the definition of convex risk measure, we proposed the quasi-convex risk Measure definition. Second, similar to the consistent risk measure and convex risk measure, using the dual theory, we put forward a representation theorem of quasi-convex risk measures and proved it. Also we studied the relationship between the quasi-convex risk measures and convex risk measure and discussed some the features of based on quasi-convex optimization problem using multiplier theory and duality theory.