The Financial Strategy Research Of The Real Estate Listed Companies

As the economy developing,the real estate industry has been in the maturation period.The long value chain of this industry and the big scale of investment these years make the bankruptcy of many real estate companies.The value of financial strategy turns up.Most of the real estate companies in our country haven't pay attention to the financial strategy.They have some misunderstandings on investment,raising capital and distribution.And the performance evaluation index can't reflect the companies' real situation.This paper is just based on the financial strategy matrix,uses this new model to analyze the real estate companies,makes full use of quantity analysis,and then comes out with a new financial strategy.The purpose is to reduce the companies' financial risk,and to improve the competition of the real estate companies.The main content of this paper is as followed:Firstly,introduce the background of real estate industry and summarize the financial strategy theory.Secondly,analyze the industry's current situation in China.And choose the research sample from the 104 listed companies by doing the quantity analysis.Focus on four companies of the sample and take them as the representative.Analyze the EVA and growth rate.The EVA indexes consist of rate of return of investment(ROI) and weighted average cost of capital(WACC).The growth rate indexes consist of real growth rate and sustainable growth rate.Then we could get the position of the company in the financial strategy matrix by fix the two indexes.And find the problem of its financial strategy.At last,give a new financial strategy fit the real estate listed companies of China.Put the companies into four types,which is value creation - cash deficit,value creation - cash surplus,value loss - cash deficit,and value loss - cash surplus.And give the concrete financial strategy policy.