A Study On The Financial Performance Evaluation Of Listed Real Estate Company In China

As a basic carrying body of the national economy, the real estate industry has the very important status and the function in the entire national economic system. Generally speaking, the real estate industry is a guiding, foundational, and the pillars of the status of in the national economy. The healthy development of the real estate industry was a focus point of attention in academics and industry in recent years. The development and the regulative tendency of the real estate industry is closely linked with the macro economic and the major policies trend in our country. Before 2007,the state has promulgated and implemented a series of cooling-related policies to curb the overheated real estate investment. The real estate market had depth adjustment in 2008. the government introduced a number of"warm" policy such as tax breaks, lower interest rates to stimulate consumption, in order to maintain economic development,and regain market confidence. As a typical capital-intensive industries ,the real estate industry is been big influence from the macroeconomic policy. China's commercial land-use policies, monetary policy, tax policy, such as changes in the macroeconomic environment,who's impact of the real estate is an all-round. the real estate To be listed takes the real estate profession as the Leading enterprise of the real estate industries, the listed real estate companies have certain representation.When the macroeconomic regulation and control is precarious, the listed companies'condition of the real estate profession is the matter which common concerned by the government policy-makers and the stock market investor. Therefore,it is very essential to evaluate the performance of the listed real estate companies in China's stock market. In this paper,take the listed real estate companies in Shanghai and Shenzhen stock markets as the research sample, with the aid of the spss statistical analysis software, selecting the relevant financial indicators to carry on the factor analysis, the cluster analysis and Z value model analysis. It discovers the problem of the whole listed real estate companies based on the overall analysis of finance achievements to all listed real estate companies in our country stock market. Meanwhile through the analysis the influence of the macroeconomic regulation and control policy to the real estate industry, provides the theory for the related macroeconomic policy's formulation and Plays an active role in promoting the healthy development of the real estate profession in our country.This Paper is divided into six parts. The first chapter is the introduction part, which elaborated the background of the selected topic,the research significance,the content system of this paper and Research Methods. The second chapter is an overview for the Chinese real estate industry and the listed companies. It mainly introduces the characteristics of the real estate industry, the development process and the periodicity and analysis the basic situation of the 72 listed real estate companies in the two stock markets of Shanghai and Shenzhen in 2007. In the third chapter ,it elaborates the company's financial performance evaluation theory,mainly carrying on the induction description to the development process of the enterprises financial performance both of Chinese and foreign,and presenting both the advantages and disadvantages of each evaluation system. The fourth chapter conducts the empirical study to the financial performance of the listed real estate companies in China. The paper from four aspects ,the credit capacity, transport business ability, profit ability and the growth ability, select the 12 financial indicators as a starting point for analysis, using principal component analysis to carry on the synthesis objective evaluation of the financial performance of China's listed real estate companies in 2007. Than make cluster analysis according to its synthesis scores and the main factor scores and analysisthe financial risk size of the real estate listed companies. The fifth chapter carries on the analysis to the empirical study result, and makes the longitudinal comparison combined with 2005, 2006 and 2007 three-year related financial targets and according to the factorial analysis and the cluster analysis front. It do the synthetic evaluation of the financial performance of the listed real estate companies. The typical analysis of the relevant factor higher and lower scoring companies according to the the main factor scores and synthesis scores. Meanwhile in accordance with Z1 and Z3 model's Z worthy points, analysis the financial risk size of the listed real estate companies .Ultimately the paper analysis the influence to the real estate listed companies. From the macro economic policy background and new accounting standards execution. The sixth chapter is the conclusion of the study and follow-up research.Firstly has made a comprehensive summary according to the analysis of the previous chapters, then proposes the following research direction.