Study Of Comprehensive Strength Of The China Listed Real Estate Corporations

Since the reform and opening up,along with the sustained rapid national economics developing,as an important industry in national economy, the real estate industry over the past three decades has made tremendous development, especially since the 90s of last century, rapid development of China's real estate industry, real estate contribution rate of the national economy growing,while the real estate industry has with the improvement of living standards of ordinary people are more and more closely, so attention by all sectors of society, real estate industry also has become one of the key research industry. Therefore,through scientific, fair and objective evaluation index system and evaluation methods to evaluate the Comprehensive strength of the real estate development enterprises,both real estate development enterprise and the entire real estate industry in healthy competition and healthy development are of great significance.The nation's real estate development listed companies only a very small percentage of total number of enterprises,but has strong industry representation,to fully reflect the development of the entire real estate industry and trends.Assessing the Comprehensive strength of Real estate listed companies could reflect the Comprehensive Chinese real estate development companies' Comprehensive strength and the latest trends,help real estate companies to understand their relative strengths,and understand their own position in the industry between enterprises; and according to domestic and international economic trend,changes their own business strategies and to gain a competitive advantage,thus ensuring their survival and development. At the same time,by assessing the Comprehensive strength of the listed real estate companies,government, investors,consumers could get more great value information of the related corporate in order to make decisions.The proper use of existing information materials of real estate listed companies, through scientific,fair and objective reflect the real estate listed companies in China's Comprehensive development level and the latest developments,this issue is increasingly its necessity and importance in theoretical and practical. Because different methods of evaluation index system and have their own advantages and disadvantages,therefore, this paper aims to build a set for real estate listed companies in the real estate Comprehensive Assessment System.Firstly, through study the theories of domestic and foreign enterprises evaluation to understand the theory development process of evaluation,and careful understanding of the main evaluation system at home and abroad.We analyzing the various methods of evaluation theory's advantages and disadvantages,building the suitable index system for Chinese real estate listed companies.Index system should strive to be comprehensive,objective, systematically and accurately reflect the operating performance of listed real estate companies and many other aspects of the situation,so this paper the method of combining subjective and objective,using appropriate screening methods of mathematical statistics.First, the performance of listed real estate companies comprehensive content considerations,combined with real estate and real estate development enterprises to the characteristics of the listed companies can basically cover all the information of the 91 indicators, according to the intrinsic meaning of indicators are divided into 10 categories,and then applied cluster analysis of various indicators of the screening,and use the multiple correlation coefficient and coefficient of variation for further amendments,the final set of 26 indicators constitute the index system.There are lots of evaluation methods to evaluate listed real estate companies,this first to introduced the traditional evaluation methods such as BP neural network theory, Grey theory, data envelopment analysis and analytic hierarchy process and other methods.In reality, different indexes are relative, and different evaluation results of the different evaluation indexes,so how to eliminate duplication of information on the impact evaluation results need to be addressed in a practical problem.Factor analysis method provided effective solutions for duplication of information between the variables.This paper constructs the evaluation model based on factor analysis,using factor analysis of the correlation between variables through the correlation matrix of variables or covariance matrix of the internal dependencies;control all the variables to find some common factors;and using factor analysis to give the weight of each of the common factors.Then regression method can be used by all the common factors of the score function,and can be integrated score obtained for each company.The empirical study took Shanghai and Shenzhen 116 listed companies which the main business of real estate development business or real estate development business accounts for more than 35%of main business in 2009 as the empirical research samples,empirical research data are from the real estate listed companies Annual Report 2009.Through the application of this factor analysis model constructed on the 116 listed companies in the Comprehensive strength of the real estate assessed and given Comprehensive strength of the top 40 listed companies.Finally, finally summarizes the future research needs more in-depth of the Department, and summarizes the existing research shortcomings.