| In recent years, with the rising of house price, the government has taken a series ofregulatory policy, intended to control this abnormal phenomenon. The pace has been slowingdown after a series of tough policy. At the same time, the stock market performance of listedcompanies in real estate industry acted badly, which showing the market has been seriouslyunderestimated. The purpose of this paper is to introduce a way of valuation investment, andmeanwhile, to explore a method to comply with the stock valuation in real estate industry,through a way of drawing lessons from classical value assessment theory, both home and abroad.This article analyzed the present situation of China real estate development in the first way,hold the opinion that with the guiding of government regulation, the real estate industry willenter a transition period of adjustment, and gradually develop in a mature and stable way.Through the analysis of fluctuation characteristics and influence factors of real estate equity, thispaper argues that the real estate stock prices are influenced by both intrinsic value and extrinsicfactors. Secondly, based on the analysis of suitability of the discounted cash flow method andrelative value method in real estate valuations. It is suggested that the method mentioned aboveis applicable. Finally, use China Merchants Property Development Co.,Ltd for example, with theapplication of free cash flow discounting and PB ratio combination valuation method, thefollowing formula is completed: P=0.183742P1+1.086395P2-9.547568(where P represents ajoint valuation results, P1stands for free cash flow valuation results, and P2is PB ratio valuationresults). By empirical study, it is found that the valuation result can return to the real priceprimly, illustrating that the combined evaluation model can be applied to the real estate stockvaluation, which has the reference value in actual investment. |
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