| China’s stock market is stock issuance and trading places, raised a lot of money for joint-stock company, in order to realize the scale operation of the enterprise, for the development of capital-intensive industries play an important role. Real estate is a capital-intensive industry, has important effect to pull the various sectors of the economy, real estate companies in the financial market financing, is an important source of funds of listed company of real estate, and the healthy development of real estate, and to provide a good guarantee the healthy development of the economy and stock market. Surely, there is a close relation between the stock market and real estate market in terms of money.And the stock market has set up more than 20 years, the market mechanism has yet to be perfect, market financial products still need further development, compared with the U.S.,we have a certain gap. The real estate market is the national economy important industry, also is the government’s attention, is easily affected by the regulation of national policy, at the same time, China’s stock market speculative, these factors directly affect the liquidity of the stock, and can lead to the stock market allocation of funds is invalid.Research on real estate listed company financial index influence on stock returns, is from the perspective of the stock intrinsic value, observation and the relationship between stock prices, can understand the real estate market effectiveness, buy and sell stocks help investors hold degrees of value investment, using the appropriate index on stock, to do comprehensive investment decisions, and help the reasonable distribution of the limited funds.After the reference literatures at home and abroad, this paper USES 2000-2013 panel data, the real estate market to cut out the macro factors, industry factors, factors such as market size, single from financial index factors, from the cross section and time series respectively the relevance of the financial index and yield were studied. Results show that:(1) cross section and time series of related, on the size and direction are consistent. (2) from the selected 14 financial indicators, found the profitability index, development capacity index and cash guarantee the strength of the indicators and stock returns are related. (3) the stocks beta is significant difference value, individual stocks inherent risk is also important influencing factors.Using the study of this article will help the value investor, it will give a sense of relationship between financial indicators of real estate market and stock returns. First of all,when making decisions, Investors should attach great importance to the risk of system yields, and then on the basis of the focus on several aspects of the financial indicators, the use of market data and financial indicators data selection have comparative advantage. |
