Research On Value Assessment Of The Real Estate Enterprises Based On EVA Mode

In recent years,the rapid development of the real estate market in China,the building stock is increased,effectively solve the part of the market demand,to promote the development of economy and provides great support for the local finance income.National policy and industry continuous positive vast development space also continue to promote the rapid development of real estate industry.However,with the continuous development of the real estate market,the increasingly fierce competition in the industry,serious polarization,small and medium-sized real estate enterprises financing pressure big,struggling,survival is facing great threat,real estate merger,acquisition and reorganization among enterprises,venture capital and a series of economic activities are frequent.Securities market price to some extent,can reflect the enterprise value of listed real estate company,but because our country capital market development is not perfect,and the real estate industry are greatly influenced by national policy,economic situation,the stock price does not reflect the real value of the real estate enterprises.So,how to determine the real estate enterprise value of listed companies and find out the evaluation of real estate enterprise value of listed companies is important to the scientific method;How to make real estate listed company management accurate positioning itself value,the mode of value judgment management mode,so as to make the right decisions on investment and finance,increasing the service efficiency of funds,improve enterprise value creativity,make the company has sustained competitiveness,at present the real estate enterprise management is an urgent need to solve practical problems.At present the enterprise value evaluation methods can be divided into three categories,respectively for the expected discounted method,comparison method and the option valuation method,each category and contains a variety of specific evaluation methods.EVA(Economic Value Added or EVA,for short)is very important in the expected discounted method one of enterprise Value assessment methods,it is first put forward by Stern Stewart consulting companies in the United States,and then gradually formed the EVA Value evaluation model,because of its fully consider the company cost of capital(the cost of equity and debt costs)factors that can reflect the enterprise Value appreciation ability,and overall Value,as a kind of objective enterprise Value evaluation methods,more and more get the attention of many scholars and managers and favour.This article applying EVA value evaluation system to our country real estate listed company Evergrande group,by comparing the traditional enterprise value evaluation methods in theory,combining with the characteristics of real estate industry and listed companies and put forward EVA index in evaluating the advantage of real estate enterprise value of listed companies;By comparing the EVA assessment results and Evergrande group shares,verify the EVA enterprise value evaluation method in evaluating the effectiveness of the real estate enterprise value of listed companies in our country,on this basis,combining Evergrande group's case analysis recommendations to managers of real estate industry,and sums up the EVA index,put forward the improvement opinion.Through the case study of Evergrande group,to some extent,can make more enterprise managers focus on the real estate listed companies to use EVA method.