Research On The Influence Factors Of The Value Of Listed Companies In China's Construction Industry

The asset valuation industry is growing and the scope of assessment is becoming more extensive.The assessment of the value of construction companies is an important task in the assessment of the industry.The construction industry is one of the pillar industries of China's national economy.With the full-scale economic development of China's 40 th anniversary of reform and opening up and the implementation of the national “Belt and Road” policy,the construction industry will usher in a greater development opportunity,industry governance and The standardized management of enterprises will be put on the agenda.In this regard,how to improve the value of the construction industry and thus become more internationally competitive will be of great concern.Analyze and interpret the influencing factors of the value of China's construction enterprises,and it is of great reference and reference for the strategic decision-making,operation management,competitiveness improvement and evaluation methods of enterprises in the industry.This paper first summarizes the research results of the enterprise value evaluation of the construction industry in the domestic and foreign literatures,and then introduces the development of the construction industry in recent years and the asset appraisal methods,again based on the listed companies belonging to the construction industry and the national statistical department in recent years.The disclosed public data and information were analyzed theoretically and empirically,and regression models were established to determine the factors that have a significant impact on the value of the construction enterprise.In the empirical analysis part,this paper first analyzes the financial data and non-financial data indicators that may affect the enterprise value from a qualitative perspective,quantifies the non-financial data,and then adopts statistical analysis methods from quantitative aspects to obtain corresponding results.This paper uses the annual report of 2013 to 2017 disclosed by 53 listed companies in China's construction industry as the data source,and the multi-dimensional data selected from it will be taken as the data sample.According to the average closing price and the share capital of the previous day,the company will calculate the corresponding enterprise.Based on the market value,the Tobin Q index is calculated based on the 42 indicators including external factors and internal factors as the independent variables,and 6 common factors are obtained,and then they are regression analysis with the remaining indicators.The following conclusions are drawn: the indicators of the degree of influence on the value of construction enterprises from the strong to the weak are profitability indicators,development capability indicators,operational capability indicators,solvency indicators,urbanization rate indicators,and the importance of special factors cannot be ignored.Finally,based on the regression results,the paper gives seven suggestions for improving the value of construction enterprises: 1 enhancing the company's profitability;2 improving the capital structure appropriately;3 improving the company's development capability,appropriately expanding the scale of the enterprise;4 improving the capital turnover capacity;Cultivation,technology development;6 improve social responsibility;7 focus on macro factors changes,looking for development opportunities.At the same time,when evaluating the listing value of construction enterprises,the three evaluation methods used should also pay attention to the impact of certain factors on the evaluation value.For example the market approach should focus on the different urbanization rate indicators,profitability and the difference in development capability should be followed by the difference between the solvency index and the operational capability index;in the income approach,attention should be paid to the changes in the profitability indicator and the development capability indicator and the solvency indicator;in the cost method,the update should be selected.