Research On Investment Value Of Listed Real Estate Companies

In recent years,China's real estate market cnvironment has been complicated and changeable,changes in the macroeconomic situation,monetary policy adjustments,the advancement of the lending interest rate market,and fierce competition in the industry have a series of external factors that have profound implications for the asset and liability allocation pattern and governance structure of China's real estate industry.influences.The increase in human settlements income and investment awareness in China have played a positive role in promoting the rapid development of China's securities industry.The real estate industry,which is th e backbone of China's economic development,plays an important role in the stock market.Due to the large-scale assets,strong profitability,and good governance structure of listed real estate companies,they often attract the attention of investors.Therefore,for investors,how to use scientific and effective evaluation methods to evaluate and analyze the investment value of real estate listed companies has been a problem worthy of research and attention for a long time.The thesis summarizes the research status of investment value-related fields of listed companies,defines the concepts of enterprise value and investm ent value,elaborates capital pricing theory,MM value theory,and value investment theory,etc.,and analyzes and compares common methods of investment value evaluation.The macroeconomic environment and economic policies,the meso-industry growth and competitiveness,and the micro-enterprise Vanke Real Estate analyzed the fundamentals of the industry;constructed a residual income model(basic)for the investment value evaluation of listed real estate companies,and combined with the characteristics of industry companies The introduction of DuPont analysis system and the improvement of indefinite forecasting,forming a residual income model(improvement)for the investment value evaluation of real estate listed companies;taking Vanke Real Estate as an example,the sales revenue,net sales interest rate,total asset turnover rate,equity multiplier,Based on the 3-year forecast of the cost of equity capital and other indicators,the improved residual income model is used to evaluate its intrinsic value and price per share as of December 31,2018.The results show that the appraisal value on the base date is higher than the closing price on that day,indicating that the value of Vanke Real Estate is undervalued and has long-term investment value for investors.