The Impact Of A Real Estate Company's Surplus Reserve On Investors ' Heterogeneous Belisfs

Since the implementation of the housing pre-sale system in China in 1995,the presale of commercial housing has become the main sales model of the commercial housing market.The concept of surplus reserve is based on the nature of the advance receipts generated under the pre-sale system in the real estate sector.The pre-accounts of real estate listed companies account for a significant increase in the proportion of operating income in the current year and the proportion of total assets and total liabilities at the end of the period.trend.Therefore,based on China's real estate pre-sale system,the real estate company's surplus reserve is analyzed to explore the impact of real estate company's surplus reserve on investors' heterogeneous beliefs.Firstly,based on the theory of information transfer,using the combination of theoretical analysis and empirical research,122 real estate companies listed in Shanghai and Shenzhen are selected as research samples.Analyze the impact of real estate reserves on investor heterogeneous beliefs.The sample is based on the data from 2007 to 2017 for a total of ten years,and all companies with B-share listings and data imperfect data are excluded.The results of empirical research prove that when real estate companies have more surplus reserves,they release favorable information to the market,which in turn affects investors' heterogeneous beliefs.On the basis of empirical research,the case data of A real estate company from 1994 to 2017 is taken as a sample to analyze the impact of real estate company's surplus reserve on investors' heterogeneous beliefs.From the pre-sale situation of the project and the comparison of the company turnover rate and the industry,the trend of surplus reserve and heterogeneous beliefs since the establishment of Company A,it is found that changes in the surplus reserve will trigger changes in heterogeneous beliefs.The analysis shows that the surplus reserve of real estate companies can reflect the actual business situation and industry competitiveness of the company to a certain extent,and provide countermeasures and suggestions for the financing and development of real estate companies.When the pre-sale system brings in more advance receipts,which helps the company to obtain better surplus reserves,investors will be keen to capture such information,which in turn will change the number of stock transactions and stock prices.At the same time,investors can increase the emphasis on financial statement information,correctly interpret the information content in the report,and provide strong support for investment behavior.This paper empirically analyzes whether the information of the surplus reserve is perceived by investors,thus releasing information signals to the market,affecting the degree of heterogeneous beliefs of investors.On this basis,it provides a new perspective for the real estate industry to develop the real estate industry,providing a basis for investors to avoid risks and choose a more rational investment strategy.