| Land is the raw material for real estate development enterprises to survive.For listed real estate companies,the reserved land can not only transform into products and bring future benefits,but also bring value preservation and appreciation,stock price rising effect.It is the key factor affecting the value of listed real estate enterprises,and also the basic guarantee for their future survival and development.It has become the internal and external measurement of their value It is an important indicator of the economic development.However,there are also risks and costs in land reserve.In addition to acquisition cost,holding cost and opportunity cost,excessive land reserve will also pose a threat to the safety of capital chain and even sustainable operation of enterprises.In addition,nowadays,the financing channels and amount of real estate enterprises are tight,the financing cost is high,and other market risks and policy risks exist,which makes the behavior of land reserve extremely difficult It is likely to damage the enterprise value.With the increasing importance of land,the land reserve of listed real estate enterprises has gradually become the focus of the stakeholders.Therefore,it is of great significance and urgency to quantitatively study the relationship between land reserve and enterprise value so that enterprises can reasonably reserve land by integrating their own capabilities on the premise of maximizing value.This paper takes the domestic A-share listed real estate development enterprises as the specific research object,and uses the panel threshold model to explore the impact mechanism of land reserve on the value of real estate listed companies,as well as the role of cash flow and financing constraints in this impact path.The empirical results show that under the premise of maximizing the current enterprise value,the optimal land reserve level is 24 square metres per person;in terms of improving the long-term value,the optimal land reserve level is 1725 square metres per person;when the enterprise cash flow level is lower than negative 2 billion yuan,the land reserve has a significant inhibitory effect on the enterprise value;when the enterprise cash flow is greater than negative 2 billion yuan,the land reserve has a significant negative effect on the enterprise value Compared with private enterprises,land reserve of state-owned enterprises can enhance enterprise value in a larger range,and the optimal level of land reserve is 1126 square metres per person;new land reserve,especially the first and second line land reserve,is of great significance to enterprises The impact of value is significantly positive,and cash flow and financing constraints still have a moderating effect on the impact path of new land reserve on enterprise value.Based on the empirical results,this paper puts forward some suggestions for Assets appraisal institutions and professionals,real estate enterprise managers,capital market investors and government management departments. |
