Research On Investment Decision Model Of Land Acquisition In Real Estate M & A

Land resources are becoming more and more scarce,and obtaining land resources has become a top priority for real estate enterprises.Obtaining land resources through M &A has the opportunity to obtain high returns at low cost compared with the first-hand bidding,auction and listing market,and avoids the fierce competition in the first-hand land auction market,Therefore,acquiring land resources through M &A has become the main land development weapon of leading real estate enterprises in addition to traditional bidding,auction and hanging.However,M &A projects not only have the opportunity to obtain high returns,but also have high-risk characteristics.The decision-making process is complex and has high requirements for the professional ability of decision-makers.It needs the cooperation of multiple professionals in decision-making.Based on the above background of real estate M &A projects,in order to reduce the decision-making error rate of M &A projects and improve the research efficiency,this paper studies the current M &a project decision-making process of real estate development enterprises by using research methods such as literature research,decision-making method citation and case application,extracts the core necessary conditions in the current M &a process,summarizes and optimizes the secondary conditions,A universal investment decision model of M &a project is constructed by using decision tree method.By investigating and analyzing the decision-making process of M &A projects of mainstream real estate development real estate enterprises,and combined with the characteristics of decision tree method,this paper divides the investment decision-making model into four steps: Market Research and judgment,financial analysis,due diligence,M &a scheme design and transaction consideration determination.Single level decision tree method is adopted for market research and financial analysis,and multi-level decision tree method is adopted for M &a scheme design and transaction consideration determination.The market research and judgment step is to set indicators for quantitative evaluation from the three aspects of profit,competition and flow rate,and obtain the product positioning and sales price based on the market by using the comparison method.Based on the product positioning in the previous step,the financial analysis arranges the scheme through the hypothesis method and weighted average method,obtains the specific project economic indicators,brings them into the investment calculation model for evaluation,and judges the feasibility of the project through the financial benefit indicators.The due diligence is divided into two parts: the due diligence of the target plot and the due diligence of the counterparty.It summarizes more than 30 common project risk points,and puts forward avoidance and solutions.The research shows that the design of M &a scheme and the determination of transaction consideration need to be combined with the comprehensive evaluation of project planning and restrictive conditions,demands of counterparties,profit requirements of M &A parties,tax planning and due diligence,so as to determine the M &a scheme and calculate the transaction consideration.Finally,this paper validates the constructed decision model in an example.Through the research on the investment decision-making process,framework construction and example application of real estate M &A projects,it is proved that the investment decision-making model constructed in this paper has obvious effect on improving the research and judgment efficiency and reducing the error rate,and has strong applicability for the M &a scene between real estate development enterprises for the purpose of obtaining land resources.