| In recent years,the investment and sales of China’s real estate market have shown a gradual upward trend.In order to obtain higher returns,many investors will choose to invest in real estate,which also makes the company’s management must strengthen management,so as to bring greater benefits to the company.In addition,the number of M & A and the amount of M & A transactions in China’s real estate industry are also increasing.Compared with the foreign market,the current dispersion of China’s real estate industry is higher.Therefore,there will be more and more M &A cases in the future development process.At the same time,the introduction of real estate related policies has also had a certain impact on China’s real estate industry,making the management of enterprises start diversified development one after another under the background of the big era by analyzing the business model and their own advantages.Then enterprises can support their own strategic development only by improving the use efficiency of funds.Therefore,for the real estate industry,whether it is to improve its own value,strengthen the use efficiency of its own funds,or meet the increasing needs of M & A in the industry.it is necessary to have a reasonable and accurate evaluation model to evaluate the value of China’s real estate enterprises.Starting from the theory of enterprise value evaluation,this thesis expounds the application scope and limitations of the basic evaluation methods,leads to the EVA(economic added value)value evaluation model,explains the connotation of the index,the accounting adjustment of the index and the adjustment of various parameters,and constructs the corresponding EVA enterprise value evaluation model.On this basis,starting from the characteristics of China’s real estate market,this thesis puts forward the EVA value evaluation model,which is more suitable for the value evaluation of real estate enterprises.However,the traditional EVA value evaluation model has strong subjectivity.Therefore,this thesis introduces the grey prediction model to predict the future EVA index value,and carries out the level ratio test and accuracy test to illustrate the rationality and applicability of the model.This thesis takes Xincheng holding group,founded in Changzhou City,Jiangsu Province in 1993,as a case enterprise,takes the overall value of the enterprise as the evaluation object,takes December 31,2020 as the evaluation benchmark date,and the type of evaluation value is market value.The evaluation methods are the traditional EVA evaluation model,the improved EVA evaluation model and the P / E evaluation model.Through the comparative analysis with the overall value of Xincheng holdings on the benchmark date,we can analyze which evaluation method has the highest accuracy.The main conclusion of this thesis is that the improved EVA value evaluation model is more suitable for the value evaluation of China’s real estate enterprises.Compared with other evaluation methods,this method is more suitable for the particularity of China’s real estate industry,and the accuracy of evaluation is relatively high.However,at the end of this thesis,it also makes a detailed analysis of the shortcomings of this thesis,points out some problems existing in the application of this evaluation model for value evaluation,and puts forward the direction and Countermeasures to solve these problems in the future.There are 12 figures,31 tables and 84 references in this thesis. |
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