| The real estate industry has become an important part of China’s national economy,one of the pillars of local finance,a booster for the improvement of people’s quality of life and a ballast for people’s financial accumulation.The Sixth Plenary Session of the 19 th CPC Central Committee put forward clear requirements for non speculation in real estate and promoting the stable,healthy and sustainable development of real estate.Among the famous domestic real estate developers,Huaxia happiness expanded blindly since 2016,which eventually led to a serious debt black hole.The "diversified" investment of Evergrande real estate in 2021 also plunged it into a debt crisis.It can be seen that the sustainable operation ability of listed real estate companies significantly affects the steady and healthy development of the industry.Therefore,how to maintain and enhance the sustainable operation ability of real estate has become an important political and economic issue to realize the high-quality development of China’s economy.Firstly,it clarifies the connotation,function and influencing factors of sustainable operation ability.Based on the full access to relevant references and public materials,this paper explains the connotation of sustainable operation ability from the perspective of accounting,audit and management.On this basis,the connotation of sustainable operation ability is defined in this study.It also combs the role of sustainable operation ability from three aspects: stakeholders,enterprises’ entry into the capital market and its subsequent operation,certified public accountants’ audit judgment and issuing audit opinions.At the same time,from the financial and non-financial perspectives,14 influencing factors were preliminarily selected by using the text analysis method and expert survey method.The data were collected by questionnaire method,and 9 influencing factors were determined by spsspro combined with reliability analysis,exploratory factor analysis and confirmatory factor analysis.Secondly,it designs the comprehensive measurement index system of the sustainable operation ability of listed real estate companies.When selecting the influencing factors,in order to facilitate the screening of each factor,the corresponding analysis indicators are also selected.Based on the determination of 9 influencing factors through large sample survey,the analysis indicators selected through each path for the 9 factors are eliminated with the help of expert investigation method,and the missing indicators are added.Finally,a comprehensive measurement index system composed of 9 influencing factors and 30 analysis indexes is determined,including 20 objective quantitative indexes and 10 subjective evaluation indexes.Thirdly,it constructs a comprehensive measurement model of the sustainable operation ability of listed real estate companies.According to the concept of sustainable operation ability defined in this paper,the weight of each level index is determined by analytic hierarchy process combined with questionnaire method,and the fuzzy comprehensive evaluation method is used to construct the fuzzy comprehensive evaluation measurement model.Among them,the data source of objective quantitative indicators is the annual report issued by the enterprise,and the forward processing(MMS)is carried out with the help of spssau;The subjective evaluation index comes from the expert score and is processed by summation and normalization(SN).Finally,it empirically tests the sustainable operation ability of listed real estate companies.The comprehensive measurement model is used to measure the case companies A,B and Z and the results show that A(13.625)>B(13.360)>Z(11.610).By combing the ranking of these three companies in the ranking list of the top 500 real estate enterprises from 2011 to 2021 released by "China real estate network",it is found that the ranking of each year is consistent with the results measured in this paper,which verifies that the comprehensive measurement model is correct. |
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