Research On Value Evaluation Of Real Estate Enterprises From ESG Perspective

Under the background of "dual carbon" goal and sustainable development,ESG(environment,society,governance),as a new concept focusing on environmental protection,social responsibility and corporate governance in recent years,is highly consistent with China’s green sustainable development strategy.At the same time,government regulators,institutional investors,consumers,employees and other stakeholders are also paying more attention to the performance of ESG of enterprises.As a pillar industry and policy oriented industry in China,the real estate industry is a special industry related to national stability and the people’s livelihood,as well as an industry with high energy consumption,high pollution,complex supply chain and high risks,The practice of the concept of ESG in real estate enterprises plays a vital role in the sustainable development of China’s social economy.However,the traditional real estate enterprise value evaluation did not consider the relevant factors of ESG,resulting in unreasonable evaluation results.To sum up,this paper takes ESG as the research perspective and Vanke as the research object to explore the ESG evaluation index system and new real estate enterprise value evaluation model suitable for real estate enterprises.First of all,based on the literature analysis method,combined with the existing research status at home and abroad,this paper combed the relevant literature on the relationship between ESG and enterprise value and the research on real estate enterprise value evaluation,analyzed the relevant theories of enterprise value,and provided literature support and theoretical basis for the research content of this paper.Secondly,this paper deeply analyzes the characteristics of the real estate industry,real estate enterprises and enterprise value in China.After summarizing the influence of ESG concept on real estate enterprises,this paper analyzes the applicability of three traditional evaluation methods on real estate enterprise value evaluation,and determines that the income method is the most applicable,but the traditional income method does not consider the influence of ESG concept on enterprise value.Based on this,the idea of improving the traditional income method is proposed,and an improved model is proposed.Thirdly,combined with the characteristics of the real estate industry,based on the ESG rating system of commercial road financing and green,according to the construction principles of the evaluation index system,the ESG evaluation index system suitable for real estate enterprises is constructed by using the analytic hierarchy process and expert consultation methods.Finally,analyze Vanke’s ESG practice,obtain the ESG correction coefficient based on AHP fuzzy comprehensive evaluation method,and use the enterprise value evaluation model under the perspective of ESG to evaluate Vanke’s enterprise value.Then analyze the differences between the evaluation results of the model and the traditional income method and the market value of Vanke,get the research conclusion,and propose relevant countermeasures based on the evaluation results and difference analysis.The research conclusion of this paper shows that the enterprise’s active practice of ESG concept has a positive effect on the promotion of enterprise value and is conducive to the sustainable development of the enterprise.It is feasible to evaluate the enterprise’s ESG performance based on AHP fuzzy comprehensive evaluation method.The improved evaluation model can reflect the good ESG performance of the real estate enterprise in the real estate enterprise value,making the evaluation results more scientific and reasonable,and verifying the effectiveness of the model,It provides a new idea for real estate enterprise value evaluation.The innovation points of this paper mainly include the innovation of research perspective.It studies the value evaluation of real estate enterprises from the perspective of ESG,realizing the combination of ESG concept and real estate enterprise value;The innovation of the evaluation index system has constructed an ESG evaluation index system that reflects the characteristics of real estate enterprises;The innovation of the evaluation model analyzes the shortcomings of the traditional income method in the evaluation of the real estate enterprise value,and improves it.