Income Approach Evaluation of the Real Estate Companies Listed Value in the Application Analysis
|Keywords||Enterprise Value Business Valuation Valuation of real estate listed companies Discounted free cash flow Income Approach|
The good development of real estate industry in improving the people’s livelihood process function, its most important whether good development also relates to the national security and social stability. To the real estate market can be a good development, the state introduced a variety of macro and micro policies to regulate the market, at the same time, real estate companies also should be concerned about their own value, future prospects and the role of the real estate market. Concerned about the development of their own value and the market is conducive to long-term development of enterprises, enhance the value of their own enterprises under the new situation is the best choice for competitive advantage. Now many real estate enterprises and only hundreds of companies listed. and they served "leaders" role in China’s real estate market, For these listed enterprise value evaluation can not only improve the direction of the investment, enterprise management, but also can improve the development adjustment of strategy and operation scale optimization, Thus the smooth development of the real estate market has certain improvement action. However, in real estate listed companies appraisal, the applicability, specific methods of the selection and application of model need further research.This paper mainly adopts combining theory with practice, case analysis and qualitative research and quantitative research method of combining the analysis. To the real estate listed companies as the research object, Based on the characteristics of real estate listed enterprises are analyzed, Based on the existing enterprise value appraisal method, In view of its characteristic relatively and selected suitable evaluation method-income approach, And when use the income approach evaluating,analyze the economic environment, applied model,and to construct the estate listed enterprise value evaluation of theoretical model and empirical research.First discusses systematically the value evaluation theory, Including discusses existing enterprise value evaluation method, and the advantages and disadvantages of each method and applying conditions are compared. Secondly by analyzing characteristics listed enterprises to choose the suitable real estate evaluation methods-income approach; And analysis the economic environment of the income approach, thirdly analysis the income approach are on several model, further construct suitable for real estate listed enterprise value assessment theory model, and the model parameters are needed in the model to analyze and explain the rationality and feasibility. Finally choose the most representative of real estate development enterprise-China Vanke as empirical research, that the relevant results in real estate, Also in real estate enterprise value of market and the analysis of existing problems, in seeking to real estate listed enterprises self-development and the balance of the market stable provide relevant information.