Value Driving Factors Research Of Listed Real Estate Companies

The real estate companies are facing from unilateral rise to stable development,increasing differentiation of regionalization space,the supply structure of each type is mixed and alternates under the New Normal of macro economy in China.Taking the value creation ability of listed real estate companies as the research object and using normative analysis and empirical analysis,this thesis systematically analyze the influencing factors and value creation ability level with value evaluation theory and corporate finance theory,economics theory or related discipline knowledge.88 real estate companies of Shenzhen and Shanghai stock listed company have been selected and time period from 2011-2015.Firstly,EVA model is used to determine the value of listed real estate companies with comparaing 11 kinds of value assessment theories and methods analysis.Next using questionnaires survey and expert interviews,23 influential factors were identified From macro policy,corporate governance,corporate core value,corporate financial value,corporate social responsibility these five aspects,then applying principal component method of factor analysis method on the selection and extraction of 10 common factor,using Fixed effect panel data model to empirical research.Finally it is concluded that the listed real estate companies create value ranking and the key factors influencing the value of listed real estate companies.According to the empirical research,the real estate company's self value creation are difference,the real estate companies such as BLDC,WKA ect in the top ten.The value of listed real estate companies is greatly influenced by macro policies,and is negatively correlated with the value of real estate companies,the government's macro-control does restrain the rise of housing prices.The core value of the listed real estate companies including holding property,land reserves,R&d investment,the three factors are a key factors driving listed real estate companies value,and is positively correlated with the value.In terms of corporate governance,management ownership has a good effect on enterprise value and can reduce agency costs.Company culture is negatively related to the value of listed real estate companies,that impel listed real estate companies should strengthen culture construction and maybe focus on the relationship between company culture and company life cycle.First,in this stage,the development of the company depends on the scale effect,other strategies have less impact.Second,there is no obvious correlation between the degree and competence of the management personnel of the company.The management practice experience of the real estate company is more important than the theoretical study.Thrid,it is due to the impact of electronic commerce,suppliers and the relationship between real estate companies showed a trend of transparency,and cannot give developers particularly prominent value differences.The capital structure of the company in financial factor is more important,should pay attention to guard against real estate company financial risk.In the short term,social responsibility performance has little impact on the value of listed real estate companies,and the influence coefficient is very small.From the perspective of government,macro policies have a great impact on real estate companies and when formulating policies,should consider the policy durability and impact.It is very important to establish a long-term mechanism,and how to prevent the bursting of the real estate asset bubble from triggering financial risk is the government's vital task.From the company's point of view,should change the concept of development,from the construction of the new home to the inventory asset management and to the real estate services and contribute to the real estate industry.