Investment Value Research Of Listed Companies In Real Estate Industry

The industry of real estate can be regarded as a kind of mark to the society's economy development state and people's living standard of a country. The development of real estate industry has given a great boost to sustainable development of national economy. The plate of real estate industry in negotiable securities market is one of the hottest parts that investigators pay much attention to. The listed companies in real estate plate mostly belong to the ones with large scale, great power and excellent assets. This paper mainly takes the listed companies in real estate as the research objects to analyze the investment value and make an evaluation.The investment value analysis of the listed companies is a systematic project which includes three levels: macroscopic, medium and microcosmic analyses. In macroscopic level, this paper mainly judges the macroscopic economy environment for investment which includes the foreign and domestic economic state and prospect. The purpose is to choose proper chance to invest. In analyzing macroscopic economy trend, this paper is based on the economy development data which is proclaimed by State Statistical Bureau .It also makes conclusions that national economy of our country is in a sustainable and healthy development state and that macroscopic economy environment is good which is suitable for investigators to invest. In medium level, this paper mainly analyzes the general situation of real estate industry's development, characteristics of this industry, its development potential as well as its existing problems and risks. It also makes conclusions that the development trend of real estate industry is good and that it is equipped with the investment value from a perspective of medium or long investment.In microcosmic level, this paper sets the index system of investment value evaluation firstly which is based on the following sixteen commercial indexes: per-share earnings, margin of main business, net margin profit of total assets, yield rate of net asset, asset–liability ratio, current ratio, quick ratio, total asset turnover ratio, inventory turnover ratio , accounts receivable turnover ratio, per-share net asset, per-share capital fund , per-share undistributed profit, total asset growth rate, income growth rate of main business and net profit growth rate. All these indexes are chosen from five aspects: profitability, debt paying ability, service ability, capital stock expanding ability and development ability. Then sixty listed real estate companies from Shanghai and Shenzhen stock market are chosen as research samples. What's more, this paper sorts out sixty companies'annual report data from 2005-2009. The method of entropy-weighted double base points is used to analyze the investigation value evaluation .Finally this paper makes an investment evaluation sequence and gives some investment strategy suggestions.This paper begins with the combination method of theory and real evidence and the purpose is to enrich and perfect the investment value evaluation method suitable to our country's condition. At the same time, this paper can be seen as a theory guidance or a reference to investigators'strategy.