The Influence Factors Of Enterprise Value In Real Estate Listed Company: Based On Structural Equation Modeling

The real estate industry is recognized as the pillar of the national economy, which plays an important role in Chinese economic development, maintaining economic and social stability. However, with the change of market environment, for example the land-value increases, the second-tier and third-tier cities’ demand are not stable, and the capital investment is large and focused, makes the real estate enterprises facing the rising pressure. In this case, how to maintain the sustainable development of real estate enterprises becomes one of the key concerns of the managers.The analysis of enterprise value is an effective means to help them to make relevant decisions in the interests of the real estate company. The goal of enterprise financial management includes the shareholder wealth maximization, the maximization of enterprise value and the protection of interests of stakeholders. The influencing factors of enterprise value analysis, can help decision-makers to find the key to improve business performance and create the future economic benefits. So far, research on factors influencing on enterprise value mainly focus on single factor, and less research on the comprehensive effect of various factors on enterprise value, and study of the relationship between the factors is dispersed, and the quantity of real estate enterprise value influence factor research is limited. Besides, we do not know which factor is more important, which makes people unable to determine which factors have greater influence.Combining normative research and empirical research, summarizing the previous literature and theory, and also considering the characteristics of real estate enterprises, this paper uses profitability, debt paying ability, operating ability, development ability, cash flow capacity, capital structure, ownership structure, the characteristics of board and enterprise value as latent variables and determines the observation variables of all latent variables. By using the structural equation model for empirical analysis, finds out the relationship among all the latent variables, recognizes the most important latent variable which has the most effective influence over enterprise value.By using AMOS software to analyze the financial statement data of all the real estate listed company between year 2010 to year 2014. We find that solvency and operating capacity have a significant influence on the cash flow ability, and solvency’s influence is greater. Besides, solvency, operating capacity, profitability, capital structure have a significant effect on enterprise value, and the capital structure and solvency’s influence are greater. Finally, relevant suggestions are put forward according to the empirical results to help enterprises realize the maximization of enterprise value.