Research Of Value Evaluation In Real Estate Listed Company Based Of The Improved FCFF Model

The real estate industry has experienced more than 10 years of rapid development from the loose economic environment to the increasingly diverse industry.China' real estate industry will face more and more challenges.In addition to residential real estate,the market also appeared the new form of real estate development,such as tourism real estate,endowment real estate,etc.This requires managers of real estate listed company can correctly understand the intrinsic value of the enterprise itself and find out the real drive favorable factors for the development of the company.For investors,accurate and reasonable assessment value of the real estate listed companies is help for them to judgment correctly on investment behavior.Under this background,the real estate appraisal also need to correct the system on the basis of existing evaluation methods and to explore new assessment model further.According to the basic principle of real estate appraisal,this paper adopts the adjusted free cash flow discount model to evaluate the value of real estate.The modified parameters are mainly concentrated in free cash flow,the risk-free interest rate and the beta coefficient.The paper firstly introduces the research background and the meaning of the topic and combed the classical literature at home and abroad.The second part analyzes the status quo,problems and development trend of the current real estate appraisal.The third part mainly analyzes the particularity of real estate appraisal and the applicability of the real estate appraisal basic methods.From the applicability of free cash flow discount model,the fixed point of cash flow and discount rate of real estate value assessment,The fourth part discussed the application of free cash flow discount model in the real estate valuation of listed companies.The fifth part has carried the case analysis combining with the above.The last is the summary of the full text and policy suggestions.This article main research conclusion is: the adjusted free cash flow model has good applicable value in real estate appraisal.In the subsequent research and practical application,the correction of free cash flow,the risk free rate and beta coefficient should be based on the characteristics of real estate industry and the change of macro economic development.The contribution of this paper is mainly to analyze the revised FCFF model and the modified FCFF model,and confirms the applicability of the free cash flow model in value assessment of real estate enterprise.Related parameter correction of FCFF more conform to present situation of the real estate appraisal in our country,the correction method has certain innovation value.The correction method has certain innovation value.