Study On The Valuation Of Tourism Real Estate Enterprises

Recently,in the macro background of the relatively limited investment of ordinary residential real estate in China,on the contrary,the capital policy is relatively loose and the initial profit and long-term profit are relatively free.By this stimulus and influence,the tourism real estate enterprises are rapidly developing.Second,the multiplicity of the per capita disposable income of our country,the decrease of per capita labor time and the multiple factors of the aging of the population structure,thus bringing the demand for tourism and endowment to tourism,which is also an important force for the development of tourism real estate enterprises.In the interest driven,there are more and more enterprises entering the tourism real estate industry.The new investors need to evaluate the target of the tourism real estate enterprises to be the reference basis for the investment decision.In addition,with the intensification of industry competition,the merger and reorganization of tourism real estate enterprises is also endless.In order to improve the accuracy of investment decisions and the efficiency of mergers and acquisitions,it is particularly necessary to accurately estimate the value of tourism real estate enterprises.Since the birth of the theory of enterprise value assessment,the EVA evaluation model has been widely used as a classic value evaluation model of traditional real estate enterprises.However,the high speed developing tourism real estate enterprises have their own value characteristics.It is different from the traditional real estate enterprises,and the tourism real estate enterprises have high uncertainty,high risk and value-added income.The value characteristic of beneficial enterprise makes the result of evaluating the value of the value of the tourism real estate enterprise alone using the EVA evaluation model can be deviated and neglects the part value.Considering the value characteristics of the tourism real estate enterprise,the real option pricing method can better evaluate the potential option value of the tour real estate enterprise under the uncertain conditions.Therefore,it is considered that the introduction of real options to improve the EVA evaluation model can evaluate the value of tourism real estate enterprises more accurately and reasonably.Preliminary exploration is made on the valuation field of tourism real estate enterprises.The article first analyzes the background and significance of the valuation of tourism real estate enterprises,and concludes that it is very necessary to improve the accuracy of valuation of tourism real estate enterprises.Secondly,from the two angles of EVA and real option theory,this paper summarizes the research on the theory of enterprise value evaluation at home and abroad,and summarizes the research of EVA enterprise value evaluation after the introduction of the real option theory,and then puts forward the research framework and method of this one.then,on the basis of the above,putting forward the research framework and methods of this paper..Thirdly,the value characteristics of the tourism real estate enterprises are analyzed.The value of the value of the tourism real estate enterprise is highly uncertain by its own enterprise characteristics,policy,capital and market environment,and the unsuitability of the traditional evaluation method and the EVA evaluation model separately,and the introduction of real option to EVA respectively.After the improvement,the suitability of the valuation land for the tourism real estate enterprises is elaborated in detail,and it is considered that the improved EVA method after the introduction of real option can be more accurate to evaluate the value of the tourism real estate enterprises.Then,based on the above analysis,the EVA evaluation model is improved by the real option theory.The improved model divides the enterprise value into the asset value and the potential option value at the cut-off time point when evaluating the tourism real estate enterprise.At the same time,the parameter significance of the model is carefully explained in the model..Finally,the model is applied to the value evaluation case of Y tourism real estate enterprise.The results of the evaluation again demonstrate that the EVA method after the introduction of real option can be used to evaluate the value of tourism real estate enterprises accurately and reasonably.