Research On The Application Of Value Ratio In The Valuation Of Real Estate Enterprises

In recent years,with the continuous improvement of China's market-oriented economic system,there are more and more valuation behaviors for the purpose of enterprise property rights transactions.At the same time,the concentration of real estate industry has further intensified,and mergers and acquisitions between real estate companies are frequent.Enterprise valuation plays a crucial role in the intensive property transactions between real estate companies.The enterprise valuation mainly includes three basic approaches: income approach,market approach and cost approach.Among them,the market approach is applied less in enterprise valuation,but there is still much room for improvement.Since the selection of comparable companies is subject to many objective factors,the application of research on value ratios has become the main way to improve market law.By analyzing the relevant researches at home and abroad,the author puts forward the optimization model of the application of value ratio based on the grey relational analysis method by analyzing the characteristics of real estate enterprises and analyzing the application of value ratio in the value evaluation of real estate enterprises.The optimization model solves three problems of the application value ratio: the choice of the value ratio,the determination of the weight in the value ratio combination,and the correction of the value ratio.First,in terms of the choice of value ratio,the model uses the correlation coefficient between the enterprise value and the relevant economic indicators as the basis for selecting the appropriate value ratio.Secondly,in the determination of the weight of the value ratio,the model determines the weight of the value ratio based on the weighted gray correlation degree between the enterprise value and the relevant economic indicators.Finally,in the correction of the value ratio,the model selects the comparable economic indicators that can be used as the adjustment factors according to the weighted gray correlation degree between the value ratio and several comparable economic indicators,and determines the weight of the indicators with the weighted gray correlation degree,and then adopts the factor adjustment method.The value ratio is corrected to obtain a revised value ratio.This paper takes a listed real estate enterprise as a case to demonstrate the application of the optimization model and verify the analysis results.The results of the case study show that the difference between the enterprise value and the actual value assessed using the model is 12.69%,which is 14.12% lower than the difference rate estimated by the unused optimization model.This shows that applying the above optimization model to the valuation of real estate enterprises can effectively reduce errors.