An Empirical Study On The Valuation Of Real Estate Enterprises

China's estate enterprises mainly focus on real estate development,with the government implement a series of housing restriction policies in the country,the national real estate fever gradually recedes.The relationship between market supply and demand is becoming more and more stable,new estate market pattern is being set up.Estate enterprises' sales was concentrating in 2017.Leading enterprises growing steadily,more than ten estate enterprises have exceeded hundreds of billions of sales.In the case of more and more estate merger and acquisitions,it is particularly important to adopt the method to make the valuation of the target enterprise more close to its true value.This thesis selects the application of the theory of corporate valuation in real estate companies as the topic.In order to compare the applicability of valuation methods in the real estate industry,characteristics,current situation and development trend of the real estate industry are discussed at first.Then sorts out the commonly used relative valuation method and the absolute valuation method from the theoretical,summing up its advantages and limitations.The third one is to collect the financial data of CFLD from 2011 to 2017,restructure its cash flow chart with Excel,and estimate the current actual operating situation through data calculation,which lays the foundation for the adjustment of the modeling data for subsequent valuation.The empirical part uses the EVA valuation model,the panel data based market approach to estimate the top ten CFLD of the real estate enterprises.The results of the three methods are not significantly different,the panel data based market approach is the most close to market value.The EVA valuation method influence,EVA valuation method is due to the existence of an adjustment itemand,greatly influenced by subjective.P / E valuation method and panel data based market approach are closer to market capitalization.The market based method based on panel data is more accurate than the P / E ratio because of the more comprehensive financial ratios considered.