Evaluation Of Real Estate Enterprise Value Based On EVA Method

As of December 31,2018,China's real estate industry has been in the golden stage of rapid development for ten years.The rapid development of the real estate industry has also driven the development and progress of other surrounding industries.In the field of asset evaluation,with the rapid increase of real estate M &A cases,more and more researchers are committed to how to further explore the possible evaluation methods based on the existing evaluation system,explore the potential value of real estate development enterprises,prevent financial market risks,and predict the future development of enterprises scientifically and effectively.EVA evaluation method is an asset evaluation method derived from the income method according to the economic value-added theory put forward by the American management company.The research on EVA by domestic academic researchers was first applied to the performance evaluation of the debtors of state-owned enterprises,and then gradually developed in the field of enterprise value evaluation.On the basis of previous researchers' emphasis on historical EVA value,this paper will further explore how to scientifically predict the future development of enterprises,reasonably judge the reliability of EVA data,and control key parameters to avoid the impact of subjective factors on the final evaluation value by virtue of relevant asset evaluation theories.The establishment of enterprise value evaluation model is based on the full elaboration of the enterprise value evaluation theory and relevant EVA Theory in the field of asset evaluation,combined with the characteristics of the internal value of real estate enterprises,taking full account of the historical development of the real estate industry,represented by the famous real estate market company-country garden,through the enterprise value evaluation calculated based on EVA It is hoped that it can provide reference for real estate enterprises to use EVA theory to improve their operation and value creation ability,and also provide suggestions for investors to invest in China's listed real estate enterprises.In the past,the research on EVA evaluation mainly focused on the scholars in the field of accounting and finance,often focusing on the acquisition of financial report data and the adjustment of related projects.The application of EVA evaluation method mainly focuses on the calculation and analysis of historical EVA value of enterprises.In the prediction of future data,they tend to be conservative and pay less attention to the analysis of future development.Asset evaluation is related to the prediction of future data,which is always based on the historical development level.The real estate industry has been in a high-speed development cycle in the past decade,and the sustainability of this development has been questioned.Therefore,only focusing on historical data and ignoring future development risks,the assessment results are still to be discussed.The innovation of this paper is to explore how to improve the EVA method,mainly aiming at the improvement of the parameters in the period of enterprise value evaluation and prediction.The development of the real estate industry has always been affected by the national economic situation and government policies.Therefore,when predicting the future EVA of real estate enterprises,it is bound to consider the impact of macro factors and industry development situation.The research idea of this paper is to summarize the research results in the field of EVA at home and abroad,sort out the main contributions of this evaluation method in various fields,and explore the relationship with the real estate industry.Then from two directions,respectively,theoretical research and related knowledge.First,starting from the field of asset evaluation,we should implement the direction of enterprise value evaluation of asset evaluation,then contact with the real estate market,explore the particularity of the real estate market in enterprise value evaluation,and analyze the applicability of the main methods of enterprise value evaluation in the real estate enterprise evaluation.Second,from the field of EVA evaluation,this paper analyzes the applicability of EVA evaluation method in the real estate enterprise value evaluation,expounds the conditions that EVA should have in the evaluation,and pays attention to the establishment of EVA model and the data needed by the model.Based on the above research ideas,the author from the perspective of EVA theory,combined with the actual asset evaluation method,constructs the enterprise value evaluation model of real estate development enterprises based on EVA evaluation,and in the process of establishing the model,in-depth consideration of the impact of macroeconomic development and industry development trend on all aspects of numerical estimation in the future prediction period.Specifically from two aspects,one is to integrate the macro historical economic data into the future prediction of individual enterprise value evaluation,considering the historical data of individual target enterprise,as well as the impact of the development of the whole industry on the future of the evaluation object.On the other hand,it analyzes the development trend of the existing market concentration.The domestic mainstream researchers tend to believe that the real estate development enterprises can not always be in the stage of highspeed development.After analyzing the data of market concentration,this paper revises the prediction period of EVA model.After the curve fitting of historical data,it can be concluded that the high-speed development period of 4 years may be more in line with the rise of the real estate industry at the current evaluation time point The reliability of the conclusion is demonstrated by case study.