Research On The Influence Of Investors’ Types On Real Estate Valuation

Holding property is a kind of real estate with large area and high total price commercial and office property as the single subject,and the core investment logic is to sell and withdraw through self purchase operation.The development of this kind of real estate business has become one of the most important real estate economic activities in China’s first tier cities.For investors in the investment decision-making stage,it is necessary to model and predict the period return and exit valuation of assets after land acquisition,so as to calculate the return on investment of the project.Among them,the cash flow of exit valuation is very important,which is the most important part of the whole investment model.On the one hand,under the existing accounting standards,if the cost method is used to measure the assets held,the property held in the first tier cities will face annual depreciation and amortization and the financial cost is far higher than the operating income during the holding period,resulting in the book always in a loss state,and the rate of return on investment is impossible to talk about.On the other hand,when measured at fair value,it is necessary to consider the valuation of the property held.Due to the high transaction frequency of the whole transaction of the holding property in the core trading area,a large number of real transaction data in this area have a high reference value;in contrast,the non trading active area is broader,and the valuation of this area lacks large transaction cases,which makes the property owners only rely on limited data,methods and tools and the self-evaluation of appraisers Cognition makes judgment.At this time,the valuation of held property is faced with the case support of lack of market transaction price,and the calculation result of return on investment lacks credibility.How to accurately evaluate the real estate and guide the investment behavior is an important task for the development of holding property.The traditional asset pricing model based on CAPM has a wide range of applications and cognitive basis,but there are some problems in the accuracy of valuation.There is a close relationship between the transaction track of asset price and the type of investors involved in the transaction.We divide the life cycle of held assets into land acquisition and sale,stock property investment and exit.Based on these observations,we find that there is a strong correlation between property valuation and investor heterogeneity.In the stock exchange market,the investment proportion of specialized investors with strict requirements of return rate will be significantly higher in the investment regions that meet the requirements of the necessary rate of return;And to a certain extent,in the two stages of investment activities of land acquisition investment and stock investment,the investment regions of professional investors have a more significant overlap.Therefore,this paper believes that it is effective and necessary to pay attention to the analysis of the types of traders in historical trading data and adopt the valuation decision analysis framework based on investors’ heterogeneity for the trend of regional asset prices.In investment modeling,there are many important assumptions about asset exit valuation.In the valuation practice,it is suggested that attention should be paid to the types of transaction investors in the region.