房地产上市公司评估结果增值度研究

发布时间：2018-02-28 12:19

本文关键词： 房地产上市公司评估增值率因子分析相关性分析　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产行业是国民经济的支柱产业，与经济的增长和人民生活息息相关，，关系着我国国民经济发展和社会的稳定。但自2010年起，国家相继出台“高压政策”，试图打压房地产业产生的泡沫暴利，缓解供需矛盾。因此，房地产行业面临着严峻的市场和政策环境，如何顺利生存是大多数房地产上市公司面临的难题，而并购交易成为助其渡过难关的一个重要渠道。交易能否实现的前提之一就是企业价值评估的结果是否合理，即评估价值是否确切地反映了被评估企业的实际价值。但是在房地产上市公司的并购交易中，往往伴随着较高的资产评估增值。为了提高房地产企业资产评估结果的信服度，以支持房地产市场并购交易的健康良性发展，对房地产企业资产评估结果增值度的系统研究非常必要。本文以2001—2011年我国房地产上市公司评估案例为背景，采用定量分析与定性分析相结合，对我国房地产上市公司的评估增值情况进行了实证研究，为科学评估资产提供了参考。文章的第一部分是引言，主要介绍了选题的意义和背景，回顾了近年来国内外学者们对评估增值度的相关研究，提出本文的研究内容及研究方法；第二部分是评估增值度的理论研究，目的是为后文进行实证研究做好理论的铺垫；第三部分对我国房地产上市公司资产评估现状进行了描述性统计；第四部分是对2001—2011年房地产上市公司的评估增值情况进行了实证研究，采用因子分析与相关性分析相结合的方法验证了构成评估增值度的因子对评估增值率的实证解释程度；第五部分是对策与进一步研究的方向，提出了提高房地产上市公司资产评估的公允性的对策建议，指明了本文研究的不足和后续研究方向。
[Abstract]:The real estate industry is the pillar industry of the national economy, which is closely related to the growth of the economy and the people's livelihood, and relates to the development of the national economy and the stability of the society. But since 2010, The state has successively introduced "high-pressure policies" in an attempt to suppress the bubble profits generated by the real estate industry and ease the contradiction between supply and demand. As a result, the real estate industry is facing a severe market and policy environment. How to survive smoothly is a difficult problem that most real estate listed companies face, and M & A transaction becomes an important channel to help them tide over the difficulties. One of the prerequisites of whether the transaction can be realized is whether the result of enterprise value evaluation is reasonable or not. That is, whether or not the evaluation value reflects the actual value of the evaluated enterprise. However, in the M & A transactions of the listed real estate companies, it is often accompanied by a higher appreciation of assets evaluation. In order to improve the confidence of the assets evaluation results of the real estate enterprises, In order to support the healthy development of M & A transactions in the real estate market, it is necessary to study systematically the value added degree of assets evaluation results of real estate enterprises. This paper takes the case of real estate listed companies in China from 2001 to 2011 as the background. By combining quantitative analysis with qualitative analysis, this paper makes an empirical study on the evaluation value added of listed real estate companies in China, which provides a reference for the scientific evaluation of assets. The first part of the article is the introduction. This paper mainly introduces the significance and background of the selected topic, reviews the relevant research on the evaluation value added degree of domestic and foreign scholars in recent years, puts forward the research content and research method of this paper; the second part is the theoretical research of the evaluation value added degree. The purpose is to do a good theoretical foundation for the empirical research. The third part describes the current situation of assets evaluation of listed real estate companies in China. The 4th part is an empirical study on the evaluation value added of real estate listed companies from 2001 to 2011. The method of factor analysis and correlation analysis is used to verify the empirical explanation of the factors that constitute the evaluation value added rate. The 5th part is the direction of the countermeasure and further research, and puts forward the countermeasures and suggestions to improve the equity of the real estate listed company's assets evaluation, and points out the deficiency of this paper and the direction of the following research.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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