剩余收益模型在房地产企业估值中的应用以万科为例-application of residual income model in real estate enterprise valuation a case study of vanke.docxVIP

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剩余收益模型在房地产企业估值中的应用以万科为例-application of residual income model in real estate enterprise valuation a case study of vanke.docx

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剩余收益模型在房地产企业估值中的应用以万科为例-application of residual income model in real estate enterprise valuation a case study of vanke

AbstractTherealestateindustryisanimportantcomponentofthenationaleconomicsystem,whichplaysamajorpositiveroleinpromotingurbanconstruction,promotingeconomicgrowthandimprovinglivingstandards.Withtherealestateindustrybecomingmoreandmoreprominentinpeople’shearts,people’sattentiontothevalueofthecompanyisalsoincreasing.Therefore,underthecurrenteconomicenvironment,theresearchforthevalueoftherealestateindustryhasanimportanttheoreticalandpracticalsignificance.Thesisdescribesthetheoryofthestatus,characterandvalueoftherealestateassessment,thendetailstheresidualincomemodel,butinviewoftheinherentdefectsoftheincomeapproach,thesisimprovetheoriginalmodel,weintroducethebookvalueendoftheforecastperiodandDuPontfinancialanalysismode,whichovercomeevilsoftheoriginalmodelinthefuturelong-termgainscapitalizedandthedifficulttoestimateresidualincomeandvulnerabletosubjectiveeffects.ThefulluseoftheaccountinginformationensuresthecredibilityandaccuracyoftheestimationresultsFinally,thispapergivesacomprehensivesystematicassessmenttoVANKEasacase,thesisanalyzesVankesoperation,businessstrategyandcompetitiveadvantages;Then,combingwiththecompanysfinancialstatements,thesisanalyzesthefinancialcondition,resultsofoperationsandprospectsforthedevelopmentsolvencyintheviewofprofitability,operationalcapabilitiesanddevelopmentcapacityandusetheimprovedresidualincomemodeltoassessthevalueofVANKEandanalyzetheevaluationresults.Thesiscombinesthetheoryandcasestudiestoexploretheuseoftheresidualincomemodelinthevaluationofrealestateenterprises.Theresearchhasreferencestothestudyoftherealestatebusinessvaluation,andprovidesanewwayofthinkingtowhichweshouldpaymoreattentionontheresidualvaluethatcreatedbyinvestorinthefuturewhichismorethanthebasicpay,andhelpsinvestorstoformrightinvestmentdecisions.Keywords：Valuation,ResidualIncomeModel,FinancialAnalysis,MarketPriceofBookValueRatio目录摘要...............................................................................................................IAbstract...............................