风险收益法在房地产公司评价中的应用研究

本文采用资产收益率的波动性作为衡量房地产公司风险的综合尺度,变异系数作为衡量风险的相对尺度,将资产收益率、股权乘数和资产收益率的标准差结合起来作为一个房地产公司风险指数。经验数据表明:规模大的房地产公司收益率高,规模中等的房地产公司风险相对较小,规模小的房地产公司比大房地产公司更易受到破产的冲击。

This paper proposes the variability of ROA as captured by its standard deviation,σROA as a comprehensive measure of the real estate＇s risk exposure. The coefficient of variation （CV） of ROA, the ratio of σROA to average ROA, provides a relative measure of risk exposure. The data of Chinese real estate companies from 2004 to 2008 are analyzed and the results show that larger companies have more profit but less risk than smaller companies. Let＇ s take ROA, EM, and the standard deviation of ROA and combine them as a risk index for companies. The analysis results show that the smaller companies are more vulnerable to failure than larger companies.