基于主成分分析的房地产行业上市公司综合评价研究

Research on Comprehensive Evaluation of Real Estate Listed Companies Based on Principal Component Analysis

摘要: 本文通过对我国沪深两市房地产行业上市公司的财务数据进行分析，建立了房地产行业的综合评价模型。分别从盈利能力、营运能力、偿债能力和成长能力四个方面选取了12个财务指标，对121家房地产上市公司从2015年1月至2016年9月的数据运用主成分分析，提取五个主成分，通过计算主成分得分和综合得分，对房地产行业给出了相应的排名。最后根据实证分析的结果，给出了房地产行业上市公司的发展及投资建议。

Abstract: Based on the financial data of real estate listed companies of Shanghai and Shenzhen stock market, comprehensive evaluation models of real estate industry are established. We select 12 financial indicators which indicate the profitability, operation ability, debt paying ability and growth ability of listed companies. Based on the data (from Jan. 2015 to Sep. 2016) of 121 real estate listed companies, by using the method of principal component analysis, we extract 5 principal components from the 12 financial indicators and rank the 121 companies according to computed principal component scores and composite scores. Finally, based on the results of empirical analysis, we put forward some suggestions of the development and investment of real estate listed companies.