摘要：房地产企业的产物从广义上来说有商业房地产，是指各种非生产性、非居住性物业，包括写字楼、公寓、会议中心以及商业服务业经营场所等。当然也有 居住用途的普通住宅、公寓、别墅等房地产。
本论文在学术上对房地产企业资产定价进行了定义。在风险的实证分析上，论述房地产高库存量问题。因为房地产企业的风险分析定义太大，所以本文作者把房地产企业的风险转化并定义为房地产库存量的去化风险来论述。
首先，作为预备知识，总结了房地产公司所涉财务的指标分析及房地产企业经营中所面临的风险。
其次，给出了本文的重点研究内容之一，即构建了CAPM资产定价模型来概述房地产企业。从证券角度上来说，CAPM主要是对上市的公司股票做的定价，但在数据处理计算过后，也在一定程度上反应出企业的资产定价。本文还有一个特点，就是运用MATLAB数据处理方法和WIND数据库计算出到了相对严谨的β值与市场期望回报率。
最后，以库存量为主线做了实证分析，把去化率作为衡量房地产风险的特征之一，并以很多宏观上的数据指标及图表，用严谨的理论讨论了房地产去化的风险。会让读者对该行业整体风险程度有一个大致的了解。5672
关键词： 房地产；CAPM；库存量；去化率；
Asset pricing and risk analysis of real estate enterprises
Abstract: the real estate company has as a product of broad commercial real estate refers to various unproductive, non-residential properties, including office buildings, apartments, commercial services business Conference Centre and venues. Residential uses, of course, houses, apartments, villas and other real estate.
Academic papers on real estate enterprise asset pricing have been defined. On the empirical analysis of risk, on the high inventory of real estate subjects. Because defines risk analysis of real estate company is too large, so the writer risks into real estate companies and is defined as the risk of real estate inventory to address.
First of all, as prior knowledge, I summed up the real estate financial analysis of the company and faced risks in the real estate business.
Second, this article focuses on one of the CAPM capital asset pricing model is constructed to summarize the real estate business. From a security perspective, CAPM was mainly done to companies listed on the stock price, but after the data, also in part reflect on Enterprise capital pricing. There is also a feature of this article, using MATLAB data processing method and WIND database to find out from the relatively rigorous beta values with the expected return of the market.
Finally, empirical analysis of the inventory as thread, sale rates as a measure of risk in real estate one of the characteristics, and with a lot of macro-indicators and the data on the chart, with rigorous theory discusses the risks of real estate. And it allows readers to have a general understanding of risk from the whole industry.
Key words: real estate; CAPM; inventory; sale rate;
目录
一、引言 5
（一）研究背景 5
（二）研究意义 6
（三）国内研究综述 7
二、房地产企业涉及财务指标的风险分析 8
（一）偿债能力分析 8
（二）盈利能力分析 8
（三）利润分析 9
（四）经营效率分析 9
三、房地产企业资产定价模型 10
（一）CAPM模型的假设 10
（二）CAPM模型公式 11
（三）β系数的含义和计算 12
（四）决定无风险利率和市场报酬率 14
（五）万科CAPM实证研究14
（优尔）资本资产定价模型的总结 15
四、房地产企业风险的实证分析16
（一）去化率衡量房地产企业风险 16
（二）房地产高库存量分析 16 房地产企业的资产定价及风险分析+CAPM资产定价模型:http://www.youerw.com/shuxue/lunwen_2805.html