基于DEA-Tobit模型的上市房地产企业效率研究

发布时间：2018-02-12 04:54

本文关键词： 效率 DEA模型上市房地产企业　出处：《西安建筑科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，房地产市场发展较快，对国民经济增长做出了重要贡献，但是房地产业也是政府调控的重点行业。因此，有必要对房地产企业的效率进行研究，分析其中是否存在企业低效率运行，是否存在资源浪费，并且找出影响房地产企业效率主要因素，是企业及政府共同关注的问题。论文在广泛阅读及总结国内外效率相关研究的基础上，，选用DEA方法作为评价上市房地产企业效率的主要工具。论文首先结合我国上市房地产企业发展的现状构建了上市房地产企业效率评价指标体系。通过测度上市房地产企业效率得出我国上市房地产企业整体技术效率偏低，规模无效率与资源利用率低是导致企业技术效率偏低的主要原因。国有房地产企业技术效率的提升主要来自于内部改革及管理水平的提升，而非政府的利益扶持，国有企业规模效率低于民营企业，具有较大改善空间。为了使研究更加全面，本文还对上市房地产企业的全要素生产率进行了测度，通过对全要素生产率的分解，论文得出上市房地产企业全要素生产率平均增长率为1.6%，技术创新能力的衰退是阻碍我国上市房地产企业生产率增长的主要原因。其次，为了进一步探究影响房地产企业效率的长期性和实质性因素，根据传统经济学理论、公司治理理论及企业生命周期理论选取了影响上市房地产企业技术效率的相关因素，运用Tobit模型对房地产企业技术效率的影响因素进行回归分析得出企业年龄、股权集中度对房地产企业效率呈显著正相关，而资产负债率与企业效率呈显著负相关，企业规模与所有制结构与房地产企业效率关系不显著。最后根据本文结论，从加快形成房地产企业特有竞争优势、拓宽房地产企业融资能力、深耕地区市场优化产品布局与积极利用后发优势适度模仿四个方面提出了提高上市房地产企业效率的相关政策建议。
[Abstract]:In recent years, the real estate market has developed rapidly, which has made an important contribution to the national economic growth, but the real estate industry is also the key industry of government regulation. Therefore, it is necessary to study the efficiency of real estate enterprises. It is the common concern of enterprises and government to analyze whether there are low efficiency operation of enterprises and waste of resources, and to find out the main factors that affect the efficiency of real estate enterprises. On the basis of extensive reading and summing up the research on efficiency at home and abroad, The DEA method is chosen as the main tool to evaluate the efficiency of listed real estate enterprises. Firstly, the index system of evaluating the efficiency of listed real estate enterprises is constructed according to the current situation of the development of listed real estate enterprises in China. The efficiency of real estate enterprises shows that the overall technical efficiency of listed real estate enterprises in China is on the low side. The inefficient scale and low utilization of resources are the main reasons for the low technical efficiency of the enterprises. The improvement of the technical efficiency of the state-owned real estate enterprises mainly comes from the internal reform and the improvement of the management level, rather than the benefit support of the government. The scale efficiency of state-owned enterprises is lower than that of private enterprises, so there is much room for improvement. In order to make the research more comprehensive, this paper also measures the total factor productivity of listed real estate enterprises, and through the decomposition of total factor productivity, The paper concludes that the average growth rate of total factor productivity of listed real estate enterprises is 1.6, and the decline of technological innovation ability is the main reason that hinders the productivity growth of listed real estate enterprises in China. In order to further explore the long-term and substantive factors that affect the efficiency of real estate enterprises, according to the traditional economic theory, corporate governance theory and enterprise life cycle theory selected the relevant factors that affect the technical efficiency of listed real estate enterprises. Using the Tobit model to analyze the factors influencing the technical efficiency of real estate enterprises, it is concluded that the age of the real estate enterprises, the degree of ownership concentration has a significant positive correlation with the efficiency of the real estate enterprises, while the asset-liability ratio has a significant negative correlation with the efficiency of the real estate enterprises. The relationship between enterprise size and ownership structure and the efficiency of real estate enterprises is not significant. Finally, according to the conclusion of this paper, from accelerating the formation of real estate enterprises unique competitive advantage, widening the financing capacity of real estate enterprises, Four aspects of optimizing product layout and actively utilizing the advantage of latecomer in deep tillage area are put forward to improve the efficiency of listed real estate enterprises.
【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F224

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