我国房地产上市公司经营效率研究

发布时间：2017-12-31 18:15

本文关键词：我国房地产上市公司经营效率研究　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产业是我国国民经济重要的产业部门，在国民经济中占有举足轻重的地位。房地产上市公司在行业发展中起着主导作用，是房地产行业的主体。因此，房地产上市公司经营效率的高低不仅关系到的公司的成败，还主导着房地产行业的兴衰，进而影响到国民经济整体。近年来，我国政府为抑制房价过高实施了一系列宏观调控政策，再加上金融危机的冲击，房地产上市公司面临着相当不利的宏观环境，其经营效率会受到何种影响，以及如何维持和进一步提高其经营效率都是急需分析并解决的问题。本文首先运用数据包络分析方法对55家房地产上市公司的经营效率进行了实证测度，从公司组织形式、上市年限和所处地域三个角度将经营效率结果进行了分类对比，得到了民营公司较国有公司综合经营效率优势不大但效率波动较小、上市年限较长的公司综合经营效率高于上市年限较短的公司、非一线城市公司较一线城市公司综合经营效率更高且波动较小的经营效率现状表现。然后运用Tobit回归模型，对我国房地产上市公司经营效率的内部、外部因素进行了实证检验，，得到了经营效率受公司成本管理水平、业绩管理水平、运营管理水平、公司规模、宏观经济发展情况和宏观经济政策影响的结论。房地产上市公司的健康发展关系国计民生，越来越受到社会各界的广泛关注。公司自身应加强内部管理、积极扩张规模努力提升经营效率。同时，政府应建立健全长效控制机制、鼓励国有房地产上市公司进行并购重组扩大规模，为房地产上市公司的经营效率提升提供政策支持。
[Abstract]:The real estate industry is an important industrial sector of our national economy and plays a pivotal role in the national economy. The listed real estate companies play a leading role in the development of the industry and are the main body of the real estate industry. The operating efficiency of listed real estate companies is not only related to the success or failure of the company, but also dominates the rise and fall of the real estate industry, and then affects the national economy as a whole in recent years. Our government has implemented a series of macro-control policies in order to curb the excessive housing prices, coupled with the impact of the financial crisis, the listed real estate companies are faced with a rather unfavorable macro environment, how will their operational efficiency be affected. And how to maintain and further improve its operating efficiency is an urgent problem to be analyzed and solved. This paper first uses the data envelopment analysis method to measure the operating efficiency of 55 real estate listed companies, from the corporate organization. The operating efficiency results are classified and compared from the three angles of the listed years and the region, and the results show that the comprehensive operating efficiency of the private companies is less than that of the state-owned companies, but the fluctuation of the efficiency is relatively small. The comprehensive operating efficiency of the long listed company is higher than that of the short listed company. Non-first-tier city companies are more efficient and less volatile than first-tier city companies. Then the Tobit regression model is used to analyze the internal management efficiency of real estate listed companies in China. The empirical test of external factors shows that the operating efficiency is influenced by the level of cost management, performance management, operation management, company size, macroeconomic development and macroeconomic policies. The healthy development of listed real estate companies is more and more concerned by all walks of life. The company itself should strengthen internal management, actively expand the scale of efforts to improve the efficiency. At the same time. The government should establish and improve the long-term control mechanism, encourage the state-owned real estate listed companies to conduct mergers and acquisitions, expand the scale, and provide policy support for the real estate listed companies to improve their operating efficiency.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4

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