基于DEA-Tobit模型的上市房地產(chǎn)企業(yè)效率研究
本文關(guān)鍵詞: 效率 DEA模型 上市房地產(chǎn)企業(yè) 出處:《西安建筑科技大學(xué)》2014年碩士論文 論文類型:學(xué)位論文
【摘要】:近年來,房地產(chǎn)市場發(fā)展較快,對國民經(jīng)濟(jì)增長做出了重要貢獻(xiàn),但是房地產(chǎn)業(yè)也是政府調(diào)控的重點行業(yè)。因此,有必要對房地產(chǎn)企業(yè)的效率進(jìn)行研究,分析其中是否存在企業(yè)低效率運行,是否存在資源浪費,并且找出影響房地產(chǎn)企業(yè)效率主要因素,是企業(yè)及政府共同關(guān)注的問題。 論文在廣泛閱讀及總結(jié)國內(nèi)外效率相關(guān)研究的基礎(chǔ)上,,選用DEA方法作為評價上市房地產(chǎn)企業(yè)效率的主要工具。論文首先結(jié)合我國上市房地產(chǎn)企業(yè)發(fā)展的現(xiàn)狀構(gòu)建了上市房地產(chǎn)企業(yè)效率評價指標(biāo)體系。通過測度上市房地產(chǎn)企業(yè)效率得出我國上市房地產(chǎn)企業(yè)整體技術(shù)效率偏低,規(guī)模無效率與資源利用率低是導(dǎo)致企業(yè)技術(shù)效率偏低的主要原因。國有房地產(chǎn)企業(yè)技術(shù)效率的提升主要來自于內(nèi)部改革及管理水平的提升,而非政府的利益扶持,國有企業(yè)規(guī)模效率低于民營企業(yè),具有較大改善空間。為了使研究更加全面,本文還對上市房地產(chǎn)企業(yè)的全要素生產(chǎn)率進(jìn)行了測度,通過對全要素生產(chǎn)率的分解,論文得出上市房地產(chǎn)企業(yè)全要素生產(chǎn)率平均增長率為1.6%,技術(shù)創(chuàng)新能力的衰退是阻礙我國上市房地產(chǎn)企業(yè)生產(chǎn)率增長的主要原因。其次,為了進(jìn)一步探究影響房地產(chǎn)企業(yè)效率的長期性和實質(zhì)性因素,根據(jù)傳統(tǒng)經(jīng)濟(jì)學(xué)理論、公司治理理論及企業(yè)生命周期理論選取了影響上市房地產(chǎn)企業(yè)技術(shù)效率的相關(guān)因素,運用Tobit模型對房地產(chǎn)企業(yè)技術(shù)效率的影響因素進(jìn)行回歸分析得出企業(yè)年齡、股權(quán)集中度對房地產(chǎn)企業(yè)效率呈顯著正相關(guān),而資產(chǎn)負(fù)債率與企業(yè)效率呈顯著負(fù)相關(guān),企業(yè)規(guī)模與所有制結(jié)構(gòu)與房地產(chǎn)企業(yè)效率關(guān)系不顯著。最后根據(jù)本文結(jié)論,從加快形成房地產(chǎn)企業(yè)特有競爭優(yōu)勢、拓寬房地產(chǎn)企業(yè)融資能力、深耕地區(qū)市場優(yōu)化產(chǎn)品布局與積極利用后發(fā)優(yōu)勢適度模仿四個方面提出了提高上市房地產(chǎn)企業(yè)效率的相關(guān)政策建議。
[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.
【學(xué)位授予單位】:西安建筑科技大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2014
【分類號】:F299.233.4;F224
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