The Study On Investment Efficiency Evaluation And Influencing Factors Of The Real Estate Company

Company value depends fundamentally on their investment behavior, whether theinvestment behavior has efficiency or not directly affect maximization of company value.With the development of the real estate industry, real estate listed company become more andmore, industry competition is intense with each passing day. The real estate companies has toface the changing market and the macro-control policies, so they must improve theirinvestment efficiency. Evaluate of the real estate listed company’s investment efficiency andanalysis the factors which affect the level of investment efficiency is good for companydecision makers find their market position and improve company’s investment efficiency, inaddition, that is good for promoting the real estate industry sustained, stable and healthydevelopment.Based on the papers what research company efficiency and companies’ investmentefficiency input and output indicators, from both static and dynamic evaluate the investmentefficiency of listed real estate company. The paper sort the effective listed real estate company,while revealing companies’ investment degree of relaxation. On the basis of above analysis,the paper find the factors what affect the listed real estate company investment efficiency, andquantitative analysis the influencing factors’ significant level. Finally, the paper proposes thesuggestions to elevate the investment efficiency of list real estate company.The paper has six chapters. The contents are as follows:The first chapter is introduction, which includes: background, purpose and meaning,review home and abroad, method and innovation of the paper.The second chapter is investment efficiency and measure method, which introduce theconcept of efficiency and investment efficiency. This chapter describe and compare thetheories and measure methods of investment efficiency in order to laying the theoreticalfoundation for quantitative analysis.The third chapter is static investment evaluation of the listed real estate company. Thischapter build real estate investment efficiency evaluation index system and select the netlong-term investment, total fixed assets, intangible assets, net short-term operating costs andemployee benefits payable as input indicators, the total revenue and net profit for the outputindicators. This chapter use BBC-DEA model to measuring the investment efficiency of real estate company and use super-efficiency DEA model to sorting the effective listed real estatecompanies.The forth chapter is dynamic investment evaluation of the listed real estate company. Thischapter describe the necessity for dynamic evaluation of real estate investment efficiency anduse Malmquist index measuring real estate companies’ dynamic investment efficiency. Finally,this chapter use TFP to partial decomposition the efficiency changes of every company.The fifth chapter is efficiency influencing factors analysis. The chapter evaluate theinvestment efficiency of listed real estate company. On the basis of above analysis, thischapter select the main influencing factors from the ownership structure, the assets of thecompany and the external characteristics to analysis the affecting degree with TOBIT model.The sixth chapter is conclusion and suggestion. This chapter introduce the conclusion ofthe paper and put forward the policies and suggestions about how to improve companies’investment efficiency.