| Real estate industry has an important role in the national economy.It is one of the basic industries to drive China's economic development.Real estate industry's healthy development can ensure the stable development of the national economy,but also help to protect the people's housing needs.Real estate industry's investment efficiency provides the basis for to evaluating the allocation level of real estate industry's resources.By studying investment efficiency of Anhui Province real estate industry,we can learn the allocation situation of Anhui Province real estate industry and analyze the overall level of investment efficiency of Anhui Province real estate industry and the differences between regions in Anhui Province.When the paper constructs the evaluation system of real estate industry's investment efficiency,it not only considers the inputs and outputs of real estate enterprises in real estate industry,but also considers the inputs and outputs of the government in real estate industry.The evaluation system meets our country's definition of real estate industry economic activity,the investment efficiency evaluation system of real estate industry constructed in the paper more perfect.First,the paper analyzes the real estate industry investment current situation of Anhui Province and its prefecture-level cities.Then,the paper uses 16 prefecture-level cities in Anhui Province as a sample,selects relevant indicator data from 2011 to 2014,and uses principal component analysis method to input indicators and output indicators,extracts principal components,calculates their principal component scores,and makes the scores converted into positive data as input indicators and output indicators data.Secondly,the paper uses BCC model and Malmquist Index model to evaluate investment efficiency of Anhui Province real estate industry in static and dynamic.The results indicate that investment efficiency level of Anhui Province overall real estate industry is not high.Only investment efficiency of Hefei real estate industry always at a high level in the four years,investment efficiency of other prefecture-level cities real estate industry is change.Investment efficiency of Anhui Province real estate presents obvious geographical distribution characteristics.The southern in Anhui Province has a high level in investment efficiency of real estate industry.The northern in Anhui Province has a low level.From 2011 to 2014,investment efficiency of Anhui Province real estate industry has declined.Real estate industry technology progress has an important influence on the increase of investment efficiency of Anhui Province real estate industry.This paper also analyzes the factors affecting investment efficiency of real estate industry,establishes Tobit model of the influence factors of real estate industry's investment efficiency,and makes an empirical analysis.The results illustrate the level of urbanization has a significant positive impact on investment efficiency of Anhui Province real estate industry.Financial development has a significant negative impact on efficiency investment of Anhui Province real estate industry.Although real estate industry scale is not significant on investment efficiency of Anhui Province real estate industry,but still had a positive impact.Economic growth is not significant on investment efficiency of Anhui Province real estate industry.Finally,the paper makes a summary on empirical results,and from the two subjects of real estate companies and the government,gives the policy recommendations on improving investment efficiency of Anhui Province real estate industry. |
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