Research On The Measurement And Influence Factors Of China’s Real Estate Industry Efficiency Based On DEA-TOBIT Model

Since 1998,China has established a policy of stopping the physical distribution of housing and gradually implementing the monetization of housing distribution.And then,the real estate industry in China has begun to move towards marketization.At the same,it has entered the “golden age” of the industry.Due to the real estate industry has close economic and technological links with many industries,the industry has once become a basic and strategic industry which is supporting the development of our national economy.However,there are also many problems of the real estate industry in China.For example,the scale of funds continues to gather in the real estate industry,leading China’s real economy to structural distortions without financial support.Therefore,in order to realize the long-term healthy and stable development of China’s real estate industry and promote the optimization and upgrading of China’s real estate industry,it is necessary to study efficiency of China’s real estate industry.In order to evaluate the efficiency of China’s real estate industry and explore the influencing factors of the industry’s efficiency,this paper selected the two-stage method of DEA-TOBIT model for empirical research.First,based on the theory of input and output and the concept of technical efficiency proposed by Farrell in 1957,this paper took China’s real estate industry as the research object and evaluated the efficiency of China’s real estate industry from three aspects: the overall efficiency of the real estate industry,the efficiency of real estate industry in the eastern,central and western regions of China,and the efficiency of real estate development enterprises with different market capitalization in China.Calculated by DEA model,we can get the conclusions that under the conditions that the pure technical efficiency is generally high,scale inefficiency is the main reason for the low comprehensive efficiency of the industry at present and the overall efficiency level of the central region is higher than the other regions and comprehensive efficiency,pure technical efficiency and scale efficiency of enterprises with large market capitalization are higher than other kinds of market capitalization,but the scale efficiency of enterprises with all kinds of market capitalization is generally low.Then,based on the efficiency evaluation and the theory of industrial organization and the knowledge spillover model proposed by American economist Romer,this paper took the overall comprehensive efficiency,pure technical efficiency and scale efficiency of China’s real estate industry as the dependent variable respectively,using the TOBIT model to explore the factors affecting the efficiency of China’s real estate industry.According to TOBIT regression results can be seen that labor productivity level,industry profit rate,market demand,industrialization level and investment in equipment have a significant correlation with the three types of efficiency,but the proportion of urban population,market openness and the number of enterprises have no significant impact on the overall efficiency of the real estate industry.Finally,according to the research conclusions,this paper puts forward some suggestions on how to improve the efficiency of China’s real estate industry from three aspects: the government should strengthen policy guidance and establish sound industry standards;the related department of the industry needs to accelerate the pace of industrial restructuring and improve the efficiency of resource utilization;real estate enterprises pay attention to optimizing their own production scale and improve the output efficiency of real estate enterprises.