Research On The Financing Efficiency And Influencing Factors Of Listed Real Estate Enterprises In China

At present,real estate has become the pillar industry of our national economy and plays an irreplaceable role in promoting the economic development of our country.However,under the adjustment of national macro policy,the real estate industry funds supply is affected.In addition,in the context of macroeconomic transformation and supply-side structural reform,the real estate enterprises in financing and management face greater extrusion,the operation of the real estate industry and enterprise pressure continues to increase,to effectively alleviate the cash-strapped state,maximize improve the financing efficiency of real estate enterprises is imperative.Therefore,this paper focuses on the financing efficiency of listed real estate enterprises in China,and analyzes the efficiency level,efficiency improvement and influencing factors in the current situation.In this paper,the financing efficiency of real estate enterprises is realized through capital--assets--asset income path,so in the empirical analysis,the asset variable(intermediate variable)is introduced,which makes the "black box operation" in the existing DEA analysis transparent and materialized.In addition,the path is divided into:investment:asset(" phase Ⅰ");assets:output("phase ⅱ ");investment:ouput("phase ⅲ").Firstly,this paper summarizes the existing literature from the aspects of influencing factors of financing efficiency,measures of financing efficiency and real estate financing efficiency,analyzes the deficiencies of existing literature and makes clear the research Angle.Then the paper analyzes theory,establishes a measurement method of the efficiency,provides a theoretical basis for empirical analysis.Then,from the perspective of static and dynamic,this paper studies the financing efficiency of Chinese real estate enterprises and the improvement of the changes,and compares the samples according to the property right property,and finally clarifies the factors that affect the financing efficiency of real estate enterprises.Among them,DEA model analysis shows that the mean value of financing efficiency of listed real estate enterprises in China is less than 1,which is not fully effective,and the average efficiency of state-owned real estate enterprises is higher than that of non-state-owned real estate enterprises.The analysis results of Malmquist model show that the improvement of financing efficiency of the sample enterprises is not ideal,and the improvement of state-owned real estate enterprises is relatively good in phase one,while the improvement of non-state-owned enterprises in phase ii and phase iii is relatively good.In addition,Tobit regression analysis shows that the financing efficiency is related to the enterprise scale negatively,and is directly related to other financial indicators.At last,the author puts forward some Suggestions and opinions on raising the financing efficiency of the real estate industry from the perspective of government and enterprises.