Analysis Of Financing Efficiency And Influencing Factors In China's Real Estate Industry

Based on the analysis of the current development and financing situation of China's real estate industry,this paper holds that since the new deal of September 30,2016,a new round of regulation and control policy implemented by our government based on 'no speculation in housing' and 'deleveraging' have resulted in a sharp decline in the growth rate of commercial housing sales,a stabilization of house prices,an increase in land prices,and a decline in land transaction premium.In addition,it also made the overall investment growth rate of the real estate industry in China in a positive range,the industry concentration continues to improve,the financing channels are limited,the financing cost rises,and the financing risk increases step by step.Faced with the development of real estate industry in the new situation,it is necessary to study its financing efficiency.First of all,the paper reviews the domestic and foreign researches related to the financing efficiency and carries on the theoretical analysis to lay the foundation for the later empirical research.And the financing efficiency is defined as the ability of enterprises to reasonably introduce capital and effectively use it to create enterprise value on the premise of scarcity of resources.It is a set of financing decisions that maximize profits with the minimum financing cost.Secondly,the author design a set of input-output index system according to the characteristic of the real estate in our country and use the sbm-dea model to measure the financing efficiency of China's real estate industry.It is concluded that the overall financing efficiency of China's real estate industry in recent years is not high and mainly due to pure technical efficiency.At present,there is a lot of room to improve the overall financing efficiency.Meanwhile,we can make a conclusion that the financing efficiency isn't stable yet by applying malmquist index to measure dynamic financing efficiency.Thirdly,The paper also use tobit regression model to test the influencing factors on the financing efficiency of China's real estate industry.The results show that macroeconomic operation,enterprise scale,profitability,solvency and operation ability have a positive impact on the financing efficiency of China's real estate industry,and the cost of market capital has a negative impact on the financing efficiency of China's real estate industry.Finally,based on the research and analysis,the following countermeasures and suggestions are put forward as follows:Keep exploring the'Internet+Real estate' application mode;Improve investment and development efficiency and establish risk management mechanism;Broaden financing market and improve financial regulation system.