The Impact Study Of Land Reserve On The Performance Of Listed Real Estate Development Enterprises

As one of the vital industries of the country,the real estate industry,under fierce industry competition,real estate enterprises must improve their operating efficiency if they want to be invincible in the competition.As a representative of capital-intensive and knowledge-intensive industries,to some extent,listed real estate development enterprises could reflect the level of marketization and capitalization of the real estate industry.The operating status of these listed real estate enterprises is the epitome of the development of the entire industry.The performance level of development enterprises is also the most intuitive reflection of the development of the real estate industry.As a scarce and non-renewable resource,as a means of production and development for real estate development enterprises,land is the ceiling for its survival and development.In recent years,the country has tightened its policies on the land market and real estate market,which has enabled listed real estate development enterprises to obtain The difficulty of land has increased year by year.This thesis analyzes the correlation between land reserve behavior and the performance of 93 listed real estate development enterprises in Shanghai and Shenzhen stock markets,and uses empirical analysis to explore the degree of impact of land reserve behavior of listed real estate enterprises on their performance.In this paper,in the selection of performance evaluation indicators,by reading a lot of relevant literature at home and abroad,sorting out the characteristics of the current real estate industry,the principles of index selection were clarified,and a performance evaluation index system for listed real estate development enterprises was established.The DEA-Malmquist-Tobit model is used for empirical analysis.Firstly,analyzing the static and dynamic changes in the efficiency value of 93 listed real estate development enterprises in 2015-2018,and further exploring the extent to which these enterprises' land reserve behavior affects their performance.The study found that: The total reserve area has an "inverted U-shape" relationship with corporate performance,and the newly-formed land reserve area has a "U-shape" relationship with enterprise performance.Compared with small listed real estate development enterprises,large listed real estate development enterprises have more significant impact on performance with increasing their land reserve scale.Finally,according to the conclusions obtained from the empirical analysis,this paper believes that real estate development enterprises should improve their technical level in the production process to improve their performance level.Secondly,real estate development enterprises should reasonably control the number of land reserves and the reserve cycle.For real estate development of different scales Enterprises should formulate different land acquisition strategies,and should consider urban and rural land markets in the process of land acquisition;relevant government departments should strengthen supervision of the land market and real estate market,and the land and resources department should further tap the potential of urban land use and revitalize idle land and improve the efficiency of land resource utilization.The innovation of this article is to select listed real estate development enterprises as the research object from the micro level,and explore the relationship between the land reserve behavior and performance of listed real estate development enterprises from the perspective of overall regression and sub-sample regression.Some regular features were found that were not found by the predecessors,which provided new study conclusions and references for further exploration in this study direction in the future.