A Research Of Financing Of SM On DEA-Malmquist

As one of the economic pillar industries in China,real estate enterprises have seen their development momentum become fluctuating in recent years.At the same time,as a capital-intensive industry,they have a large demand for cash flow,a large-scale company,and a long production and operation cycle,high-yield high-risk characteristics.Since the first half of 2019,China's urban regulation and control policies have varied,and some cities have successively introduced loose-type policies for buying houses and financing related to housing enterprises,while the regulation and control policies of some popular cities are still in a tightening state,as more talents choose to live in second-and third-tier cities,real estate enterprises gradually pick up,thus also to some extent ease the real estate industry financing difficulties,lack of funds and other issues.The data showed that the sales area of commercial housing in China in the first half of 2019 was about 760 million square meters,down 1.8 percent year-on-year.Instead,the sales volume increased 5.6 percent year-on-year,to about 7.1 trillion yuan.How to improve the efficiency of enterprise financing and solve the problem of enterprise fund shortage under the background of cyclical fluctuation of economic environment has become the focus of real estate enterprises.At present,the quantitative analysis of the financing efficiency of real estate enterprises has become a hot topic.Under this background,this paper chooses SM group as the research object,uses DEA model to measure its financing efficiency,and analyzes the result to draw a conclusion.This paper selects 10 listed companies in the real estate industry as the analysis sample for horizontal comparison of SM Group,firstly,the static efficiency and pure technical efficiency of the sample enterprises from 2016 to 2018 are analyzed and evaluated by DEA basic model,and it is found that the indexes of SM Group are in the middle and lower reaches of the sample enterprises.Although in the stage of scale economy,but limited by the size of the company,financing scale,can not achieve the optimal efficiency,even lags behind the majority of sample enterprises.At the same time,the dea-malmquist model is used to analyze the dynamic efficiency index of sample enterprises from 2016 to 2018.Through the analysis of the total factor productivity index of the sample enterprises,it is found that SM group has the biggest increase in three years,it is an industry leader,but the sharp increase in 2017 also contrasts with the steady growth of the rest of the sample.It shows that SM group still needs to improve its asset structure,financing structure,further reduce the financing cost,and optimize its business management ability,so that it can keep sustainable,stable and long-term development under the background of constantly fluctuating market environment...