基于数据包络分析的企业资本利用有效性研究

Efficiency on Capital Using of Enterprises by Data Envelopment Analysis

数据包络分析(DEA)是一种评价相对有效性的线性规划方法,在多个输入、多个输出情形下的投入产出效率分析中多有应用,并可进行规模效应分析。本文采用DEA方法,以沪深股市50家房地产上市公司为样本,采用其2002年度财务数据,对样本公司资本利用的有效性进行了实证分析。研究表明,我国多数房地产上市公司既存在着显著的技术非有效,也存在着显著的规模非有效;其中,主营业务收入5亿元以上的公司一般运行在规模效益递减区间,这意味着并不是最大的公司具有最好的资本利用有效性。

Data Envelopment Analysis (DEA ) is a kind of linear programming method, which has been widely applied to the input-output efficiency analysis with multi-input and multi-output and the scale effect analysis. Based on financial data in 2002, this paper offers an alternative perspective and characterization on the performance of 50 listed real estate companies in China, especially on the efficiency on capital using. The results indicates that most listed real estate companies in China exhibited not only serious technical inefficiencies, but also serious scale inefficiencies; and those companies with a revenue more than $500 million usually operated in a decreasing return to scale (DRS) region, that is to say, revenue-top-ranked companies do not necessarily have top-ranked performance in terms of efficiency on capital using.