基于Malmquist指数的房地产企业动态投资效率研究

Analysis on Dynamic Investment Efficiency in Real-estate Enterprises:Based on the Malmquist Index Approach

基于2004年～2008年中国57家房地产企业的面板数据,采用DEA方法构建的Malmquist指数,测算了房地产企业的动态投资效率,结果显示中国房地产企业动态投资效率年均增长7.1%,其增长动力主要来源于规模效益而不是纯技术效率。在此基础上,分析了不同区域、不同所有权性质、不同股权结构的房地产企业动态投资效率及变化趋势。实证表明,区域内的房地产企业动态投资效率与区域经济发展状况基本相吻合;不同的股权终极所有权性质对房地产企业动态投资效率的影响程度不一致;股权集中度与房地产企业动态投资效率呈现不规则的非线性曲线关系。

This paper provides an empirical analysis on the Dynamic Investment Efficiency （DIE） of China＇ s 57 real-estate enterprises from 2004 to 2008 by making use of Mahnquist productivity index and panel data model .The results show that DIE of Real-estate enterprises have been growing 7.1% average annually. But the growth impetus came nlainly from its SEC rather than PTEC. And then it analyses DIE and its trends from different regions, different nature of ownership and different ownership structure of listed companies. The empirical results indicate that DIE coincides with economic development of the region and is affected by the ultimate ownership. In addition, there is irregular non-linear rather than linear relationship between DIE and the ownership concentration.