基于DEA的我国房地产上市公司股权融资效率分析

An Empirical Study on Equity Financing Efficiency of Chinese Listed Real Estate Companies:Based on the DEA Method

房地产业是国民经济的基础产业和先导产业,在我国经济和社会格局中占有重要的地位。作为典型的资金密集型行业,充裕自由的现金流是保证房地产企业正常运转的前提。近年来,在持续过热的房地产市场行情刺激下,我国房地产上市公司存在较明显的投资冲动和股权融资冲动。为了评价房地产上市公司的这种行为是否理性,基于数据包络分析法(DEA)对14家房地产上市公司的股权融资效率进行了实证检验,得出我国房地产上市公司股权融资效率总体呈低效状态的结论。最后,就如何提高我国房地产上市公司股权融资效率提出了相关对策建议。

As a basic and leading industry of the national economy, the real estate industry plays a very important role in the economic and social pattern. And as a typical capital -intensive industry, sufficient free cash flow is a prerequisite for ensuring the normal operation of the real estate companies. But with the real estate market being continuously hot, Chinese real estate companies have a strong impulse for equity financing. By employing the DEA method, we evaluate the financing efficiency of 14 listed real estate companies, and find that the financing efficiency of Chinese listed real estate companies is inefficient generally. Finally, we propose some suggestions to improve the financing efficiency of Chinese listed real estate companies.