基于成本弹性的中国房地产上市公司规模经济状况

Scale-economy conditions of China's listed real estate companies based on cost elasticity

准确掌握房地产企业规模经济状况是优化企业规模的前提。利用38家房地产上市公司2005—2011年的数据,采用超越对数成本函数模型测算成本弹性,判断房地产上市公司的整体规模经济状况,并从资产规模、所有权性质和进驻城市数量等角度分析各类房地产上市公司的规模经济特点。结果表明：1）中国房地产上市公司整体存在规模经济,且随时间推移,规模经济状况在逐渐优化;2）2005—2011年,存在规模经济的房地产上市公司数为26家,占样本数的68.4%;总资产在50~100亿元的房地产上市公司规模经济状况优于其他公司;民营公司规模经济状况优于国有公司;进驻10个城市以下的公司规模经济状况优于进驻10个城市及以上的公司。

Accurate understanding of the scale-economy conditions for real estate companies is the precondition for optimizing the company scale.Annual data from 38 listed real estate companies during 2005-2011 was used to calculate the cost elasticity with the translog cost function（TCF） model to judge the overall scale-economy conditions of listed real estate companies.The model is used to analyze the scale economy characteristics for different types of listed real estate companies in terms of asset size,ownership property and business coverage.The results show that there is an general scale economy for China＇s listed real estate companies and the scale-economy conditions improve over time.The results also show that during 2005-2011,scale economies existed in 26 listed real estate companies,68.4% of the total.The scale-economy conditions show that listed real estate companies with asset values of 5×109-10× 109 yuan are more successful than other companies,privately-owned companies are better than state-owned companies,and companies which cover less than 10 cities are better than the others.