生产效率与转型升级——基于房地产业的分析

Production Efficiency and Transformation and Upgrading——Based on the Analysis of Real Estate Industry

[目的/意义]宏观经济形势的变化影响着微观企业行为,新的经济形势要求房地产企业必须转变经营观念,改变经营模式,因此各房地产企业开始谋求转型。各企业转型方向各有千秋,转型效果也不尽相同。因此,对企业转型方向的分析至关重要。[方法/过程]以房地产行业为例,利用DEA-Malmquist模型与DBSCAN算法,综合考虑各项财务指标,计算92家房地产上市企业2013—2017年各年全要素生产率和历年平均值,并且将92家房地产上市企业财务指标与TFP值进行聚类分析。[结果/结论]结果显示:房地产企业的经营方向逐渐向着两个趋势——高资产负债率+低技术进步率和低资产负债率+高技术进步率演进;我国房地产行业大部分企业处于低要素利用率、低技术进步率的阶段。

[ Purpose/Significance ] Changes in macro - economic situation affect micro - enterprise behavior. The new economic situation requires that the real estate enterprises change their management concepts and business modes. The yransformation direction of an enterprise has its own advantages, and the transformation effect is different. Therefore, it is veryimportant to analyze the direction of enterprise transformation. [ Method/Process ] Taking the real estate industryas an example, this paper uses DEA - Malmquist model and DBSCAN algorithm to calculate the total factor productivity （TFP） and annual average of 92 listed real estate enterprises from 2013 to 2017. It also analyzes and clusters the financial indexes of 92 real estate listed companies with TFP values. [ Result/Conclusion] The results show that the management direction of real estate enterprises is gradually moving toward two trends ： 1 ） high asset - liabilityratio ＋ low technological progress rate, and 2） low asset - liability ratio ＋ high technological progress rate. Most enterprises in China＇s real estate industry are now in the stage of low factor utilization and low technology progress rate.