基于DEA-CCR模型的房地产行业上市公司产融结合运营效率研究

Study on operational efficiency of listed companies in real estate of combination between industry and finance based on the DEA-CCR model

文章以2012-2016年沪深市公布的产融结合的房地产上市公司为样本,采用DEA-CCR模型从投入和产出两个方面测定产融结合效率值,并从外部环境和内部结合两方面分析了影响我国房地产上市公司产融结合的运营效率的因素。研究表明,我国房地产上市公司产融结合行业内效率差异大,没有达到实质性的协同效应,而且不同参股比例下的产融结合也显示出不同的效率水平。基于此提出房地产企业需要根据自身特点合理规划,实现产融结合的战略协同等建议,从而实现提高房地产企业产融结合效率,推动房地产企业突破发展瓶颈的目的。

Taking the listed real estate companies as a sample which were published in Shanghai and Shenzhen Stock Exchange from the year 2012 to 2016 and whose industry is combined with its finance, the thesis uses the DEA-CCR model to analyze the melting efficiency in combination between industry and finance of real estate listed companies. From two aspects of the external environment and the internal combination, the paper analyzes the affecting factors and operation efficiency of the combination between industry and finance. According to the analysis, the combination between industry and finance of China＇s real estate listed companies have not achieved a substantial synergistic effect and it also shows different efficiency levels under different participation rates. To improve the operation efficiency of listed real estate companies, we need to plan reasonably according to the characteristics of the real estate industry and realize the strategic coordination of production and integration. Meanwhile, we need to improve the chain of combination of production and finance and enhance the synergistic effect of the combination.The last but not the least, we should accelerate the reform and development of the capital market so that we can promote the operational efficiency of production and finance.