增加土地储备能提升房地产开发企业的绩效吗?——基于114家房地产上市公司面板数据的实证分析

Can Land Reserve Improve Performance of the Real Estate Enterprises?——An Empirical Analysis Based on Panel Data of 114 Real Estate Listed Companies

将土地储备行为纳入到房地产开发企业绩效研究的框架中,构建了一个土地储备决策模型,并以114家房地产上市公司为样本,运用DEA-Tobit两步法实证分析了土地储备行为对房地产开发企业绩效的影响,进一步解释了不同所有权性质和企业规模的房企在土地储备行为上的差异性。研究发现:土地总储备面积对房地产开发企业绩效增长有显著的正效应;当年土地储备面积和绩效之间则呈"倒U型"关系;相对于民营、小型房企而言,国有以及大型房企增加土地储备更能促进企业绩效的提升;房地产开发企业应合理规划土地储备规模,政府需加强对土地市场的监督和管理。

Putting the land reserve behavior into the framework of performance research of real estate enterprises,constructing a land reserve decision model,and taking 114 real estate listed companies as samples,the article uses DEA-Tobit two-step method to analyze the impact of land reserve behavior on the performance of real estate enterprises and further explains the differences in land reserve behavior of real estate enterprises with different ownership and size.Research finds that the total land reserve has a significant positive effect on the performance growth of real estate enterprises.The annual land reserve and performance are"inverted-U"relationship.Compared to private and small-scale house enterprises,land reserve increase of state-owned and large-scale house enterprises better promotes performance.Therefore,real estate enterprises should reasonably plan land reserve scale and the government needs to strengthen supervision and management of land markets.