基于DEA方法的江浙沪地区房地产上市公司投资效率实证分析

Empirical Analysis of Investment Efficiency of Real Estate Listed Companies in Jiangsu,Zhejiang and Shanghai Based on DEA

基于数据包络分析(DEA)方法分析了江浙沪地区房地产开发上市公司的投资效率,构建了以总资产、主营业务成本和应付职工薪酬为投入指标,以每股收益和净资产收益率作为产出指标的投入产出指标体系,将2014—2018年江浙沪地区的16家房地产开发上市公司的财务数据作为样本进行研究,结果表明:只有栖霞建设和亚通股份两家公司五年间都达到技术效率以及规模效率有效,其他企业投资效率值波动较大,本文针对以上研究结果提出相关建议。

Based on the data envelopment analysis(DEA)method,this paper analyzes the investment efficiency of real estate development listed companies in Jiangsu,Zhejiang and Shanghai,constructs an input-output index system with total assets,main business costs and employee compensation payable as input indicators,and earnings per share and return on net assets as output indicators,and lists 16 real estate development listed companies in Jiangsu,Zhejiang and Shanghai from 2014 to 2018.The financial data of the companies are taken as samples for research.The results show that only Qixia construction and Yatong Co.,Ltd.have achieved technical efficiency and scale efficiency in five years,and other enterprises’investment efficiency values fluctuate greatly.This paper puts forward relevant suggestions according to the above research results.