基于DEA的中国房地产企业融资效率分析  

Analysis on the Financing Efficiency of China's Real Estate Enterprises Based on DEA

作　　者：李菁[1] 刘旭玲[1] 赵毅[1] 

机构地区：[1]华中科技大学公共管理学院,湖北武汉430074

出　　处：《中国房地产》2016年第18期35-43,共9页China Real Estate

摘　　要：结合中国近5年出台的房地产调控政策,梳理当前中国房地产企业的融资现状。以134家中国房地产上市公司为样本,借助其2015年年报财务数据,运用DEA-BCC模型,测度中国房地产企业的融资效率水平。结果发现:1中国房地产企业的融资效率水平整体偏低;2规模效率不足严重制约着中国房地产企业融资效率的提高;3中国房地产企业现有产业结构较合理,但资金配置及管理模式欠佳。提出建议:一是合理控制融资规模,防范房地产融资风险。二是优化资本结构,加强融资技术管理。三是创新融资方式,构建科学的企业资金链管理模式。This paper combs the current financing situation of China＇s real estate enterprises combined with the real estate regulation policies in China for nearly five years.Taking 134 Chinese real estate listing corporation as a sample, with its 2015 annual report financial data, this paper uses DEA- Bee model to measure the level of financing efficiency of China＇s real estate enterprises.The results showed that： （1）The whole of real estate enterprises financing efficiency level is low in China;（2）Lack of scale efficiency seriously restricts the improvement of financing efficiency of Chinese real estate enterprises;（3）The degree of existing industrial structure of Chinese real estate enterprises is high, however the capital allocation and management mode are certainly poor. Suggestions： （1）Control the scale of financing reasonably and improve the ability of the use of capital; （2）Optimize the capital structure and strengthen the management of financing technology;（3）Construct a scientific management model of enterprise funds chain

关 键 词：房地产企业 DEA模型 融资效率 

分 类 号：F299.233.42[经济管理—国民经济]