产融结合型房地产上市企业效率问题实证研究  

Research on Efficiency of Real Estate Listed Companies Based on Integration of Industry and Finance

作　　者：周梅[1] 杨洋 常翔 ZHOU Mei;YANG Yang;CHANG Xiang(School of Finance,Shanxi University of Finance and Economics, Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《经济问题》2019年第4期32-40,共9页On Economic Problems

摘　　要：通过选取2010-2017年以参股金融机构方式进行产融结合的房地产上市企业为样本,运用数据包络分析方法的C^2R模型,分析了实现产融结合的企业的效率表现以及影响营业利润的主要因素。实证研究发现:2010-2017年间,我国产融结合型房地产上市企业的数量逐年递增,但是整体表现出平均效率水平不高的问题。在盈利性、成长性、协同性指标上,高效组较低效组均表现良好,高效组实现了更有效的产融结合;在生产要素的投入方面,劳动投入对企业调整后营业利润的影响要大于资本投入对企业调整后营业利润的影响,反映出我国现阶段大多数产融结合型房地产上市企业并没有实现真正意义上的产融结合,企业资金的使用效率偏低;同时发现调整后营业利润与企业经营规模呈正相关关系,拥有较高营业收入的企业一般都伴随着较高的营业利润,这得益于企业的生产规模效应。This paper chooses real estate listed companies that have joined financial institutions in the process of combining industry with finance from 2010 to 2017 as samples, and uses the C2 R model of Data Envelopment Analysis to analyze the efficiency performance of enterprises that realize the integration of industry and finance and the main factors that affect the business profits of enterprises. Empirical research found that: from 2010 to 2017, the number of real estate listed companies in China has increased year by year, but the overall performance of the average efficiency level is not high.In terms of profitability, growth and synergy, the high-efficiency group performed well, and the high-efficiency group achieved a more effective combination of production and finance;in terms of input of production factors, the impact of labor input on the adjusted operating profit of enterprises is greater than that of capital input on the adjusted operating profit of enterprises.At the same time,it is found that the adjusted operating profit is positively correlated with the scale of the enterprise, and the companies with higher operating income are generally accompanied by higher operating profit.

关 键 词：房地产 产融结合 效率 

分 类 号：F830.9[经济管理—金融学]