房地产上市公司经营效率的DEA评价

文章运用数据包络分析的CRS和VRS模型,对我国证券市场有代表性的49家房地产上市公司2004年的经营效率进行了分析与评价。通过对各上市公司的技术效率、纯技术效率、规模效率及其规模效益状况的分析得出:从整体上看,我国房地产上市公司的经营发展水平处于上升阶段;在目前经营规模上的经营效率比较高;整体上基本接近规模有效;大部分的上市公司处于规模收益递减区间。

Evaluation of the Operational Efficiency of Listed Real Estate Companies by DEA

The steady development of the real estate industry is an academic focus in recent years.In order to suppress the overheated investment in real estate,the country issues and implements a series of relevant(policies) to "lower the temperature" and they make the real estate developer's funding and operational liabilities encounter the bottleneck.In precarious situation of macro adjustments and controls,how on earth the(circumstances) of the listed real estate companies are is a question that investors in security market and(government's) policymakers pay close attention to.In this paper,we analyzes and evaluate the operational(efficiency) of 49 representative listed companies in field of real estate in 2004 by using CRS model and VRS model of data envelopment analysis.And we calculate technological efficiency,pure technological efficiency,scale(efficiency) of all DMUs and their scale efficiency return situations and draw some conclusions: As a whole,the management development level of the listed real estate companies of our country is at the stage of rising;their operational efficiency under the current business scale is higher than past;It is close to the effective scale on the whole;most listed companies are in the interval of diminishing returns to scale.