基于三阶段DEA的房地产公司债务融资效率研究

科研管理 ›› 2013, Vol. 34 ›› Issue (8): 147-157.

基于三阶段DEA的房地产公司债务融资效率研究

林宇¹, 邱煜¹, 高清平²

1. 成都理工大学商学院, 四川成都 610059;
2. 浙江师范大学工学院, 浙江金华 321004

收稿日期:2012-05-10 修回日期:2013-06-09 出版日期:2013-08-27 发布日期:2013-08-15
作者简介:林宇(1973-),男(汉),四川仪陇人,成都理工大学商学院(博士、副教授),研究方向:金融市场与公司理财、金融风险管理。
邱煜(1990-),女(汉),四川德阳人,成都理工大学商学院(硕士研究生),研究方向:金融工程与公司理财。
高清平(1977-),男(汉),湖北麻城人,浙江师范大学工学院(博士、讲师),研究方向:交通物流工程与公司金融。
基金资助:
国家自然科学基金(编号:71171025,起止时间:2012.01-2015.12);国家社科基金(编号:12BGL02起止时间:2013.1-2015.12);教育部人文社会科学研究青年基金(编号:10YJCZH086,起止时间:2010.10-2013.10);成都理工大学中青年科研骨干教师培养计划(编号:KYGG201207,起止时间:2012.1-2015.12);成都理工大学"金融与投资"优秀创新团队计划(编号:KYTD201303,起止时间:2013.1-2016.12)。

Evaluation on real estate companies’ debt financing efficiency based on the three-stage DEA model

Lin Yu¹, Qiu Yu¹, Gao Qingping²

1. School of Business, Chengdu University of Technology, Chengdu 610059, China;
2. College of Engineering, Zhejiang Normal University, Jinhua 321004, China

Received:2012-05-10 Revised:2013-06-09 Online:2013-08-27 Published:2013-08-15

摘要/Abstract

摘要： 本文分别从一、二、三线城市随机抽取了沪深交易所39家房地产上市公司作为样本,采用三阶段数据包络分析(Data Envelopment Analysis, DEA)模型分离出影响投入变量的环境因素,并对房地产调控政策下各公司债务融资效率评价进行研究。研究结果表明:上市公司的债务融资技术效率较投入变量调整前有所上升;各房地产上市公司债务融资纯技术效率水平参差不齐而表现出明显的差异性;76.92%的企业处于规模报酬递减状态,可以通过缩小债务融资规模来改善这种状态,进而在一定程度上提高其债务融资效率。

关键词: 房地产调控, 上市公司, 债务融资效率, 三阶段DEA模型

Abstract: Based on the three-stage Data Envelopment Analysis (DEA) model, and focusing on the evaluation of debt financing efficiency of a sample of 39 real estate companies which are listed in Shanghai and Shenzhen Stock Exchanges and which are randomly selected from the 1st-tier, 2nd-tier and 3rd-tier cities, this paper isolates the environmental factors influencing the input variables and studies the debt financing efficiency of each company under the regulatory policies to the real estate companies. The study results show that the listed sample companies' technical efficiency of debt financing has somewhat improved compared with the figure obtained before the input variables are adjusted; that the uneven level of listed real estate companies' pure technical efficiency of debt financing in China shows obvious difference; and that 76.92% of the companies' are in the state of decreasing the returns to scale which can be improved by narrowing the scale of debt financing, and thus their debt financing efficiency can be enhanced to a certain extent.

Key words: the regulation and control of the real estate, the listed companies, the efficiency of debt financing, the three-stage DEA model

中图分类号:

F830.572

林宇, 邱煜, 高清平. 基于三阶段DEA的房地产公司债务融资效率研究[J]. 科研管理, 2013, 34(8): 147-157.

Lin Yu, Qiu Yu, Gao Qingping. Evaluation on real estate companies’ debt financing efficiency based on the three-stage DEA model[J]. Science Research Management, 2013, 34(8): 147-157.

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