Research On Investment Efficiency And Influencing Facrors Of Small And Medium Real Estate Based On DEA

Real estate industry is an important force in China's national economy.With the rapid development of the real estate industry and the increasingly fierce competition in the industry,enterprises are facing the dual pressures of national macro-control and market demand changes.Effective investment is extremely important for the development of enterprises.Evaluating the investment efficiency of an enterprise,analyzing its internal management mechanism and exploring the influencing factors of the investment efficiency are of great practical significance for improving the investment efficiency of an enterprise.This paper establishes an evaluation index system suitable for small and medium-sized real estate enterprises through the research of relevant literature on investment efficiency and influencing factors,and combines relevant theories.The DEA model is used to analyze and evaluate the investment efficiency from both static and dynamic perspectives.On this basis,the factors affecting the investment efficiency are selected to explore its impact mode and significant degree.Combining the above research,this paper provides suggestions for improving the investment efficiency of small and medium-sized real estate enterprises.Through the research,the main conclusions are as follows:(1)From the static analysis of investment efficiency of SME real estate listed companies,we can see that the overall efficiency of SME real estate companies has not reached an effective state in five years,but it is very close;the overall performance of pure technical efficiency is good,and the overall trend is increasing;the scale efficiency is relatively poor,and it is in an invalid state in five years.Therefore,scale efficiency is the main factor restricting investment efficiency.In the past five years,the scale benefit of each company is basically in the state of increasing returns to scale,which shows that although the scale benefit is not high for the time being,it has been in the increasing trend and the future development trend is better.There is a large gap in efficiency between companies,the proportion of input and output is notcoordinated,there is a certain degree of investment redundancy and output shortage.Non-effective companies have a certain degree of investment redundancy in total assets,main business costs and salaries payable to employees,especially salary redundancy payable to employees is more serious,while insufficient output is mainly reflected in net profit.From the dynamic analysis of investment efficiency of small and medium-sized real estate listed companies,we can see that the decline of total factor productivity is mainly restricted by technological progress.In the long run,improving the technological efficiency of enterprises and promoting technological progress are the most important things for enterprises to improve their investment efficiency.Enhancing the ability of technological innovation and introduction of investment will enable real estate enterprises to develop steadily and gradually improve their investment efficiency.(2)Through the analysis of the influencing factors of real estate investment efficiency,we can see that the return on net assets,the growth rate of main business income and the company size have a significant positive correlation with the investment efficiency at the level of 1%;the management monetary salary and the investment efficiency have a significant positive correlation at the level of 5%;the two-job part-time and internal cash flow have a positive correlation with the investment efficiency,but not through obvious correlation.Authorship test.In a significant positive correlation,the return on net assets has the greatest impact on the efficiency of enterprise investment.(3)Analyzing the influencing factors of real estate investment efficiency,we can find that the proportion of the largest shareholder has a significant negative correlation with the investment efficiency at the level of 1%;the balance of equity has a significant negative correlation with the age of the company and the investment efficiency at the level of 5%;the asset-liability ratio has a significant negative correlation with the investment efficiency at the level of 10%;the proportion of management shareholding and accounts receivable.Turnover rate is negatively correlated with investment efficiency,but it has not passed the significance test.In a significant negative correlation,the proportion of the largest shareholder has the greatest impact on the efficiency of enterprise investment.