An Study On The Effciency Of The Listed Companies Of Real Estate In Chian Based On DEA Method

Real estate industry in China is a newly arisen industry along with the development of social economy and the innovation of housing system, which plays a more and more important role in the national economy. As the outstanding and representative parties, the listed companies of real estate have been paid much attention in the recent years in the whole market. How to assess and analyze their performance is a hotspot and difficult issue in the research.This dissertation uses DEA (Data Envelope Analysis) to evaluate the performance of the listed companies in real estate industry in China, which is popularly used in assessing the system with multiple inputs and outputs. DEA is a innovative method for assessing the efficiency, based on the concept of comparative efficiency, which has outstanding advantage on evaluating the comparative performance among the samples. In recent years, DEA method has been greatly improved both in theory and practice.The dissertation selected 36 listed companies in Shenzhen and Shanghai Stock Exchange Market as the research sample to analysis from both parallel and vertical points of view. In the parallel analysis, this dissertation used the method to evaluate the performance of the selected 36 listed companies in real estate industry in China, and analyzed a series of factors influencing the performance. On the other hand, for those companies with poor performance, the dissertation put forward some suggestions for further amelioration. As for the vertical analysis, this dissertation combines the result of performance analysis above and the basic information of the listed companies from 2001 to 2006, and further investigates the development situation of the whole industry. Through the analysis in this dissertation, the comparative performance level of the 36 listed companied in the stock market have been generated. In the results, 14 companies are thought to be the valid DMUs and the other 22 companies invalid. In addition, the dissertation analyzed the data and information of 6 years and made the conclusion that, the real estate listed companies in China had such characteristics as small size, rapid increase, obvious regional features, serious polarization and so on. Finally, according with the research product, the dissertation put forward some suggestions for the real estate companies in the stock market of China.Results from this dissertation will help the real estate companies to better understand, analyze and improve themselves, as well as to broaden the views of the developers of those companies. In addition, the research is also helpful for the investors in the stock market on how to choose a good investment objective.