The Empirical Research On The Relationship Among The Market Structure Efficiency And Performance Of The Real Estate Industry In Zhengzhou City

With the deepening of housing reform, the real estate industry has entered a period of rapid development and become a new economic growth points and growth of national economy development. With home prices soaring and the real estate market is heating up, the healthy development of real estate has become a common focus which is concern to the government and people. It has become a key and difficult of research in academic field. Zhengzhou is the core city of rising strategy in central China, whoes real estate industry developed rapidly, directly contributing to the development of relevant industries, for the region economic prosperity has made great contributions. In this paper, using industrial organization theory to study the relationship among the market structure, efficiency and performance of Zhengzhou real estate industry in order to solve the current problems in Real Estate Industry of Zhengzhou and proposes the corresponding countermeasures and suggestion. This paper covers the following aspects:1. Using of industrial organization theory to study the structure of real estate market in Zhengzhou city. By calculating the market share, market concentration, HHI index and other indicators of the real estate in Zhengzhou city, found that the structure of real estate market Zhengzhou city is less concentrated competitive and more competitive market.2. As the top 25 companies of the real estate market in Zhengzhou City from 2004 year to 2008 year for the sample, using the C2 R and BC2 model of data envelopment analysis(DEA), estimates its technical efficiency, pure technical efficiency and scale efficiency. The results showed that from 2004 year to 2008 year the average technical efficiency, pure technical efficiency and scale efficiency of the real estate market in Zhengzhou City is lower, and indicated that real estate operating companies was less efficient and non-reasonably used of resources.3. Make profit margins and Lerner Index as a measure of Zhengzhou City real estate market performance indicators. By caculating, founded that the real estate companies' profit margins are higher in Zhengzhou City, but its operting is less efficient; the real estate companies' Lerner Indexs are bigger in Zhengzhou City, indicated the performance of real estate in Zhengzhou City is lower. The higher profit margin did not come from the higher operating efficiency;it was mainly from higher prices.4. Based on the Berger model, established the multiple regression model to test the relationship among the real estate market structure, efficiency and the performance in Zhengzhou City. Take the one huanderd and twenty-five groups data of the real estate industry from 2004 year to 2008 year, using the software of Spss 15.0, make regression analysis.The results showed the four hypotheses which were the traditional SCP hypothesis, the relative market power hypothesis (RMP), X-efficiency structure hypothesis (ESX), scale efficiency hypothesis (ESS) were not set up in the real estate industry in Zhengzhou City.But it had the characters of efficiency hypothesis with a certain degree. It indicated that the real estate induetry did not meet the optimal size of enterprises in the same production technology and management level, but with higher efficiency scale real estate development enterprises occupied the higher market share.5. Based on above research, proposes the corresponding countermeasures and suggestion in order to improve the real estate market performance of Zhengzhou city from two levels of government and real estate business.