Study On The Financing Efficiency Evaluation Of The Real Estate Enterprise In China

As the leading industry of China, the real estate plays an indispensable role instimulating economic growth and promotes economic development，and at the same time itimproves people`s lives。Development funds applied to real estate has some characteristics，such as great demand、long duration and input concentration。Because most real estatecompanies do not have sufficient own funds。So they need financing。Real estate companies inour country which formerly rely on single financing model（bank loans）have changed to amultiple financing model。However，due to the introduction of state regulations of the realestate market and a series of macro-control policies，finance environment for real estate isbecoming more and more tense， and is more difficult for real estate corporate to financing。This study focuses on financing efficiency of real estate。Firstly，we collect manyrelevant papers and information to understand the basic theory and methods related to theefficiency of corporate finance。Secondly，on the basis of results of previous studies，wedefine the meaning of the financing and financing efficiency，and describe the real estatecorporate finance current situation。We use the data envelopment analysis to To constructevaluation model for financing efficiency。And we select the financing cost，the debt ratio，business cost as the input indicators，and select total asset turnover， current ratio，operatingmargin as the output indicators。This paper choose32listed real estate companies as samplesto evaluate the financing efficiency。We find that，real estate companies in our country haslow scale efficiency，and raising funds for efficiency and capital allocation efficiency areequally important。At last，we conclude that，the state should provide an appropriate financingenvironment for real estate companies；adjustment of corporate debt ratio in order to properlycontrol the size of the real estate companies；strength the real estate enterprise informationdisclosure system and increase business credit；standardize and improve the financialmanagement system；optimize the finance structure and improve efficiency of the raisingfunds； optimize enterprise investment structure and improve the efficiency of capital allocation。The ultimate goal is to improve the efficiency of real estate financing and stimulatehealthy development of real estate companies。...