| Real estate industry has become the pillar industry of our country economy development,under the national macro policy adjustment, money supply of the real estate industry isaffected, under this background this article from the definition of efficiency, financingefficiency as a starting point, detailed discusses the financing efficiency research situation athome and abroad, combined with China’s macroeconomic policy, we analyze the real estateindustry supply and real estate funds supply, and then analyze the factors that influence thefinancing efficiency. from2000to2010in debt financing or equity financing companies assamples, first, in accordance with the asset structure, enterprise scale of real estate enterprisecluster, select in the same category of enterprise as the decision-making unit; Because of theinfluence of the real estate industry and seasonal lag, we select2010years the first quarter to2013years the3rd quarter, secondly by using factor analysis method to reduce colinearitybetween input and output indexes, finally, we select68listed companies to evaluatecomprehensive financing efficiency,the results of the study was89.71%of financing oflisted companies cannot achieve technical efficiency and scale effectively at the same time,Financing efficiency of China’s real estate industry listed companies in inefficient state as awhole. Through redundancy analysis, pointed out the direction of the effective decision unitefficiency improvement, Finally by logistic regression analysis to verify the effects ofinfluence factors on the financing efficiency, it is concluded that asset scale, capital structure,investment income, enterprise growth stage on the financing efficiency have a significantimpact. This paper argues that China’s real estate industry financing efficiency is low, thecause is that financing arrangement is unreasonable, the financing structure and enterprise donot match, and then puts forward the ways to improve the efficiency of financing. |
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