Financing Efficiency Study Of A-H Shares Commercial Real Estate

With the regulation of macroeconomic policy and the supply-demandchanges in the real estate business, the real estate enterprises are having businesstransformation, commercial real estate is recognized as the next major profitgrowth point by many real estate companies. Predecessors of commercial realestate have enough researches, but most are concentrated on the study ofcommercial real estate model, commercial real estate financing methods, and lessare for the quantitative study of the commercial real estate finance companies,which is in urgent need to be solved.Under the market trend and research status，thispaper makes quantitative evaluation on real estate business, on one hand, it providessuggestions to the improvement of enterprise financing efficiency in China; on theother hand, it also makes contributions to the quantitative study of real estatebusiness. this paper uses DEA and malnquist-DEA method to evaluate the static anddynamic financing, based on the sample: data of2010－2012of A-H shares realestate listed company.This article is divided into three parts: financing efficiency, financingapplication, corporate governance efficiency. First, make static efficiencyevaluation to the financing efficiency of A-H shares business real estate listedcompanies, by using DEA data method, and then using malmquist-DEA to calculatethe changes of three-year efficiency, and then come to the dynamic efficiencyevaluation, analyse financing efficiency, make suggestions to the financingefficiency of China’s real estate on the basis of conclusion and financing currentsituation. After a general analysis of the commercial real estate financing efficiency,combined with detailed case studies of the actual situation of the commercial realestate Wanda, give static and dynamic financing efficiency evaluation of Wandarefer to Wanda’s development stages, capital structure and state of business, makedetailed analysis, based on which the author gives more specific and detailedsuggestions for Wanda’s financing efficiency improvement.