Study On Investment Efficiency Of Real Estate Industry Of Chinese Listed Companies

Investment is one of the troikas pulling economic growth, playing a decisive role to the growth of national economy. Fluctuations in investment spending will cause the instability of the national economy. And real estate investment plays an important role in fixed asset investment; it also determines the important role in the development of real estate investment in the national economy. The real estate industry is an emerging industry in our country, but it has gradually become a major growth point in economy in China, especially since the 21st century, the real estate industry develop fast, which is becoming more and more important on driving economic growth.Foreign investment efficiency study started earlier, and the theoretical system is relatively perfect. While the domestic study of the efficiency of investment started late, study objects and fields are limited. There exists the phenomenon about listed companies of investment inefficiency in our country, so what about the investment efficiency of real estate industry? Is the overall investment excessive or insufficient?Chapter 1 Introduction:This chapter firstly introduces the study background and significance, and it points out the necessity of studying the real estate industry investment efficiency of listed companies in China. And then it demonstrates thought and framework of the study, as well as adopting the empirical study method. Finally it states the contribution of the study angle of view, analytical tools and models, data and other aspects of deficiency.Chapter 2 Summary of investment efficiency:the foundation of the theory and literature review. This chapter firstly starts from the perspective of the investment behavior and investment decision, introducing the concept of investment efficiency situation, characteristics, influencing factors and measures. Because this article uses empirical study methods, thus it makes comparatively detailed introduction on investment efficiency model. Next one is the theoretical foundation part. In this paper, there are three theoretical bases:asymmetric information theory, the principal-agent theory and incomplete contract theory. The last is the literature review at home and abroad.Chapter 3 Development process:present situation and characteristics of the real estate industry in our country. This chapter based on three aspects of China’s real estate business conditions, industry investment and development, sales conditions as the clue, concluding the development history of the real estate industry in our country, summarizes the overall characteristics of the real estate industry of China.Chapter 4 Empirical study design and analysis:This chapter firstly starting from the investment efficiency model of Richardson, illustrating the reason of adopting and improving this model through the introduction of the advantages and disadvantages of the model, made clear redefinition of the variables in the model. Secondly, it illustrates the sample selection and data sources. Finally, it is empirical study results and analysis of the model. Among them: descriptive statistics show the mean, median, maximum minimum and the characteristics of the standard deviation index of every variable. This paper analyzes the correlation between each variable correlation analysis. Multiple regression analysis on the basis of explaining the good illustrated model, it concluded the real estate industry in our country listed company investment model and the efficiency of investment efficiency.Chapter 5 Conclusion and suggestion:This chapter summarizes the empirical study results, giving the economic explanation of factors’ impact on real estate industry investment efficiency of listed companies of our country’s, and thus puts forward policy suggestions.In this paper, the main contributions are as follows:The main contribution of this paper:At study perspectives:The former issues on investment efficiency most are started at government and bond investment, more investment in study from the perspective of macro and overall efficiency, but less from the enterprise level. And in the study of investments efficiency, often take a country and a region as a whole; seldom take a specific industry as a study object to discuss its investments efficiency.At analyzing tools perspectives:The papers is based on investment efficiency model and synthesize the specific circumstances of our country real estate industry to do reasonable improvement. It changes some problems which exist when using Richardson investment efficiency model "derivative". It is a kind of extension and development of the model and to get on China’s real estate industry listed company investment efficiency model.