Study On The Performance Evaluation Of REITs Based On The Super Efficiency DEA Model

Nowadays the national economy is in the rapid development stage. The real estate industry plays an important role in stimulating economic growth and expanding employment, which is the lifeline of the national economy development. As is known to all, monetary fund is essential to the development of the enterprise just like the blood to the body. For capital-intensive real estate development industry, the importance of funding is far more than most other sectors. So the financing channel is the core management content for property developers. But it’s characterized with large amount of investment, long cycle of construction, simple financing channel and slow capital turnover of housing. So the banks take on large risks. In order to prevent possible real estate bubble, policy makers unveiled a series of macro-control measures in view of the real estate industry since 2005. The direct result is that the financing is more and more difficult for many real estate enterprises, capital channel is more and more narrow and face the danger of capital chain rupture. Especially as the China economy enters the new normal, real estate industry has entered a new normal too. If China economy should be long-term and stable development, need to do a lot of innovation, especially financial innovation. But as a product of the real estate and financial innovation, real estate investment trusts can effectively solve the demand for capital investment. At the same time, as a kind of new investment of high income and liquidity products can accelerate the formation and development of capital market. From the perspective of financing, real estate investment trusts can be used as an important financing channel of property developers; From the aspects of pricing mechanism, the real estate investment trusts pricing mechanism can bring rational price benchmark for the housing market, leading the real estate prices return to rationality; From the aspect of efficiency and risk control, as the real estate securitization varieties, the real estate investment trusts can revitalize the financial resources better and avoid the risk of accumulation problem under the single financing system, thus bring structural changes to financial market and improve the efficiency of the financial market. From the point of investment, REITs reduce the investors to participate in real estate investment threshold and reduce for the purpose of investment in the real estate transaction and implement the deal of real estate investment more convenient. From the point of real estate enterprises, REITs can help real estate enterprises revitalize the illiquid assets and stabilize cash flow of real estate enterprise. It can be said that REITs is the financial industry for the development of the real estate industry innovation important support. There will be theoretical research value and realistic guiding significance in establishing the financial structure of the real estate in our country and improving China’s real estate financial market and promoting China’s real estate industry healthily, orderly and concertedly.As the Real Estate Investment Trust originated in the United States, and after nearly fifty years of development, the United States has the world’s largest REITs market and formed the mature REITs system. There will be important and valuable for us to study its development and the system of markets if we want to introduce REITs to China. As Singapore and Hong Kong is similar to the mainland China in financial market structure. Understanding REITs development status of Singapore and Hong Kong can be extremely valuable for the related departments and project listed real estate companies in China. So the paper evaluates the REITs performance of US, Singapore and Hong Kong in the period of US subprime mortgage crisis by SE-DEA model. Not only provides a more accurate and comprehensive evaluation method for REITs, but also provide a new train of thought for REITs market system and the establishment of the regulatory system.The first chapter outlines the research background, significance, research content, research methods, innovation and literature review at home and abroad. The second chapter mainly introduces the real estate investment trust and laid the theoretical foundation for the following article section; The third chapter is a review of the development of China’s real estate investment trust and analysis the necessity and feasibility of the development of real estate investment trust in China and discusses the institutional obstacles in the development of REITs. The fourth chapter is the analysis of the real estate investment trust development situation in USA, Singapore and HK and explores the process of product design, development, operation mode and system and sums up the main experience; The fifth chapter is to evaluate the performance using super efficiency DEA model to several REITs of USA, Singapore and HK and get the evaluation methods of REITs risk and return. The sixth chapter summarizes some conclusions of this paper and put forward some suggestions and points out the further research and the insufficiency of this article.