Research On The Efficiency Of Real Estate Industry Investment Based On New Urbanization

Real estate industry have a longer industry chain and a wide range of industrial relevance,directly affect the speed and quality of the development of the national economy.Promoting real estate industry on efficient and stable is the situation of China’s sustainable development trend.The level of investment efficiency is an important index of real estate industry development in present situation research,also is a strong evidence whether real estate industry is health and maturity.New urbanization philosophy put forward a high standard and a new requirement for real estate industry,How to make an objective and accurate evaluation about investment efficiency,the rational configuration of real estate resources,become a focus issue which is pay close attention to inside and outside the industry.The research based on new urbanization,choose China’s30provinces and municipalities in2008-2012as a decision making unit,Input indicators are consist of investment amount in a year,industry average workers and land acquisition area,According to the connotation and characteristics of the new urbanization,respectively from three evaluation perspective such as economic benefit,livelihood benefit and ecological benefit.Select real estate industry GDP,income-to-housing price ratio,built-up area to green coverage rate as output indicators. Through data envelopment analysis by the BCC input-oriented model,super-DEA mode and Malmquist index to evaluate real estate investment efficiency from two aspects of static and dynamic.The main conclusions are as follows:(1) Overall,the efficiency of real estate industry investment is not high,and shows significant regional differences;(2) Investment scale is too large,the whole industry has entered the stage of decreasing return to scale;(3) As a whole,economic benefit is well,the livelihood of the people benefit is low in the eastern and central regions,the ecological environment benefit need to be improved in the western region;(4)Land acquisition area and income-to-housing price ratio affect investment efficiency ratio which are the most important input and output elements;(5)From a dynamic perspective,the total factor productivity of national almost maintain the original level,only eastern region has growth,central and western region show a downward trend,lack of "Growth effect" technological innovation become the main reason.Finally,aiming at the problems in investment,put forward the corresponding policy suggestions from two angles of government and enterprises.