Case Analysis Of Debt Financing Efficiency Evaluation In YJL Corporate

Needless to say, the real estate industry has played an important role on China's economic development. The real estate industry is the capital-intensive industry, and a single debt financing has always been a main financial source in our country. In recent years,with strengthening macro-control, real estate industry is faced with more and more difficulties in financing, so how to improve the efficiency of the own debt financing has become the key fact to the healthy development and enhancing the competitiveness of real estate industry.YJL is one of the leading real estate developer in China. It ranges from a small furniture factory to a listed company in Hong Kong with total assets of 114.5 billion yuan, and then it becomes the minor China's real estate private enterprises which take in multiple index , YJL owns legendary history. Since 2010, the real estate industry has generally faced financing difficultly, but YJL had always obtained the big successful financing , however, contrary to this,it is faced with weak sales and constant doubts on the market. So, in such a contradictory situation, exploring the company's debt financing efficiency is particularly necessary.This article utilizes the form of case analysis, selecting YJL as a case to study, through the YJL company detail history, the history of debt financing and the financial situation in recent years forms the introduction of case.This paper utilizes the data envelopment analysis (DEA) to evaluate YJL debt financing efficiency to research the case analysis part. According to the research achievements of predecessors, this paper thinks the debt financing efficiency should be divided into two parts,namely, the efficiency of funds and capital utilization efficiency. On this basis, this paper builds evaluation index efficiency, and utilize scale reward variable DEA model (BCC) to evaluate YJL corporate debt into the efficiency of funds and debt capital use efficiency, and then get they are invalid which YJL company's debt into the efficiency of funds and debt capital utilization efficiency of the evaluation results in 2013. Then analyze the reasons why YJL debt financing is invalid based on the difference variables and case. Finally, put forward suggestions to the problems in YJL company debt financing efficiency.