Research On The Efficiency Of Listed Real Estate Enterprises Based On PCA-based DEA Composite Model

Since the 21 st century our country economy rapid development,gradually become the world's second-largest economy,the real estate industry plays an important role.In real estate investment as a share of GDP for calculating the average index calculation and real estate to GDP contribution rate over 10%,which reached 15.1% in 2013,but showed a trend of decline since then,the contribution rate of only 2.4% until 2015.This means that the real estate industry's contribution to the national economy gradually reduce,based on the time,this article mainly analyze the real estate industry and listed real estate companies,provide reference for China's real estate industry to improve efficiency.This article is mainly from the macro and micro two aspects as the breakthrough point,using principal component analysis and data envelopment analysis.At first,the literature about the relevant theory and existing carding,and pointed out that most of the existing research literature selection of enterprise's main business is real estate and in the use of data envelopment analysis to data of a lack of objectivity,Secondly select the main business is the 67 listed companies in real estate,and use the principal component analysis to filter the input and output indicators of the data,making the results more objective;Then in the empirical research,from 2006 to 2015 of the real estate industry as the research object,the efficiency of the real estate industry technical efficiency and Man Quist index were analyzed,then the main business is the average of 67 individual enterprises of real estate in ten years as the sample analysis of enterprise efficiency,technical efficiency,pure technical efficiency and the Man Quist index,and points out that the enterprises and enterprises respectively effective factors which influence is invalid and relatively invalid enterprises,Finally,according to the results of the study,the reasons are analyzed and suggestions are given.Through empirical research,the conclusions of this paper are as follows:(1)The real estate industry in 2006 to 2015,only the efficiency of the value of the four years is about 1,in the effective production frontier,the efficiency of the value of less than six of the year of 1,not in the forefront of effective production.(2)Non DEA in 2012 and 2015 of the real estate industry is effective because the pure technical efficiency and scale efficiency can not reach the effective state caused by the non DEA effective;in 2008,2010,the main reason is the 2011 and 2013 size is invalid.(3)When only one of the 67 enterprises as the research object,only 8 in the effective production frontier,the 59 companies are not in the effective production frontier.(4)The total factor productivity of the enterprises decreased by an average of 4.8%,which was much higher than that of the whole industry,when the study was conducted on the basis of the study of the single enterprise in the whole country by 0.3%.(5)When the 67 single enterprise as the research object,the technical progress of the enterprise average value is less than 1,echnological progress is still the main factors influencing TFP increase.