Classified Evaluation And Suggestions On Financial Performance For The Chinese Listed Companies Of Real Estate In The New Normal

The real estate industry is an important part of the national economy system,is always the main source of power for ultra-high-speed growth of the macro-economy in China,and also has made outstanding contributions to maintain stability of the economy and society.In the year of 2014,the Chinese economy entered into a new normal time featured in its middle-high speed growth.As a place which is so sensitive to the capital and outside economic environment,the real estate will inevitably be in a new development period along with the whole economy.Under the new changes of this industry,the real estate has many characteristics,such as the slowing growth of investment,the compressing profit space,the uneven hot for regional markets,the development of multiple-polarization and etc.The industry believes that the entrance to the new "silver age from the old "golden age" will be a long-term development trend for the market.Because the listed companies of real estate are representatives in the industry,a classified evaluation on the financial performance for these companies,will enhance the efficiency of using resources,and help them handle the economic opportunities and challenges in the new normal better.Especially to realize a classified evaluation on these companies in the new normal of economy,this paper selects the DEA based on the input and output of resources as research method.In specific research steps,this paper firstly divides the final 58 samples from real estate industry into four levels,the listed companies on the whole country,the first-tier cities,the new first-tier cities,and the second-tier cities,according its business scope.Secondly the article establishes a scientific evaluation index system on the input and output of resources,combined with the market characteristics in this new normal of economy,and then evaluates these companies from three aspects,the comprehensive efficiency,technical efficiency and scale efficiency.On the basis of the company's stage of scale and the target level of input and output,the samples in a state of none DEA effectiveness can make further improvement of the efficiency.Analysis reveals that the comprehensive efficiency of the whole industry is in a high level,the performance of scale efficiency is better than the technical efficiency's,an obvious gap of efficiency exists among the listed companies of real estate in the different categories,and also even in the same classification.In a period of the new normal,the samples that are in a effective state of comprehensive efficiency mostly belong to the listed companies in the first-tier cities,the number of the companies which are in the increasing stage of scale merit is more than the ones in decreasing stage,the redundancy of input of the resources from companies is mainly on the investment of assets and interest-bearing liabilities.Finally,in order to realize the sustainable and healthy development of real estate industry,this paper gives suggestions to the listed companies of real estate and government for the financial performance refinement and development of the whole industry,on the basis of analysis to the research results and the new changes in the Chines economy and the market of real estate.