Analysis Of Debt Financing Efficiency Of Real Estate Listed Companies

The real estate industry has been playing a very important role in the economic development of our country.At present,our country is in the new economic normal period.To go to stock and deleveraging is the main task of the current economic development in China.The research on the debt financing efficiency of the real estate industry will reduce the debt rate of the enterprises and then realize the enterprise's inventory.Deleveraging has a very important role and is closely related to the healthy and stable development of our economy in the new normal period.Based on this,this paper,on the basis of previous research,takes the panel data of 74 real estate listed companies(2012-2016)as an example to study the debt financing efficiency of the listed real estate companies in order to improve the efficiency of resource allocation and promote the smooth and healthy development of our national economy.This paper uses the data of the wind database,Guotai'an database and the Chinese Statistical Yearbook about the listed real estate companies.Taking the panel data of 74 real estate listed companies as an example,this paper uses factor analysis and the three stage DEA model to study the debt financing efficiency of the real estate listed companies.Firstly,according to the principles of scientificity,objectivity and maneuverability,the input indicators that affect the efficiency of the real estate debt financing are selected,such as the asset liability ratio,the proportion of the institutional shareholding ratio,the ratio of the long and short term debt,the return on capital,the net capital profit rate and the multiple of interest guarantee.The number of input and output indicators is relatively large,so using factor analysis to combine these inputs and outputs into several representative input and output public factors.Finally,the three stage DEA model is used to analyze the debt financing efficiency of the listed real estate companies,that is,the first stage is to use the traditional DEA model.The comprehensive technical efficiency,scale efficiency and pure technical efficiency of debt financing are calculated.The second stage is to use the SFA regression model to eliminate the impact of environmental factors and random errors,and to calculate the adjusted input factors.The third stage is to replace the adjusted input factor and the original output factor into the DEA model.The adjusted comprehensive technical efficiency,scale efficiency and pure technical efficiency should be adjusted.The results of the empirical analysis show that the debt financing scale efficiency of China's real estate listed companies is high,which is close to the efficiency front,which shows that the scale of the listed real estate companies in China has reached a relatively good state;the comprehensive technical efficiency of debt financing is not high and the value is not high.The main reason is the inefficiency of management.The main problem of inefficiency is the debt financing management method is not advanced enough,and the debt financing system is not perfect enough.On the basis of the above empirical results,on the one hand,the government should strengthen the external environment construction of real estate debt financing,broaden the debt financing channels for real estate enterprises,control the growth and scale development of the real estate industry,keep the debt financing of the Real Estate Company in the high scale efficiency state;on the other hand,the real estate enterprises should pay more attention to the debt financing.The development of capital channels,the optimization of debt financing internal management structure,the introduction of advanced debt financing management methods,and the improvement of debt financing management system.