| As one of the important industries in China,the real estate industry has its own unique characteristics: large capital requirements,large investment scale,long investment cycle,and high investment income.The financing of real estate companies in China has been showing a continuous upward trend.In 2016,total amount of real estate investment in China is 10.3 trillion yuan,a year-on-year increase of 6.9%.The increasing amount of investment means an increase in financing.In terms of real estate companies,how to ensure that companies are in a low-risk and low-cost environment while carrying out financing is a problem that needs to be solved urgently.The strength of financing ability of real estate companies is also increasingly becoming the key for the development and growth of the company.With the gradual improvement of real estate financial market,fierce market competition,and the impact of national policy adjustments,how to improve financing efficiency is a problem that every real estate company urgently needs to address and resolve.At present,quantitative research on the financing efficiency of real estate companies at the micro level is relatively lacking.Under this industry background and research status,the real estate listed company Evergrande Real Estate is selected as the research object,and its financing efficiency is evaluated quantitatively.This essay selects 15 listed real estate companies as the comparative analysis samples.First,we use DEA's basic model CCR model and BCC model to evaluate the static efficiency of the sample companies' financing efficiency from 2014 to 2016.It is found that the technical efficiency ranking of Evergrande is lower in the sample,and the scale efficiency is better.The performance of pure technical efficiency and technical efficiency are roughly similar,which proves that the reason for the low technical efficiency of Evergrande is mainly due to the low efficiency of pure technology,and the company's management ability and operation level need to be improved.The analysis shows that problems in the management and operation of Evergrande Real Estate mainly include unreasonable capital structure and high financing costs.Then,using the Malmquist model to measure the dynamic financing efficiency of the sample companies,it was found that the decline rate of the total factor productivity index of Evergrande for three years was relatively larger than that of other sample companies,mainly due to the drop in technical efficiency,while the effect of changes in pure technical efficiency on technical efficiency is more pronounced than scale efficiency.Therefore,Evergrande Real Estate should focus on pure technical efficiency.The analysis shows that the reasons for the declining technical efficiency of Evergrande are: excessive reliance on bank financing channels,long-term and short-term debt structure is not reasonable;solvency is weak,increasing financing pressure;hidden perpetual bond risk,financial leverage factor continues to increase;trust financing to increase financing costs and financial risks;internal financing capacity needs to be improved.Finally,this essay provides suggestions on how Evergrande can improve its financing efficiency by optimizing its financing structure,reducing its financing costs,enhancing its inward financing capacity,and establishing a sound financing risk early warning mechanism. |
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