Research On Investment Efficiency Of Real Estate Development Enterprises Based On DEA-Tobit

In recent years,China's economy has maintained rapid development and its economic aggregate has made historic leaps.During this period,the real estate industry has been a hot industry that attracts much attention in the national economy and social life and occupies a larger market scale.As a basic industry,it has a strong correlation with the construction industry,building materials industry and financial industry.The real estate development enterprises are the main participants in the real estate market.Their progress and changes can directly reflect the development status and trend of the real estate industry.On the one hand,through development and investment,real estate development enterprises have gradually met the growing housing demand of consumers,and committed to improving the standard of living.On the other hand,it has promoted regional economic development and urban upgrading.In this process,real estate investment plays a decisive role.But at present,the phenomenon of inefficient investment in real estate development enterprises still exists in China.Excessive investment leads to serious waste of resources,and insufficient investment leads to the reduction of business performance,and problems such as prominent structural contradictions and unbalanced regional development still restrict the development of the industry.This paper takes real estate development enterprises as the research object and analyzes investment efficiency and influencing factors.Firstly,domestic and foreign literature on efficiency evaluation in various industries and real estate investment is sorted out and summarized,and relevant theories on enterprise investment are comprehensively applied.Secondly,the paper selects employee compensation,main business cost,long-term equity investment,fixed assets and intangible assets as input indicators for research investment efficiency,and selects main business income,earnings per share and return on equity as output indicators.Through the construction of the DEA-Malmquist model,it made an evaluation of the investment efficiency,pure technical efficiency and scale efficiency of 36 real estate development enterprises from 2014 to 2017.It concludes that there are 69 percent estate development enterprises in China that the investment efficiency value is not optimal.There is just a little range of wave dynamics in the whole.In the remote areas,due to restriction of the technical management system,the invalid pure technology is the main reason for the low.Thirdly,with Tobit regression analysis,the main factors affecting the investment efficiency of real estate development enterprises are explored from four aspects: external environment,corporate governance and business model,financial status and resource allocation.It concludes that the economic development level and policy advantages of the region where the enterprise is located have a positive effect on investment efficiency,and the asset-liability ratio and free cash flow have a significant negative correlation with investment efficiency.Finally,the paper puts forward corresponding countermeasures and suggestions from the aspects of adjusting enterprise scale,standardizing policies and regulations,optimizing resource allocation and improving enterprise governance.