Research On Financing Efficiency Of Listed Real Estate Development Enterprise

The real estate industry is a capital-intensive industry,its normal operation needs a large amount of capital support,it is not enough to rely on internal financing alone,so it is necessary to obtain the funds needed by enterprises through external financing.Since 2015,In the context of supply-side structural reform,and the influence of deleveraging target,the financing channels of listed real estate development enterprises are continuously tightened,and the financing difficulty is further increased.It is one of the difficult problems for listed real estate development enterprises to carry out effective financing from the capital market,reduce the financing cost and improve the financing efficiency.Therefore,in order to improve the financing efficiency of listed real estate development enterprises,this paper evaluates the financing efficiency of listed real estate development enterprises by means of two-stage related DEA method,finds out the link of low financing efficiency,and analyzes its reasons.And put forward the suggestion to improve the financing efficiency of listed real estate development enterprises.Through reading the relevant theories,this paper constructs a scientific and reasonable input-output index from seven aspects: financing guarantee,financing cost,financing risk,financing scale,enterprise operating capacity,enterprise development ability,and enterprise profitability.In order to reflect the financing and operation status of the sample enterprises,descriptive analysis is carried out on the related index data,which provides the basis for the cause analysis of the later empirical results.The two-stage related DEA method is chosen as the evaluation method of financing efficiency of listed real estate development enterprises.This paper selects 44 Shanghai and Shenzhen listed real estate development enterprises to carry on the empirical research,uses the LINGO software to calculate the sample enterprise integration efficiency of funds,the fund use efficiency and the total financing efficiency from 2013 to 2017.Based on the analysis of empirical results,we can draw some conclusions: the overall level of financing efficiency of listed real estate development enterprises in China is relatively low,because the efficiency of capital integration and the efficiency of capital use are both low,among which the efficiency of capital integration is the lowest;The low efficiency of capital integration lies in the cost of financing,the high ratio of property rights,and the low efficiency of capital use because the ability to operate and manage is not strong,and the effect of using funds is not good.In view of the existing problems,suggestions are put forward from three aspects: reducing the financing cost,reducing the ratio of property rights,and improving the profitability of enterprise operation and management.The innovation of this paper is that using the two-stage related DEA method to measure the financing efficiency,the financing efficiency can be divided into two related sub-stages,which can more clearly analyze the overall financing efficiency of listed real estate development enterprises.Efficiency of capital integration and use of funds.This paper analyzes the financing efficiency of listed real estate development enterprises from many angles,classifies the sample enterprises,and analyzes the change of financing efficiency of various types of listed real estate development enterprises vertically.Horizontal analysis of different types of listed real estate development enterprises in different stages of financing efficiency performance.