Research On The Efficiency Of Real Estate Investment In Liaoning Province Based On Super Efficiency DEA Model

At present,China's real estate industry has entered a new stage of development.The healthy development of real estate is related to economic growth and social stability.It is necessary for the govermment to analyze and regulate the development of the real estate market.The efficiency of real estate investment is a key indicator to measure the development of the real estate market.High investment efficiency and reasonable resource allocation will be conducive to the efficient and stable development of the market,and vice versa will have a negative impact on the national economy.Although the real estate industry in Liaoning Province started late,due to the slowdown of economic development,lack of rational planning for real estate investment,and excessive concentration of development,Liaoning's real estate investment has regional and structural excesses,uneven supply and demand structure,and low efficiency of input and output and other issues.Therefore,the analyzes of real estate industry investment efficiency of Liaoning Province under the background of supply-side reform is important to propose countermeasures to improve the efficiency of real estate investment in each city.It is of great significance to promote the healthy development of the real estate market.Firstly,based on the related literatures at home and abroad,the paper combines the specific concepts and characteristics of real estate investment,summarizes the affecting factors of real estate investment efficiency,and provides a basis for formulating evaluation indicators and proposing countermeasures.Secondly,using the location business method to measure the development level of Liaoning real estate industry in the country,explain its important position,and reflect the existence of Liaoning real estate investment from three aspects:regional structure surplus,supply structure imbalance and low investment efficiency problems.Thirdly,the SBM super-efficiency DEA model and the Malmquist exponential model are constructed.The investment efficiency level of Liaoning Province compared with other provinces and the investment efficiency of 14 prefecture-level cities in Liaoning Province are evaluated and analyzed from static and dynamic aspects respectively.Finally,based on the conclusions of the previous calculation results,the classification suggestions are proposed by constructing a matrix of different investment efficiency types,and combined with the influencing factors,the countermeasures and suggestions for improving the investment efficiency of real estate industry in Liaoning Province are proposed.The conclusion shows that from the perspective of static analysis,firstly,compared with other provinces,the efficiency value of real estate investment in Liaoning Province has been declining continuously during 2012-2016.There are serious problems in real estate investment,which needs to be adjusted from the supply side in the Liaoning province.Secondly,in terms of investment scale efficiency,the overall investment of real estate in Liaoning Province has not reached the optimal scale,and the scale efficiency values of 14 prefecture-level cities are generally not high,in line with management progress and technological innovation.Under the premise of adaptation,Fuxin,Huludao and Liaoyang can appropriately increase the scale of investment.Seven cities including Shenyang,Dalian,Anshan,Fushun,Benxi,Panjin and Tieling should control the scale of real estate investment and the number of projects,focusing on the existing scale effectively transformed into output.Thirdly,in terms of pure technical efficiency,whether Dandong,Anshan,Jinzhou and other cities can achieve technological progress and innovation or not become the key factors that restrict local comprehensive efficiency improvement.Fourth,in terms of input of various indicators,Anshan,Fushun,Dandong and Jinzhou have serious financial,land and labor insufficiency.The Government should strengthen investment guidance,help enterprises to rationally control the scale of investment,which means a lot to avoid waste of resources.From the perspective of dynamic analysis,the efficiency of real estate investment in Liaoning Province is obviously affected by technological progress or recession.All localities should focus on introducing advanced real estate technology,reduce costs and increase input-output ratio.