Research On Business Performance Evaluation Of Real Estate Listed Companies Based On Two-stage DEA Model

With the continuous improvement of the economic level and the growing demand for home purchases,China's real estate industry has experienced rapid growth and gathered a large amount of funds.Its development has synergistically promoted the take-off of other related industries,which not only has a significant role in promoting China's economic growth,but also to nationals.Stability also has a long-term impact.However,real estate companies that are developing at a high speed have also emerged a series of problems,such as the distortion of housing properties,the unreasonable structure of rent and sale,and the high leverage ratio,which is a serious waste of resources and energy.In the face of strict government control,under the influence of various factors,real estate companies have entered an adjustment period,and competition will become more intense in the future.A scientific evaluation of the real estate company's operating performance can make it better focus on the advantages and disadvantages of its own development,find out the reasons for restricting performance improvement,adopt correct business strategies to improve the company's business performance,and how the real estate company is in the market.Provide a reference for continued competitiveness under economic conditions,so that it can play a role in improving the company's operating performance.This paper first summarizes the research results of relevant literatures on business performance evaluation of domestic and foreign companies,defines listed real estate companies,analyzes the characteristics of the company and industry background.Secondly,it uses data envelopment analysis to divide the business process of listed real estate companies into In the two stages of profitability and marketization,a system of operational efficiency input-output variables based on two-stage correlation model is constructed.Thirdly,taking the listed real estate company in China as a sample,the proposed evaluation model is used to calculate the overall operating efficiency,profit stage efficiency and market stage efficiency of 78 sample companies.Fourthly,on the basis of this,the Tobit model is used to analyze the internal and external factors affecting the performance of listed real estate companies,and the correlation and influence degree of these variables with business performance are obtained.Finally,according to the difference between profitability and market ability,the sample enterprises are divided into four types: “star”,“cash cow”,“problem type” and “skinny dog”.Based on this,several countermeasures and suggestions are proposed.The research results show that the operating efficiency of China's listed real estate companies in the two stages is generally not technically effective,the overall efficiency is low,and it rises and then declines during the observation period,there is a large room for improvement;market efficiency Below the profitability efficiency,there is a general phenomenon of paying attention to profitability and neglecting market ability;equity structure and executive compensation are significantly positively related to the overall operating efficiency of listed real estate companies,and the scale of enterprises is significantly negatively correlated with the efficiency of business operations.The capital structure is It is negatively correlated with the efficiency of business operations,but it is not significant.The implementation of “reform of the camp” has increased the real estate tax burden.Steady development of the macro economy is conducive to the improvement of operational efficiency;negative economic policies will have an adverse impact on operational efficiency.