Research On The Technical Efficiency Of Chinese Real Estate Listed Companies

The real estate industry is one of the leading industries of the Chinese economy and a barometer of the Chinese economy.It plays a pivotal role in the modern economy and society.The prosperity demonstrated by the development of China’s economy is closely related to real estate.As a main body of the real estate industry,real estate listed companies play a leading role in the development of their industries.In recent years,although China’s real estate listed companies have achieved certain development,there are still many problems,such as:irrational prosperity,high asset-liability ratio,increased regional differentiation leading to performance differentiation,and falling profit margins.The high-efficiency development of real estate listed companies is the guarantee for the healthy development of the real estate industry,and is also a common concern of government policy makers and securities market investors.Therefore,the research on the technical efficiency of Chinese real estate listed companies has certain practical significance.On the basis of systematically reviewing the research status at home and abroad,firstly,the data envelopment analysis method was used to measure the technical efficiency value of Chinese real estate listed companies from 2007 to 2018,and finds that the technical efficiency level of Chinese real estate listed companies is relatively low and there are big differences.The technical efficiency of Chinese real estate listed companies has been reduced in repeated shocks,and the growth rate of technological efficiency has increased in fluctuations.Then,using regression analysis method,empirical analysis of the company size,company operations,human capital,board size,proportion of independent directors,CEO shareholding,executive compensation,and the number of years of listing on the technical efficiency of Chinese real estate listed companies,the results show:There is a significant negative correlation between total assets and the technical efficiency of Chinese real estate listed companies.The period expenses,human capital,CEO shareholding ratio,executive compensation,listing period,asset-liability ratio and technical efficiency of Chinese real estate listed companies.There was a significant positive correlation,and there was no significant correlation between the size of the board of directors,the proportion of independent directors and the technical efficiency of Chinese real estate listed companies.Finally,it is proposed that real estate enterprises should effectively promote the improvement of the technical efficiency of Chinese real estate listed companies by strengthening the cost control,optimizing the scale of operations and improving the management structure.