Research On Total Factor Productivity And Influencing Factors Of Chinese Real Estate Listed Companies

Since entering the new economic normal,under the guidance of policies that adhere to the supply-side structural reforms and promote the quality of development,the Chinese economy has achieved a steady transition from the previous high speed to a medium-to-high speed growth.As a special industry with a significant influence on the development of the national economy,the era of large-scale expansion of real estate companies has passed.Under the guidance of policies such as housing is for living in,not for speculation,the development focus of real estate companies has gradually shifted from quantity to quality.How to efficiently allocate resources under resource constraints has become the key to the steady development of real estate companies.However,the existing relevant research on real estate is either based on the industry perspective,or from the perspective of investment efficiency and operating performance,and there are few related studies on the total factor productivity of real estate companies.Calculation and analysis of factors that affect the growth of the enterprise's total factor productivity can provide a reference for real estate companies to maintain their core competitiveness,and then put forward relevant suggestions to promote the healthy development of enterprises.Based on the non-parametric method—the global Malmquist index,this paper measures the total factor productivity of 64 Shanghai-Shenzhen-listed real estate companies from 2013 to 2018,which can avoid the situation that the linear programming of the Malmquist method is not feasible and unsolvable during the same period,and weakens the impact of "technology regress" paradox on the measurement results,and on this basis,the pure efficiency change,pure technology change and scale change factor of the decision-making unit are further discussed;secondly,it discusses the impact of corporate equity concentration,government subsidies,brand building,solvency,profitability and operating capacity on the total factor productivity of real estate companies.The research results show that:(1)Overall,the average TFP index of listed real estate companies in 2013-2018 is slightly greater than 1,indicating that the total factor productivity of listed real estate companies has increased during the survey period,but the growth rate is relatively small.(2)The total factor productivity of real estate companies is greatly affected by technological changes.Before 2016,the total factor productivity of listed real estate companies decreased,and this decrease was mainly due to the larger reduction in the value of pure technology changes,even if real estate companies expanded their scale and improved their management levels,they have not offset the negative impact of technological changes.After 2016,the total factor productivity of listed real estate companies has increased,and the increase in total factor productivity is mainly due to the substantial increase in pure technological changes.Although the scale change factor and the average value of pure efficiency changes have been reduced to the lowest value in 6 years,they have not affect the improvement of overall total factor productivity.(3)Private enterprises have the highest total factor productivity,and the average value is closest to the industry average.State-owned enterprises follow closely and are not much different from the industry level and private enterprise total factor productivity.The total factor productivity of joint ventures is lower than the overall average.(4)In the empirical research on the influencing factors of total factor productivity of listed real estate companies in China,the long-term debt ratio has a significant negative impact on the total factor productivity of real estate companies;Significant positive impact;the impact of equity concentration and brand capital on the total factor productivity of real estate companies is not significant.Finally,the paper combines industry development and research results to put forward policy recommendations to promote the growth of total factor productivity of listed real estate companies.