Research On Operation Efficiency Evaluation Of Housing Provident Fund System Based On Three-stage DEA

In China's current housing security system,the housing provident fund system has occupied a very important position.Since its official birth in 1999,it has supported the housing expenditure of low-and middle-income families,the construction of affordable housing in various cities,and promot ed the development of the real estate market.It is also an indispensable part of China's housing finance market.On the one hand,with the changes in China's national conditions and the housing market,the drawbacks and discomforts of the system are increasingly exposed,and efficiency issues have been repeatedly raised,so that the mutual support function and the necessity of existence have been questioned.On the other hand,from the perspective of resource allocation,the deposit rate as the only resource supply channel for the provident fund,the growth rate of multiple deposit indicators has been declining year by year since 2012.Then,what is the operating efficiency of China's housing provident fund system?Where is the bottleneck of development?Studying this issue has important guiding significance for further improving operational efficiency and benefiting more low-and middle-income families in the future.Based on this,this paper focuses on the core functions of the housing provident fund system,namely housing security for residents,to improve the operational efficiency of the housing provident fund system in each city as a practical orientation,and uses a combination of qualitative and quantitative methods to conduct a specific study on the operational efficiency of the system.Firstly,based on t he literature review and theoretical explanation of the operational efficiency of the provident fund system,this paper defines the related concepts,and uses the data analysis method to analyze the overall operational status of the housing provident fund in China in recent years from the four aspects of deposit,personal loan,extraction and value-added income.Then a three-stage DEA model is established to evaluate the efficiency level of China's housing provident fund system in various cities,so that th e evaluation results are not underestimated or overestimated due to random factors or external environmental factors,which is the advantage of the three-stage DEA method.In the first stage,the input-oriented BC~2 model in the traditional DEA model is still adopted.The two input indicators are the number of paid-in workers and the end-of-year balance.The three output indicators are the amount of loans issued in the current year,the amount of housing consumption in the current year,and the supplementary funds for urban low-rent housing construction in the current year.The preliminary measurement of the operational efficiency value of the housing provident fund system in China's 37 large and medium-sized cities from 2013 to 2017;The second stage uses th e SFA model regression coefficient and the original input value to calculate the revised new input value.Through the query of relevant theoretical literature,selects the agency variables of four environmental factors as GDP per capita,population urbaniz ation rate,the number of ordinary colleges and the average sales price of residential commercial housing,and excludes the interference of random and environmental factors on the efficiency evaluation results;The third stage uses the new input value and the original output value to measure the final operational efficiency level again.Finally,the results of the first and third stage DEA measurements and the operating efficiency of the housing accumulation fund system in 37 cities in China are compared.The results show that after eliminating the four environmental factors in the second stage,the results of the third stage are different from the first stage.The efficiency value of the third stage is generally lower than the first stage,which indicates that the step of adjusting input value using the stochastic frontier model is needed.It also shows that the operation efficiency of China's housing provident fund is greatly affected by external environmental factors.The overall efficiency of the operation after the interference of environmental and random factors has to be further improved,and there are significant differences among cities.There is a lot of room for improvement for most cities;the low scale efficiency is the bottleneck restricting the efficiency of the operation of China's housing provident fund.Based on the above research,this paper proposes specific countermeasures to improve the operational efficiency level of China's housing provident fund system,with a view to helping the housing provident fund management institutions in each city to improve the operational efficiency of the housing provident fund system according to the specific conditions of the city,and to ensure the housing rights of more low-middle-income workers.