摘要：企业价值的增加从根本上取决于企业的投资决策和投资效率，对投资效率进行综合评价将有利于管理者做出正确的投资决策。本文将DEA方法运用到企业的投资效率评价中，在此基础上引入两个虚拟决策单元，提出了一种基于TOPSIS方法的DEA投资效率评价模型，并以中国房地产上市公司为研究对象进行了实证研究。结果证明了C2R模型和改进后的DEA模型评价企业投资效率的可行性和有效性，同时反映我国房地产企业非效率投资行为较严重，发展参差不齐。

Abstract： Increasing of enterprise value fundamentally depends on the investment decision and investment efficiency. It is helpful for the managers to make a correct decision to carry on a comprehensive evaluation for the enterprise investment efficiency. An attempt is made at by using Data Envelopment Analysis(DEA) method to evaluate the efficiency of firm investment, and a modified DEA model based on TOPSIS method is set up by introducing two virtual DMUs. Then, an empirical research on Chinese listed real estate companies is conducted to illustrate the model. The results prove the feasibility and validity of C2R model and modified DEA model when evaluating enterprise investment efficiency and it is revealed that the behavior of inefficient investment in Chinese listed real estate companies is relatively serious and the development level various.