Evaluation on real estate companies&rsquo; debt financing efficiency based on the three-stage DEA model

Lin Yu; Qiu Yu; Gao Qingping

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Science Research Management ›› 2013, Vol. 34 ›› Issue (8) : 147-157.

Evaluation on real estate companies’ debt financing efficiency based on the three-stage DEA model

Lin Yu¹, Qiu Yu¹, Gao Qingping²

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Abstract

Based on the three-stage Data Envelopment Analysis (DEA) model, and focusing on the evaluation of debt financing efficiency of a sample of 39 real estate companies which are listed in Shanghai and Shenzhen Stock Exchanges and which are randomly selected from the 1st-tier, 2nd-tier and 3rd-tier cities, this paper isolates the environmental factors influencing the input variables and studies the debt financing efficiency of each company under the regulatory policies to the real estate companies. The study results show that the listed sample companies' technical efficiency of debt financing has somewhat improved compared with the figure obtained before the input variables are adjusted; that the uneven level of listed real estate companies' pure technical efficiency of debt financing in China shows obvious difference; and that 76.92% of the companies' are in the state of decreasing the returns to scale which can be improved by narrowing the scale of debt financing, and thus their debt financing efficiency can be enhanced to a certain extent.

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the regulation and control of the real estate / the listed companies / the efficiency of debt financing / the three-stage DEA model

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Lin Yu, Qiu Yu, Gao Qingping. Evaluation on real estate companies’ debt financing efficiency based on the three-stage DEA model[J]. Science Research Management. 2013, 34(8): 147-157

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