Abstract
This study measures performance and efficiency of the Listed Real Estate Companies (LRECs). Three types of Data envelopment analysis (DEA) approaches are employed, which are CCR-DEA, BCC-DEA and Super-Efficiency-DEA models. Based on these DEA approaches, we conduct an empirical analysis on the 94 LRECs in China stock markets according to the 2009 Annual Financial Statements. Registered Capital, Asset Value, Employee Number, and Operation Cost are adopted as the inputs factors, while the output factors are denoted by Revenue and Profit. In general, this empirical research delivers four outcomes: firstly, an integrated assessment system and a ranking of the LRECs are established, which provides useful information for investors who are seeking for indirect exposure in the Chinese real estate market. Secondly, the average Overall Efficiency (OE), Pure Technical Efficiency (PTE) and Scale Efficiency (SE) of the LRECs are 0.78, 0.84 and 0.92 respectively. Thirdly, 69% of the inefficient LRECs are classified as increasing returns to scale and could further increase operating efficiency by scale expansion. Fourthly, the employees slack is prevalent at 18.96% for the inefficient LRECs. Santrauka Straipsnyje įvertinamas nekilnojamojo turto kompanijų, kurių vertybiniai popieriai įtraukti į biržos sąrašus (angl. LRECs), veiklos efektyvumas ir rezultatyvumas. Tam taikomi trys duomenų apgaubties analizės (angl. DEA) metodai, o būtent CCR-DEA, BCC-DEA ir Super-Efficiency-DEA metodai. Pritaikius šiuos duomenų apgaubties analizės metodus ir remiantis 2009 m. metinių finansinių ataskaitų duomenimis, buvo atlikta Kinijos akcijų rinkos 94-ių nekilnojamojo turto kompanijų, kurių vertybiniai popieriai įtraukti į biržos sąrašus, empirinė analizė. Įstatinis kapitalas, nominali aktyvų vertė, darbuotojų skaičius ir eksploatacinės išlaidos laikomi įeigos veiksniais, o išeigos veiksniais imamos pajamos ir pelnas. Šiuo empiriniu tyrimu galima pasiekti keturių rezultatų: pirmiausia, sudaryta integruoto vertinimo sistema ir nustatomi nekilnojamojo turto kompanijų, kurių vertybiniai popieriai įtraukti į biržos sąrašus, reitingai. Reitingų teikiama informacija naudinga investuotojams, siekiantiems netiesioginio dalyvavimo Kinijos nekilnojamojo turto rinkoje. antra, nekilnojamojo turto kompanijų, kurių vertybiniai popieriai įtraukti į biržos sąrašus, vidutiniai dydžiai: bendras efektyvumas (angl. OE), grynasis techninis efektyvumas (angl. PTE) ir masto efektyvumas (angl. SE), atitinkamai sudaro 0,78, 0,84 ir 0,92. Trečia, 69 proc. neefektyvių nekilnojamojo turto kompanijų, kurių vertybiniai popieriai įtraukti į biržos sąrašus, priskirtos prie augančio pelno kompanijų, kurios gali kelti veiklos efektyvumą plėsdamos savo veiklą. Ketvirta, 18,96 proc. neefektyvių nekilnojamojo turto kompanių, kurių vertybiniai popieriai įtraukti į biržos sąrašus, būdinga darbuotojų neveiksnumas.
Highlights
Over the last two decades, China has achieved amazing economic growth, accompanied by rapid development of her real estate market
We examine the nature of the scale efficiencies by determining the number of firms operating under constant, increasing, and decreasing returns to scale
The inefficient Listed Real Estate Companies (LRECs) are dominated by those exhibiting increasing returns to scale (i.e. 69%), suggesting that these LRECs could increase operating efficiency through company’s scale expansion, these results are coincident with the finding of Anderson et al (2002), which shows that most Real Estate Investment Trusts (REITs) are operating at IRS
Summary
Over the last two decades, China has achieved amazing economic growth, accompanied by rapid development of her real estate market. It is widely accepted that the real estate industry is an important booster for the recent China’s economic development, especially after the Housing Policy Reform in 1998 Accompanying her economic development, the China stock market is becoming one of the biggest security markets in the world. This is because this emerging market, which contains nearly one hundred property securities, seems mysterious to most cross-border investors In this regard, evaluating operation efficiency will be useful to better understand the way that a company operates, and has been widely adopted in many previous studies (see Chau and Wang, 2001; Anderson et al, 2002; Coelli and Rao, 2005; Hu and Wang, 2006; Thakur et al, 2006; Chau et al, 2005 for examples).
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