大中型房地产企业投资管理有效性研究
|
摘要
2008年金融危机肆虐全球,对我国经济发展产生了较大的冲击。国家出台了一揽子刺激经济计划以拉动经济增长,客观上推动了固定资产投资的显著增长。这也引发了相关学者就投资效率问题展开激烈讨论,可见,研究投资效率是推动经济健康稳健发展的必要环节。房地产行业作为国民经济的支柱性行业,一直占据着固定资产投资的高份额。随着近年来全国房价的迅速攀升,高房价,投资性购房等话题,一直是公众关注的焦点。近些年我国政府为促进房地产平稳健康发展而出台了一系列调控政策,特别是步入2011年,相关调控政策更是密集出台。在此背景之下,从房地产公司角度研究投资管理效率具有很强的紧迫性,对该课题客观、正确的分析与评价无疑会对于我国房地产行业的发展产生重要意义,也是对国民经济健康发展的重要贡献。
本文以国内大中型房地产开发企业为研究对象,从投资效率即投资管理的有效性的角度进行了研究和评价。首先,明确选题背景、提出了论文的研究框架和研究内容,并对当前该领域的研究进行了文献综述,阐述了论文研究的基础。之后,按照样本选取与指标选取的原则,确定模型,再通过数据采集及加工,提出了评价的流程及方法。本文选取A股42家上市房地产企业作为样本,并选取二次相对评价模型,通过数据采集及加工,得出相应的结论,验证了研究的科学性及有效性,最后得出结论并提出建议与展望。
In 2008, the world economy was badly hit by global financial crisis, which exerted adverse impact to China’s economy. The Chinese government launched a package of stimulus plans to boost economic growth, and this has translated into fast rise of investment on fixed assets. Investment efficiency has become a hot topic of discussion among scholars and experts. In order to obtain a healthy and steady growth in economy, it is a necessary step to study investment efficiency. Being a backbone in national economy, the real estate sector always takes up a large portion of fixed assets investment. In recent years, the housing price has been soaring throughout the country. High housing price and house purchase as investment are focus of attention of the public. For steady and healthy development of the real estate sector, the central government has constituted a series of regulation policies, especially in the year 2011, concerned regulation policies have been published in close manner. In the backdrop, it is urgent to study investment management efficiency from the perspective of real estate development companies. To formulate an objective and correct analysis and evaluation is quite important to growth of the sector, and undoubtedly makes contribution to healthy development of the national economy.
The thesis takes large and middle scale real estate development companies as object of study, conducts study and evaluation from the angle of investment efficiency, viz. efficiency of investment management. First, it clarifies background for the subject, puts forward the frame and content for the study, delivers literature review of the field and elaborates basis for the study. Afterwards, according to discipline of choosing sample and index, fix the model; proposes procedure and methods for the evaluation through data collection and processing. The thesis takes 42 listed real estate development companies in A share market as samples, collect secondary relative evaluation model and comes to corresponding conclusion through data collection and processing. It verifies scientificity and effectiveness of the study, makes final conclusion and put forward suggestion and prospect.
本文以国内大中型房地产开发企业为研究对象,从投资效率即投资管理的有效性的角度进行了研究和评价。首先,明确选题背景、提出了论文的研究框架和研究内容,并对当前该领域的研究进行了文献综述,阐述了论文研究的基础。之后,按照样本选取与指标选取的原则,确定模型,再通过数据采集及加工,提出了评价的流程及方法。本文选取A股42家上市房地产企业作为样本,并选取二次相对评价模型,通过数据采集及加工,得出相应的结论,验证了研究的科学性及有效性,最后得出结论并提出建议与展望。
In 2008, the world economy was badly hit by global financial crisis, which exerted adverse impact to China’s economy. The Chinese government launched a package of stimulus plans to boost economic growth, and this has translated into fast rise of investment on fixed assets. Investment efficiency has become a hot topic of discussion among scholars and experts. In order to obtain a healthy and steady growth in economy, it is a necessary step to study investment efficiency. Being a backbone in national economy, the real estate sector always takes up a large portion of fixed assets investment. In recent years, the housing price has been soaring throughout the country. High housing price and house purchase as investment are focus of attention of the public. For steady and healthy development of the real estate sector, the central government has constituted a series of regulation policies, especially in the year 2011, concerned regulation policies have been published in close manner. In the backdrop, it is urgent to study investment management efficiency from the perspective of real estate development companies. To formulate an objective and correct analysis and evaluation is quite important to growth of the sector, and undoubtedly makes contribution to healthy development of the national economy.
The thesis takes large and middle scale real estate development companies as object of study, conducts study and evaluation from the angle of investment efficiency, viz. efficiency of investment management. First, it clarifies background for the subject, puts forward the frame and content for the study, delivers literature review of the field and elaborates basis for the study. Afterwards, according to discipline of choosing sample and index, fix the model; proposes procedure and methods for the evaluation through data collection and processing. The thesis takes 42 listed real estate development companies in A share market as samples, collect secondary relative evaluation model and comes to corresponding conclusion through data collection and processing. It verifies scientificity and effectiveness of the study, makes final conclusion and put forward suggestion and prospect.
引文
1《马克思恩格斯全集》第46卷(下册),人民出版社1980年版,第225页。
2 [美]萨缪尔森,《经济学》,中国发展出版社,1992年版,第45页。
3约翰·何特韦尔等编,《新帕尔格雷夫经济学大辞典》,经济科学出版社,1992年版,第868页。
4樊纲,《公有制宏现经济理论大纲》,上海人民出版社,1995年版,第291页。
5胡汝银,《低效率经济学——集权体制理论的重新思考》,上海三联书店,1992年版,第33页。
6 L罗宾斯(L Robins),《论经济科学的性质和意义》,麦克米兰公司1946年英文版,第16页。
[1]冯英浚,王大伟,丁文桓等.绩效管理与管理有效性[J].中国软科学,2003, 18(4):132-136.
[2]樊潇彦,袁志刚.我国宏观投资效率的定义与衡量:一个文献综述[J].南开经济研究,2006,(1):44-59.
[3]樊潇彦.经济增长与中国宏观投资效率研究[D].上海:复旦大学博士论文,2005.
[4]张军.中国国有部门的利润率变动模式:1978-1997[J].经济研究,2001,(3):19-28.
[5]张军.增长、资本形成与技术选择:解释中国经济增长下降的长期因素[J].经济学(季刊),2002,1(2):301-338.
[6]倪晓宁,甄苓.投资率和内部宏观投资效率——基于数据包络分析拥挤模型的结论[J].中国流通经济,2007,(4):57-60.
[7]康梅,冯英浚.基于一致Malmquist生产率指数的投资效率评价[J].哈尔滨工业大学学报,2007,39(10):1642-1644.
[8]姜再勇,严宝玉,盛朝晖等.经济价值创造、投资效率与宏观经济增长——EVA方法及对我国和北京市制造业面板数据的研究[J].金融研究,2007,(11):118-128.
[9]庞明川.中国的投资效率与过度投资问题研究[J].财经问题研究,2007,(7):46-52.
[10]艾凌宇,林静.中国近几年宏观投资效率研究[J].山西大学学报(哲学社会科学版),2009,32(3):80-84.
[11]盖国凤.投资自我决定及宏观投资效率测度体系[J].工业技术经济,2007, 26(4):147-148.
[12]戴鸿丽,马喆论.宏观投资效率测度的指标与方法[J].经济研究导刊,2007,(4):13-15.
[13]于谨凯,单春红.我国的国有投资与民间投资效率实证分析[J].河北经贸大学学报,2004,25(5):21-25.
[14]王成秋.投资效率研究[D].天津:天津财经大学博士论文,2004.
[15]刘小庆.房地产项目投资效率优化研究[D].南京:南京理工大学硕士论文,2008.
[16]陆志鹏.区间DEA模型求解算法及其在项目投资效率评价中的应用[J].中国管理科学,2009,17(4):165-169.
[17]康梅.基于(k,y)空间技术分解的企业投资效率评价[J].系统工程,2007,25(7):70-77.
[18]雷海燕.EVA方法在企业投资效率评价中的应用[J].商业经济文荟,2006,(5):82-84.
[19]冯英浚,魏松贤,高欣.管理有效性[J].哈尔滨工业大学学报(社会科学版), 2000,2(2):76-78.
[20]冯英浚,李成红.二次相对效益——衡量企业经济效益的一种指标[J].中国软科学,1995,(7):30-37.
[21]丁文桓,冯英浚等.上市公司业绩的二次相对评价[J].管理工程学报, 2003,17(2):65-74.
[22]胡季英,冯英浚.房地产类上市公司业绩评价模型研究[J].低温建筑技术, 2004,(6):88-90.
[23]Charnes A ,et al. Foundations of Data Envelopment Analysis for Pareto-Koopmans Efficient Empirical Production Functions[J].Econometrics,1985(30):91-107.
[24]Debreu G. The Coefficient of Resource Utilization[J].Econometrics,1951,19(3): 273-292.
[25]A.Charnes, W. W Cooper, E. Rhodes. Measuring the Efficiency of Decision Making Units[J].European Journal of Operational Research,1978,(2):429-444.
[26]Anderson P, Peterson N C. A Procedure for Rank Efficient Units in Data Envelopment Analysis[J].Management Science,1993,39(10):1261-1264.
[27]Banker R D. Estimation Most Productive Scale Using Date Envelopment Analysis[J]. European Journal of Operational Research,1984,(17):35-44.
[28]Joe Zhu. Multi-factor Performance Measure Model with An Application to Fortune 500 Companies[J].European Journal of Operational Research,2000:(123):105-124.
[29]Peter F Drucker. Harvard Business Review on Measuring Corporate Performance[M]. Harvard Business School Press,1998.
[30]Magnus Kald, Fredrik Nilsson. Performance Measurement At Nordic Companies[J]. European Management Journal,2000,1(81):113-127.
[31]Ahn Kookshin. Are East Asian Economics Dynamically Efficient?[J].Journal of Economic Development,2003,28(1):101-110.
[32]Hwang S N, Chang T Y. Using Data Envelopment Analysis to Measure Hotel Managerial Efficiency Change in Taiwan[J].Tourism Management,2003(24):357-369.
[33]Schneeweiss H, Mathes H. Factor Analysis and Principal Components[J].Journal of Multivariate Analysis,1995(55):105-124.
[34]Mauljel Angel. International Stock Market Linkage: a Factor Analysis Approach [J].Journal of Asset Management,2002(10):253-268.
[35]Joseph F, Hair J R. Factor Analysis and Arbitrage Pricing in Large Asset Economics[J].Journal of Economic Theory,1998(78):231-262.
[36]耿晓媛.中国房地产业发展的DEA评价[J].统计与信息论坛,2007(5):101-104.
[37]孙鸽.基于DEA的我国房地产业运作效率研究[J].经济研究导刊,2007(9):174-176.
[38]Huubj M Ruel. Reconsidering our Team Effectiveness Models[J].Team Development, 2000,7:175-188.
[39]Rusa Forrester, Allan B, Drexler. A Model for Team-based Organization Performance[J].The Academy of Management Executive,1999(3):429-444.
[40]Peter F. Drunker. Harvard Business Review On Measuring Corporate Perform[J]. Harvard Business Review Paperback,1998.
[41]鞠颂.房地产上市公司绩效评价及影响因素分析[D].南京:南京农业大学硕士论文,2007.
[42]蔡艺.主成分方法在综合评价中的应用[J].中国统计,2005(2):24-26.
[43]吴亚飞,李科.基于SPSS的主成分分析法在评价体系中的应用[J].当代经济,2009(3):166-168.
[44]李东晔.城市房地产市场健康发展综合评价体系研究[D].大连:大连理工大学博士论文,2010.
[45]苏舒.基于DEA的我国房地产上市公司绩效研究[D].重庆:重庆大学硕士论文,2007.
[46]陈艳.我国房地产业市场绩效研究——以上市公司为例[D].乌鲁木齐:新疆财经大学硕士论文,2009.
[47]刘婓.我国房地产上市公司财务绩效评价研究[D].乌鲁木齐:新疆财经大学硕士论文,2009.
[48]Jack Broyles. Financial Management and Real Options[J].Wiley,2003.
[49]Michael A.Hi, Redone Ireland, Robert, E. Hokinson. Strategic Management: Competitiveness and Globalization[J].Thomson/South-Western,2005.
[50]James C., Van H., John M.et. Fundamental of Financial Management(Tenth Edition)[M].Prentice Hall Inc,1998.
[51]Chagatai R., Demeanor F. Institutional Ownership, Capital Structure and Firm Performance[J].Strategic Management Journal,1991.
[52]Kaplan R., Norton D. Putting the Balanced Scored to Work[J].Harvard Business Review,2003.
[53]姜珂.基于平衡计分卡构建的绩效管理系统在房地产行业的应用研究[D].重庆:重庆大学硕士论文,2003.
[54]鞠颂.房地产上市公司绩效评价及影响因素分析[D].南京:南京农业大学硕士论文,2007.
[55]李斌,蒋涛.房地产行业上市公司绩效评价的实证研究[J].特区经济,2007.
[56]谭颖贤.基于因子分析方法的房地产业财务分析[J].南方金融,2008.
[57]马跃.房地产公司业绩指标分析[J].商场现代化,2008.
[58]Farrell M J .The Measurement of Productive Efficiency[J].Journal of Royal Stoical Society. Series A,General,1957,120(3):253-281.
[59]Hanoch G. The Elasticity of Scale and Scope of the Average cost[J].American Economic Review,1975,653:492-497.
[60]Panzar J C. Willing R D. Economics of Scale in Multi-Product[J]. Production Quarterly Journal of Economics,1977,91(3):451-493.
[61]Kim H Y. Economics of Scale and Economics of Scope in Multi-Product Financial Institutions: Further Evidence from Credit Unions[J].Journal of Money, Credit and Banking,1986,18(5):220-226.
[62]Meste L J., Efficient Production of Financial Services: Scale and Scope Economics[J].Business Review,1987,l:15-25.
[63]Panzar J C., Willing R D. Economics of Scope[J]. American Economic Review,1981,71(2):268-273.
[64]Leibensein H. Allocative Efficiency VS'X-efficiency[J]. American Economic Review,1966,56(6):392-415.
[65]]Yeh Q. The Application of Data Development Analysis in Conjunction with Financial Ratios for Bank Performance Evaluation[J]. Journal of Operation Research Soeiety,1996,47(3):980-988.
2 [美]萨缪尔森,《经济学》,中国发展出版社,1992年版,第45页。
3约翰·何特韦尔等编,《新帕尔格雷夫经济学大辞典》,经济科学出版社,1992年版,第868页。
4樊纲,《公有制宏现经济理论大纲》,上海人民出版社,1995年版,第291页。
5胡汝银,《低效率经济学——集权体制理论的重新思考》,上海三联书店,1992年版,第33页。
6 L罗宾斯(L Robins),《论经济科学的性质和意义》,麦克米兰公司1946年英文版,第16页。
[1]冯英浚,王大伟,丁文桓等.绩效管理与管理有效性[J].中国软科学,2003, 18(4):132-136.
[2]樊潇彦,袁志刚.我国宏观投资效率的定义与衡量:一个文献综述[J].南开经济研究,2006,(1):44-59.
[3]樊潇彦.经济增长与中国宏观投资效率研究[D].上海:复旦大学博士论文,2005.
[4]张军.中国国有部门的利润率变动模式:1978-1997[J].经济研究,2001,(3):19-28.
[5]张军.增长、资本形成与技术选择:解释中国经济增长下降的长期因素[J].经济学(季刊),2002,1(2):301-338.
[6]倪晓宁,甄苓.投资率和内部宏观投资效率——基于数据包络分析拥挤模型的结论[J].中国流通经济,2007,(4):57-60.
[7]康梅,冯英浚.基于一致Malmquist生产率指数的投资效率评价[J].哈尔滨工业大学学报,2007,39(10):1642-1644.
[8]姜再勇,严宝玉,盛朝晖等.经济价值创造、投资效率与宏观经济增长——EVA方法及对我国和北京市制造业面板数据的研究[J].金融研究,2007,(11):118-128.
[9]庞明川.中国的投资效率与过度投资问题研究[J].财经问题研究,2007,(7):46-52.
[10]艾凌宇,林静.中国近几年宏观投资效率研究[J].山西大学学报(哲学社会科学版),2009,32(3):80-84.
[11]盖国凤.投资自我决定及宏观投资效率测度体系[J].工业技术经济,2007, 26(4):147-148.
[12]戴鸿丽,马喆论.宏观投资效率测度的指标与方法[J].经济研究导刊,2007,(4):13-15.
[13]于谨凯,单春红.我国的国有投资与民间投资效率实证分析[J].河北经贸大学学报,2004,25(5):21-25.
[14]王成秋.投资效率研究[D].天津:天津财经大学博士论文,2004.
[15]刘小庆.房地产项目投资效率优化研究[D].南京:南京理工大学硕士论文,2008.
[16]陆志鹏.区间DEA模型求解算法及其在项目投资效率评价中的应用[J].中国管理科学,2009,17(4):165-169.
[17]康梅.基于(k,y)空间技术分解的企业投资效率评价[J].系统工程,2007,25(7):70-77.
[18]雷海燕.EVA方法在企业投资效率评价中的应用[J].商业经济文荟,2006,(5):82-84.
[19]冯英浚,魏松贤,高欣.管理有效性[J].哈尔滨工业大学学报(社会科学版), 2000,2(2):76-78.
[20]冯英浚,李成红.二次相对效益——衡量企业经济效益的一种指标[J].中国软科学,1995,(7):30-37.
[21]丁文桓,冯英浚等.上市公司业绩的二次相对评价[J].管理工程学报, 2003,17(2):65-74.
[22]胡季英,冯英浚.房地产类上市公司业绩评价模型研究[J].低温建筑技术, 2004,(6):88-90.
[23]Charnes A ,et al. Foundations of Data Envelopment Analysis for Pareto-Koopmans Efficient Empirical Production Functions[J].Econometrics,1985(30):91-107.
[24]Debreu G. The Coefficient of Resource Utilization[J].Econometrics,1951,19(3): 273-292.
[25]A.Charnes, W. W Cooper, E. Rhodes. Measuring the Efficiency of Decision Making Units[J].European Journal of Operational Research,1978,(2):429-444.
[26]Anderson P, Peterson N C. A Procedure for Rank Efficient Units in Data Envelopment Analysis[J].Management Science,1993,39(10):1261-1264.
[27]Banker R D. Estimation Most Productive Scale Using Date Envelopment Analysis[J]. European Journal of Operational Research,1984,(17):35-44.
[28]Joe Zhu. Multi-factor Performance Measure Model with An Application to Fortune 500 Companies[J].European Journal of Operational Research,2000:(123):105-124.
[29]Peter F Drucker. Harvard Business Review on Measuring Corporate Performance[M]. Harvard Business School Press,1998.
[30]Magnus Kald, Fredrik Nilsson. Performance Measurement At Nordic Companies[J]. European Management Journal,2000,1(81):113-127.
[31]Ahn Kookshin. Are East Asian Economics Dynamically Efficient?[J].Journal of Economic Development,2003,28(1):101-110.
[32]Hwang S N, Chang T Y. Using Data Envelopment Analysis to Measure Hotel Managerial Efficiency Change in Taiwan[J].Tourism Management,2003(24):357-369.
[33]Schneeweiss H, Mathes H. Factor Analysis and Principal Components[J].Journal of Multivariate Analysis,1995(55):105-124.
[34]Mauljel Angel. International Stock Market Linkage: a Factor Analysis Approach [J].Journal of Asset Management,2002(10):253-268.
[35]Joseph F, Hair J R. Factor Analysis and Arbitrage Pricing in Large Asset Economics[J].Journal of Economic Theory,1998(78):231-262.
[36]耿晓媛.中国房地产业发展的DEA评价[J].统计与信息论坛,2007(5):101-104.
[37]孙鸽.基于DEA的我国房地产业运作效率研究[J].经济研究导刊,2007(9):174-176.
[38]Huubj M Ruel. Reconsidering our Team Effectiveness Models[J].Team Development, 2000,7:175-188.
[39]Rusa Forrester, Allan B, Drexler. A Model for Team-based Organization Performance[J].The Academy of Management Executive,1999(3):429-444.
[40]Peter F. Drunker. Harvard Business Review On Measuring Corporate Perform[J]. Harvard Business Review Paperback,1998.
[41]鞠颂.房地产上市公司绩效评价及影响因素分析[D].南京:南京农业大学硕士论文,2007.
[42]蔡艺.主成分方法在综合评价中的应用[J].中国统计,2005(2):24-26.
[43]吴亚飞,李科.基于SPSS的主成分分析法在评价体系中的应用[J].当代经济,2009(3):166-168.
[44]李东晔.城市房地产市场健康发展综合评价体系研究[D].大连:大连理工大学博士论文,2010.
[45]苏舒.基于DEA的我国房地产上市公司绩效研究[D].重庆:重庆大学硕士论文,2007.
[46]陈艳.我国房地产业市场绩效研究——以上市公司为例[D].乌鲁木齐:新疆财经大学硕士论文,2009.
[47]刘婓.我国房地产上市公司财务绩效评价研究[D].乌鲁木齐:新疆财经大学硕士论文,2009.
[48]Jack Broyles. Financial Management and Real Options[J].Wiley,2003.
[49]Michael A.Hi, Redone Ireland, Robert, E. Hokinson. Strategic Management: Competitiveness and Globalization[J].Thomson/South-Western,2005.
[50]James C., Van H., John M.et. Fundamental of Financial Management(Tenth Edition)[M].Prentice Hall Inc,1998.
[51]Chagatai R., Demeanor F. Institutional Ownership, Capital Structure and Firm Performance[J].Strategic Management Journal,1991.
[52]Kaplan R., Norton D. Putting the Balanced Scored to Work[J].Harvard Business Review,2003.
[53]姜珂.基于平衡计分卡构建的绩效管理系统在房地产行业的应用研究[D].重庆:重庆大学硕士论文,2003.
[54]鞠颂.房地产上市公司绩效评价及影响因素分析[D].南京:南京农业大学硕士论文,2007.
[55]李斌,蒋涛.房地产行业上市公司绩效评价的实证研究[J].特区经济,2007.
[56]谭颖贤.基于因子分析方法的房地产业财务分析[J].南方金融,2008.
[57]马跃.房地产公司业绩指标分析[J].商场现代化,2008.
[58]Farrell M J .The Measurement of Productive Efficiency[J].Journal of Royal Stoical Society. Series A,General,1957,120(3):253-281.
[59]Hanoch G. The Elasticity of Scale and Scope of the Average cost[J].American Economic Review,1975,653:492-497.
[60]Panzar J C. Willing R D. Economics of Scale in Multi-Product[J]. Production Quarterly Journal of Economics,1977,91(3):451-493.
[61]Kim H Y. Economics of Scale and Economics of Scope in Multi-Product Financial Institutions: Further Evidence from Credit Unions[J].Journal of Money, Credit and Banking,1986,18(5):220-226.
[62]Meste L J., Efficient Production of Financial Services: Scale and Scope Economics[J].Business Review,1987,l:15-25.
[63]Panzar J C., Willing R D. Economics of Scope[J]. American Economic Review,1981,71(2):268-273.
[64]Leibensein H. Allocative Efficiency VS'X-efficiency[J]. American Economic Review,1966,56(6):392-415.
[65]]Yeh Q. The Application of Data Development Analysis in Conjunction with Financial Ratios for Bank Performance Evaluation[J]. Journal of Operation Research Soeiety,1996,47(3):980-988.