房地产公司规模经济的实证研究
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摘要
随着我国住房制度改革的逐步深入和国民经济的不断增长,房地产业迅速发展壮大,成长为国民经济的支柱产业。目前,我国房地产企业普遍存在资产规模小、年开发量不大、资质等级低、企业经营能力与其拥有的资源存量不匹配的现象,整个行业的发展处于比较松散的阶段,资源集中度低、抗风险能力小,缺乏有影响力的大型企业或企业集团引导整个行业的发展。房地产企业呼唤规模经济,但目前我国房地产企业是否存在规模经济,还是一个值得探讨的问题。
本文基于国内外不同行业的企业规模经济研究成果,结合我国房地产企业的实际情况,选择适合投入产出指标和超越对数成本函数模型,构建房地产企业规模经济测度模型,并以沪深房地产上市公司为样本进行了实证研究。具体研究成果包括:
(1)构建了房地产企业规模经济的超越对数成本函数模型。目前,还鲜有学者对房地产企业的规模经济进行研究。本文通过借鉴其他行业规模经济实证研究的结果,尝试构建出了研究房地产企业规模经济的超越对数成本函数模型。在指标的选择上,选取了销售面积为产出指标,选取平均工资、土地及建安材料成本、资金成本为投入指标,尝试构建出我国房地产企业规模经济的超越对数成本函数。
(2)实证检验了房地产上市公司的规模经济状况。本文采用沪深两市31家房地产上市公司2004-2008年的数据进行了实证研究。研究发现,总体上来看,我国房地产上市公司不存在规模经济。从2004-2007年,规模经济企业数量逐渐增长,但到2008年有所减少。从资产规模来看,100亿以上的企业多数为规模经济或者没有明显的规模不经济,30亿以下的企业大多存在相对明显的规模不经济。从股权结构来看,国有股占比50%以上的房地产企业在总体上规模经济比50%以下的企业明显。从城市分布来看,房地产上市公司主营业务分布城市与公司规模经济没有明显的关系。
对于房地产企业规模经济的实证研究,在国内外还很少见,本文的研究在一定意义上具有探索性。本文构建了房地产企业规模经济的超越对数成本函数,并对此进行了实证研究,这可以为房地产企业做规模决策时提供参考,同时,也可以为政府部门制定房地产业的产业政策提供一些依据。
但本文的实证研究仅限于沪深两市塞选出的31家房地产上市公司,样本的时间跨度也不够长,研究结论的可靠性和普适性还有待检验。未来的研究可以从变量选择及量化方法的完善、不同函数形式的选择、业务范围的扩大、样本数据的扩充等方面进行改进,以促进这一领域的学术发展和成果应用。
While deepening the reform of China's housing system and developing the national economy, the real eatate industry is growing rapidly and becoming the pillar industry of the national economy. At present, most real estate corporations exist as small ones. Their manage capabilities don't match with their weaith. The whole industry is too loose that no large-scaled corporations existed. On the one hand, real estate corporations calls for economies of scale, but on the other hand, whether economies of scale existing or not needs discusting.
The research is based on the domestic and foreign scholars, combining with the fact of real estate corporations in our country. This essay chooses the appropriate factors and builds the translog cost function model of economies of scale of the real estate corporations. Furthermore, we do the emperical analysis. The research is including:
Firstly, builds the translog cost function model of economies of scale of the real estate corporations. At present, there are few researches desceibe of the economies of scale of the real estate corporations. We are trying to identify the main factors and build the model. We choose the saled area as the output, and choose average wage cost, land and matieral cost, funding cost as the inputs.
Secondly, do the empirical research using the data of the 31 real estate corporations, from 2004 to 2008. It analyzes the economies of scale with different scales. As far as I'm concerned, in the year of 2004 to 2007, there's economies of scale do not existed . The numbers of economy companies are increasing from 2004 to 2007. Seen through the scale of acess, the ones which acess is over 100 millions exist scale of economies. Wheras the ones whose acess is under 30 millions exist scale of diseconomies. At last, there is no discipline between the disctribution of the city and the sacle of economies. Seen through the ownership structure, the real estate corporation which have a higher proportion of sate-owned share or equity scattered show economies of scale. But the ones which have a lower proportion of sate-owned shares or equity concentrated exist diseconomies of scale.
There are few researches about the economies of scale of real estate corporations. So this essay is an exploration in this erea. This essay could be the references for the companies and government. However, there is still some localization in this essay. The following researches could be conducted much fitter.
本文基于国内外不同行业的企业规模经济研究成果,结合我国房地产企业的实际情况,选择适合投入产出指标和超越对数成本函数模型,构建房地产企业规模经济测度模型,并以沪深房地产上市公司为样本进行了实证研究。具体研究成果包括:
(1)构建了房地产企业规模经济的超越对数成本函数模型。目前,还鲜有学者对房地产企业的规模经济进行研究。本文通过借鉴其他行业规模经济实证研究的结果,尝试构建出了研究房地产企业规模经济的超越对数成本函数模型。在指标的选择上,选取了销售面积为产出指标,选取平均工资、土地及建安材料成本、资金成本为投入指标,尝试构建出我国房地产企业规模经济的超越对数成本函数。
(2)实证检验了房地产上市公司的规模经济状况。本文采用沪深两市31家房地产上市公司2004-2008年的数据进行了实证研究。研究发现,总体上来看,我国房地产上市公司不存在规模经济。从2004-2007年,规模经济企业数量逐渐增长,但到2008年有所减少。从资产规模来看,100亿以上的企业多数为规模经济或者没有明显的规模不经济,30亿以下的企业大多存在相对明显的规模不经济。从股权结构来看,国有股占比50%以上的房地产企业在总体上规模经济比50%以下的企业明显。从城市分布来看,房地产上市公司主营业务分布城市与公司规模经济没有明显的关系。
对于房地产企业规模经济的实证研究,在国内外还很少见,本文的研究在一定意义上具有探索性。本文构建了房地产企业规模经济的超越对数成本函数,并对此进行了实证研究,这可以为房地产企业做规模决策时提供参考,同时,也可以为政府部门制定房地产业的产业政策提供一些依据。
但本文的实证研究仅限于沪深两市塞选出的31家房地产上市公司,样本的时间跨度也不够长,研究结论的可靠性和普适性还有待检验。未来的研究可以从变量选择及量化方法的完善、不同函数形式的选择、业务范围的扩大、样本数据的扩充等方面进行改进,以促进这一领域的学术发展和成果应用。
While deepening the reform of China's housing system and developing the national economy, the real eatate industry is growing rapidly and becoming the pillar industry of the national economy. At present, most real estate corporations exist as small ones. Their manage capabilities don't match with their weaith. The whole industry is too loose that no large-scaled corporations existed. On the one hand, real estate corporations calls for economies of scale, but on the other hand, whether economies of scale existing or not needs discusting.
The research is based on the domestic and foreign scholars, combining with the fact of real estate corporations in our country. This essay chooses the appropriate factors and builds the translog cost function model of economies of scale of the real estate corporations. Furthermore, we do the emperical analysis. The research is including:
Firstly, builds the translog cost function model of economies of scale of the real estate corporations. At present, there are few researches desceibe of the economies of scale of the real estate corporations. We are trying to identify the main factors and build the model. We choose the saled area as the output, and choose average wage cost, land and matieral cost, funding cost as the inputs.
Secondly, do the empirical research using the data of the 31 real estate corporations, from 2004 to 2008. It analyzes the economies of scale with different scales. As far as I'm concerned, in the year of 2004 to 2007, there's economies of scale do not existed . The numbers of economy companies are increasing from 2004 to 2007. Seen through the scale of acess, the ones which acess is over 100 millions exist scale of economies. Wheras the ones whose acess is under 30 millions exist scale of diseconomies. At last, there is no discipline between the disctribution of the city and the sacle of economies. Seen through the ownership structure, the real estate corporation which have a higher proportion of sate-owned share or equity scattered show economies of scale. But the ones which have a lower proportion of sate-owned shares or equity concentrated exist diseconomies of scale.
There are few researches about the economies of scale of real estate corporations. So this essay is an exploration in this erea. This essay could be the references for the companies and government. However, there is still some localization in this essay. The following researches could be conducted much fitter.
引文
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