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Analysis of Equity Financing Efficiency of China's Listed Real Estate Companies Based on DEA

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DOI: 10.23977/FEIM2020.043


Haoxi Yuan

Corresponding Author

Haoxi Yuan


The real estate industry is the basic industry and the leading industry of the national economy, and occupies an important position in China's economic and social structure. As a typical capital-intensive industry, sufficient free cash flow is the prerequisite for ensuring the normal operation of real estate companies. In recent years, under the stimulation of the continuously overheated real estate market, there are obvious investment impulses and equity financing impulses in listed real estate companies in China. In order to evaluate the rationality of this behavior of listed real estate companies, based on data envelopment analysis (DEA), an empirical test of the equity financing efficiency of 14 listed real estate companies was conducted, and it was concluded that the efficiency of equity financing of listed real estate companies in China was generally inefficient Conclusion. Finally, some countermeasures and suggestions are proposed on how to improve the equity financing efficiency of China's listed real estate companies.


Listed real estate company, investment and financing impulse, equity financing efficiency, DEA

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