进入经济新常态以来，在坚持供给侧结构性改革、推动发展质量的政策引 导下，中国经济实现了由高速增长到中高速增长的平稳转变。作为一种较为特 殊且对国民经济发展有着举足轻重影响的欧亿·体育（中国）有限公司，房地产企业大规模扩张的时代 已经过去。在房住不炒等政策引导下，房地产企业的发展重点已逐步由“增量” 转向“提质”，如何在资源约束下进行高效的资源配置已成为房地产企业稳健发展 的关键。但房地产的现有相关研究或是基于欧亿·体育（中国）有限公司角度，或是基于投资效率、经 营绩效角度，而房地产企业全要素生产率的相关研究较少，因此运用科学合理 的测算方法对房地产企业的全要素生产率进行测算，分析影响企业全要素生产 率增长的因素，可以为房地产企业保持核心竞争力提供参考依据，进而提出促 进企业良性发展的相关建议。 本文基于非参数方法—全局Malmquist指数，对2013—2018年64家沪深上 市的房地产企业全要素生产率进行测度，可以避免同期Malmquist方法存在线性 规划不可行和无解的情况，同时弱化了“技术退步”悖论给测算结果带来的影响， 并在此基础上进一步讨论了决策单元的纯效率变化、纯技术变化以及规模变化 因子的变化情况；其次探讨了企业股权集中度、政府补助、品牌建设、偿债能 力、盈利能力及运营能力对房地产企业全要素生产率的影响。 研究结果表明：（1）总体来看，房地产上市企业在2013—2018年间平均 TFP指数略大于一，说明房地产上市企业全要素生产率在研究期间有所增长， 但增长幅度较小。（2）房地产企业全要素生产率受技术变化影响较大。在2016 II 年之前，房地产上市企业全要素生产率有所降低，且这种降低主要是由于纯技 术变化值的减少幅度较大造成的，即便房地产企业进行了规模扩张及管理水平 提升，使得纯效率变化和规模变化因子有所提高，但并没有抵消技术变化带来 的负面影响。2016之后，房地产上市企业全要素生产率有所增长，且全要素生 产率的增长主要是纯技术变化的大幅提升带来的，虽然规模变化因子和纯效率 变化均值减少至6年最低值，但并没有影响整体全要素生产率的提升。（3）民 营企业的全要素生产率最高，均值最接近欧亿·体育（中国）有限公司均值，国有企业紧随其后且与行 业水平及民营企业全要素生产率相差不大，合资企业的全要素生产率低于整体 平均水平。（4）在中国房地产上市企业全要素生产率影响因素的实证研究中， 长期负债率对房地产企业全要素生产率有显著的负向影响；政府补助、净资产 收益率及净资产周转率对房地产企业全要素生产率有显著的正向影响；而股权 集中度和品牌资本对房地产企业全要素生产率的影响并不显著。最后，论文结 合欧亿·体育（中国）有限公司发展和研究结果，提出促进房地产上市企业全要素生产率增长的政策建 议。 关键词：房地产企业；全要素生产率；全局Malmquist方法；影响因素 III RESEARCH ON TOTAL FACTOR PRODUCTIVITY AND INFLUENCING FACTORS OF CHINESE REAL ESTATE LISTED COMPANIES ABSTRACT Since entering the new economic normal, under the guidance of policies that adhere to the supply-side structural reforms and promote the quality of development, the Chinese economy has achieved a steady transition from the previous high speed to a medium-to-high speed growth. As a special industry with a significant influence on the development of the national economy, the era of large-scale expansion of real estate companies has passed. Under the guidance of policies such as housing is for living in, not for speculation, the development focus of real estate companies has gradually shifted from quantity to quality. How to efficiently allocate resources under resource constraints has become the key to the steady development of real estate companies. However, the existing relevant research on real estate is either based on the industry perspective, or from the perspective of investment efficiency and operating performance, and there are few related studies on the total factor productivity of real estate companies. Calculation and analysis of factors that affect the growth of the enterprise's total factor productivity can provide a reference for real estate companies to maintain their core competitiveness, and then put forward IV relevant suggestions to promote the healthy development of enterprises. Based on the non-parametric method—the global Malmquist index, this paper measures the total factor productivity of 64 Shanghai-Shenzhen-listed real estate companies from 2013 to 2018, which can avoid the situation that the linear programming of the Malmquist method is not feasible and unsolvable during the same period, and weakens the impact of "technology regress" paradox on the measurement results, and on this basis, the pure efficiency change, pure technology change and scale change factor of the decision-making unit are further discussed; secondly, it discusses the impact of corporate equity concentration, government subsidies, brand building, solvency, profitability and operating capacity on the total factor productivity of real estate companies. The research results show that: (1) Overall, the average TFP index of listed real estate companies in 2013-2018 is slightly greater than 1, indicating that the total factor productivity of listed real estate companies has increased during the survey period, but the growth rate is relatively small. (2) The total factor productivity of real estate companies is greatly affected by technological changes. Before 2016, the total factor productivity of listed real estate companies decreased, and this decrease was mainly due to the larger reduction in the value of pure technology changes, even if real estate companies expanded their scale and improved their management levels, they have not offset the negative impact of technological changes. After 2016, the total factor productivity of listed real estate companies has increased, and the increase in total factor productivity is mainly due to the substantial increase in pure V technological changes. Although the scale change factor and the average value of pure efficiency changes have been reduced to the lowest value in 6 years, they have not affect the improvement of overall total factor productivity. (3) Private enterprises have the highest total factor productivity, and the average value is closest to the industry average. State-owned enterprises follow closely and are not much different from the industry level and private enterprise total factor productivity. The total factor productivity of joint ventures is lower than the overall average. (4) In the empirical research on the influencing factors of total factor productivity of listed real estate companies in China, the long-term debt ratio has a significant negative impact on the total factor productivity of real estate companies; Significant positive impact; the impact of equity concentration and brand capital on the total factor productivity of real estate companies is not significant. Finally, the paper combines industry development and research results to put forward policy recommendations to promote the growth of total factor productivity of listed real estate companies. KEYWORDS: real estate companies; total factor productivity; global malmquist index; influence factor 目 录 一 引言 ................................................................................................................................................ 1 1.1研究背景 ................................................................................................................................. 1 1.2研究意义 ................................................................................................................................. 5 1.3研究内容和方法 ..................................................................................................................... 5 1.3.1研究内容 ....................................................................................................................... 5 1.3.2研究方法 ....................................................................................................................... 6 1.4研究框架与创新 ..................................................................................................................... 7 1.4.1研究框架 ....................................................................................................................... 7 1.4.2创新之处 ....................................................................................................................... 7 二 文献综述及理论基础 ................................................................