基于成本弹性的中国房地产上市公司规模经济状况

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清华大学辅仁网/2017-07-07

张红^1,2, 陈嘉伟^1,2, 王悦^1,2, 李维娜³

1. 清华大学恒隆房地产研究中心, 北京 100084;
2. 清华大学城镇化与产业发展研究中心, 北京 100084;
3. 香港恒生管理学院会计系, 香港 999077

Scale-economy conditions of China's listed real estate companies based on cost elasticity

ZHANG Hong^1,2, CHEN Jiawei^1,2, WANG Yue^1,2, Vera Li³

1. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China;
2. Center for Urbanization and Industrial Development, Tsinghua University, Beijing 100084, China;
3. Department of Accountancy, Hang Seng Management College, Hong Kong 999077, China

摘要:

输出: BibTeX | EndNote (RIS)

摘要准确掌握房地产企业规模经济状况是优化企业规模的前提。利用38家房地产上市公司2005-2011年的数据,采用超越对数成本函数模型测算成本弹性,判断房地产上市公司的整体规模经济状况,并从资产规模、所有权性质和进驻城市数量等角度分析各类房地产上市公司的规模经济特点。结果表明:1)中国房地产上市公司整体存在规模经济,且随时间推移,规模经济状况在逐渐优化;2) 2005-2011年,存在规模经济的房地产上市公司数为26家,占样本数的68.4%;总资产在50~100亿元的房地产上市公司规模经济状况优于其他公司;民营公司规模经济状况优于国有公司;进驻10个城市以下的公司规模经济状况优于进驻10个城市及以上的公司。

关键词 ：房地产上市公司,规模经济状况,超越对数成本函数,成本弹性

Abstract：Accurate understanding of the scale-economy conditions for real estate companies is the precondition for optimizing the company scale. Annual data from 38 listed real estate companies during 2005-2011 was used to calculate the cost elasticity with the translog cost function (TCF) model to judge the overall scale-economy conditions of listed real estate companies. The model is used to analyze the scale economy characteristics for different types of listed real estate companies in terms of asset size, ownership property and business coverage. The results show that there is an general scale economy for China's listed real estate companies and the scale-economy conditions improve over time. The results also show that during 2005-2011, scale economies existed in 26 listed real estate companies, 68.4% of the total. The scale-economy conditions show that listed real estate companies with asset values of 5×10⁹-10×10⁹ yuan are more successful than other companies, privately-owned companies are better than state-owned companies, and companies which cover less than 10 cities are better than the others.

Key words：listed real estate company scale-economy condition translog cost function cost elasticity

收稿日期: 2013-04-22 出版日期: 2016-05-09

ZTFLH:

F293.3

引用本文:

张红, 陈嘉伟, 王悦, 李维娜. 基于成本弹性的中国房地产上市公司规模经济状况[J]. 清华大学学报（自然科学版）, 2016, 56(4): 394-398,405.
ZHANG Hong, CHEN Jiawei, WANG Yue, Vera Li. Scale-economy conditions of China's listed real estate companies based on cost elasticity. Journal of Tsinghua University(Science and Technology), 2016, 56(4): 394-398,405.

链接本文:

http://jst.tsinghuajournals.com/CN/10.16511/j.cnki.qhdxxb.2016.24.009或 http://jst.tsinghuajournals.com/CN/Y2016/V56/I4/394

图表:

表１　企业规模经济状况的判断标准

表２　指标选取与变量设定

表３　３８家房地产上市公司原始数据描述性统计

表４　模型中各参数估计结果

表５　２００５—２０１１年房地产上市公司成本弹性和总体统计

表６　２００５—２０１１年各类房地产上市公司成本弹性和均值统计

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