摘要
本文对108家房地产上市公司近3年年报数据进行分析,发现房地产民营企业的净资产利润率显著高于房地产国有企业,而在房地产国有企业内部,中央企业高于省属国有企业,省属国有企业高于市属国有企业。房地产民营企业的净资产增长率和总资本周转率都高于所有的国有企业,中央企业高于省属国有企业,省属国有企业高于市属国有企业。通过计量模型,进一步证实了民营企业和国有企业之间的经营效率不仅存在着显著差异,而且还发现经营效率的影响要素和影响程度也不相同,其经营效率的平衡机制也不同。鉴此,论文提出不仅非房地产主业的中央企业要退出房地产行业,而且以房地产为主业的中央企业也要退出房地产市场,而房地产省属国有企业与市属国有企业更应该全部退出房地产市场。
This paper has been discussed the problem of operating efficiency（OE） between enterprises of different ownership in Chinese real estate industry.An interesting discovery is that the OE of private real estate enterprise is significantly higher than that of state-owned enterprise,such as the index from profit of net assets,growth rate of net assets,to total capital turnover.And then,according to model,the difference of influence factors and balance mechanism of OE between private real estate enterprise and state-owned enterprise has been researched.At last,a key proposition of this paper is that not only all central enterprises should retreat from real estate industry,but all state-owned enterprise also quit from real estate industry,which includes provincially-owned enterprises and municipal-owned enterprises.Of course,this proposition is a policy suggestion of this paper,too.
出处
《中国工业经济》
CSSCI
北大核心
2010年第7期14-25,共12页
China Industrial Economics
关键词
房地产
经营效率
行业风险
中央企业
国有企业
real estate
operating efficiency
industry risk
central enterprise
state-owned enterprise
