Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach

doi:10.1016/j.seps.2019.02.006

CASISD OpenIR

	Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach
	Chen, Kun; Song, Yao-yao; Pan, Jiao-feng; Yang, Guo-liang
发表期刊	SOCIO-ECONOMIC PLANNING SCIENCES
摘要	This paper aims to measure the evolution of destocking performance of the Chinese Real Estate Industry based on a DEA (Data Envelopment Analysis)-Malmquist approach, which is seldom used in this industry in existing literature. In 2016, the Chinese government introduced a unified national destocking policy to reduce real estate inventory to save the downturn in the real estate market, but the effect was less than expected and led to soaring house prices in first-tier cities. By analysing the destocking performance over the period from 2005 to 2015, we find the following: (1) It is impossible to use a unified policy to effectively address the national destocking issue because of the difference of DMUs' destocking efficiency, input redundancy and total factor productivity score changes. (2) With the current destocking performance and investment status, the government is still ignoring the existing commercial real estate problems. (3) The redundancy of firm assets and staff indicates that zombie firms may exist and risk future unemployment in the real estate industry. (4) Despite the recently repeated government interventions in this industry, destocking performance remains falling since 2008, and problems in other regions is more severe than in central cities. (5) The financial crisis triggered by the US subprime mortgage crisis has had a great impact on China's real estate industry. The destocking performance dropped sharply in 2008, forcing the Chinese government to introduce policies to stimulate the real estate market. Policy recommendations are also put forward based on the findings.
	2020
卷号	69
DOI	10.1016/j.seps.2019.02.006
语种	英语
引用统计
文献类型	期刊论文
条目标识符	http://ir.casisd.cn/handle/190111/9839
专题	中国科学院科技战略咨询研究院
推荐引用方式 GB/T 7714	Chen, Kun,Song, Yao-yao,Pan, Jiao-feng,et al. Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach[J]. SOCIO-ECONOMIC PLANNING SCIENCES,2020,69.
APA	Chen, Kun,Song, Yao-yao,Pan, Jiao-feng,&Yang, Guo-liang.(2020).Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach.SOCIO-ECONOMIC PLANNING SCIENCES,69.
MLA	Chen, Kun,et al."Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach".SOCIO-ECONOMIC PLANNING SCIENCES 69(2020).