Scale-economy conditions of China's listed real estate companies based on cost elasticity
ZHANG Hong1,2, CHEN Jiawei1,2, WANG Yue1,2, 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
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.
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.
 曼昆.经济学原理[M]. 北京:北京大学出版社, 1999.Mankiw N G. Principles of Economics[M]. Beijing:Peking University Press, 1999.(in Chinese)
 孙秀峰, 迟国泰, 杨德.基于参数法的中国商业银行规模经济研究与实证[J]. 中国管理科学, 2005, 13(4):24-32.SUN Xiufeng, CHI Guotai, YANG De. The research on the economy of scale of Chinese commercial banks based on parametric approach[J].Chinese Journal of Management Science, 2005, 13(4):24-32. (in Chinese)
 刘宗华, 邹新月. 中国银行业的规模经济和范围经济-基于广义超越对数成本函数的检验[J]. 数量经济技术经济研究, 2004, 10:5-15.LIU Zonghua, ZOU Xinyue. Scale economy and scope economy of China banking——Test based on generalized translog cost function[J].Quantitative & Technica Economics, 2004, 10:5-15. (in Chinese)
 Thore S. Economies of scale in the US computer industry:An empirical investigation using data envelopment analysis[J].Journal of Evolutionary Economics, 1996, 6(2):199-216.
 Yatchew A. Scale economies in electricity distribution:A semiparametric analysis[J].Journal of Applied Econometrics, 2000, 15(2):187-210.
 Altunbas Y, Molyneux P. Economies of scale and scope in European banking[J].Applied Financial Economics, 1996, 6(4):367-375.
 陈敬学, 别双枝. 我国商业银行规模经济效率的实证分析及建议[J]. 金融论坛, 2004, 10:46-50.CHEN Jingxue, BIE Shuangzhi. An empirical analysis of and suggestions on the efficiency of scale economy of our state-owned commercial banks[J].Finance Forum, 2004, 10:46-50. (in Chinese)
 胡俊华, 周芳. 中国商业银行规模经济实证分析-基于超越对数成本函数法[J]. 黑龙江对外经贸, 2006, 1:60-62.HU Junhua, ZHOU Fang. Empirical analysis of scale economy for Chinese commercial banking——Based on the translog cost function method[J]. HLJ Foreign Economic Relations & Trade, 2006, 1:60-62. (in Chinese)
 许连君, 刘卫东. 透析房地产开发企业的规模经济[J]. 城市开发, 2004, 9:38-40.XU Lianjun, LIU Weidong. Analysis of scale economy for real estate development enterprises[J].Urban Development, 2004, 9:38-40. (in Chinese)
 邹海荣. 规模经济——房地产企业发展的必由之路[J]. 重庆工学院学报, 2002, 16(5):96-98.ZOU Hairong. Economy of scale——Inevitable way for the development of real estate businesses[J].Journal of Chongqing Institute of Technology, 2002, 16(5):96-98. (in Chinese)
 Farrell M J. The measurement of productive efficiency[J]. Journal of the Royal Statistical Society, 1957, 120(3):253-290.
 Christensen L R, Jorgenson D W, Lau L J. Transcendental logarithmic production frontiers[J].The Review of Economics and Statistics, 1973, 55(1):28-45.
 北京聚源锐思数据科技有限公司. RESSET数据库. (2013-04-06), http://www.resset.cn. Beijing Gildata RESSET Data Tech Co. Ltd RESSET/DB. (2013-04-06), http://www.resset.cn. (in Chinese)
 Altunbas Y, Chakravarty S P. Frontier cost functions and bank efficiency[J]. Economics Letters, 2001, 72(2):233-240.