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.
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