Exploration of the efficiency evaluation and influencing factors of real estate investment based on Tobit model

摘要

In order to enable enterprise decision-makers to objectively and accurately position the market, improve the vital interests of investors, improve the efficiency of corporate investment, and ensure the healthy and steady development of the real estate industry, by referring to the literature on the efficiency evaluation of enterprises at home and abroad, combined with the theory of corporate investment, the related theories and measurement methods of the company's investment efficiency are expounded and compared. Investment efficiency input and output indicators of real estate company are considered comprehensively. The investment efficiency of real estate listed companies is evaluated from both static and dynamic aspects. Effective real estate listed companies are reordered, and changes in corporate investment efficiency are decomposed from various parts of total factor productivity (TFP). Based on this analysis, combined with factors affecting the investment efficiency of real estate listed companies, the significant degree of influencing factors is quantitatively analyzed. Finally, the policy recommendations for improving the company's investment efficiency from the company's equity system, debt structure, and cash management are proposed.