The Comparison of Efficiency and Productivity during Pre- and Post- Financial Crisis- The Empirical Study of Taiwanese Real Estate Industry
| Autor: | Tzu-hsien Yu, 游子賢 |
|---|---|
| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 101 The domestic real estate industry is known as the locomotive of the economic. Unfortunately, these years the domestic real estate industry is facing economic depression. More than that, it’s facing international real estate global competition. It is necessary to research how to increase the competitive of domestic real estate, and how to formulate the efficacious management strategy. The development of real estate industry is an important indicator of national economic competitive and it is most easily affected by business cycles. Real estate is closely allied to other industries. For example: steel industry, cement industry, financial sector, etc. But it is the most closely related with construction industry. Therefore, the domestic real estate industry is called, “locomotive of the economic”. Couple years ago due to financial crisis; no matter individual enterprise and legal, it no longer takes financial goods as the only investment instrument because of the real estate having uniqueness, scarcity, and regional etc. It resulted the price of house mark up in last several years. The government implemented a series of blast real estate speculation policies, like implementing Luxury Tax on June 2011 and Actual Selling Price Property Value Reporting on August 2012. It causes the real estate industry to face the effect of the government policy and makes the economic slump even worse. Also due to the different length of the building period and the product has many particularities, it makes the real estate industry that has each different accounted method, marketing method, and business model with general enterprise. Therefore, there are so many variations that would affect operation and performance. The structure’s completed and effective performance model and index can evaluate the real estate industry company which makes it valuable and essential. To consider the past literatures, most of them adopt the shorter period or do not take into account the multi- variants. Therefore this paper constructs the data from 2003-2012 third quarters the total 39 quarters of Taiwanese public and over-the-counter companies in real estate industry. First, this paper uses the theory of S-C-P to discuss the structure and conduct. Due to the firms of real estate industry is not stable with timing of account and revenue reveals the character of up and down. Hence this paper will consider the characters of real estate to construct the index of performance by data envelopment analysis, and make malmqusit productivity index to evaluate the relative efficiency and productivity. The difference with this paper and past literature is research methods. This paper uses multi- variants to study and compare. Further this paper separates the regions, then comparison of efficiency and productivity during pre- and post- financial crisis. Besides, the impacts of actual selling price property and luxury taxation will be detected in the empirical model. The empirical results could provide every company to formulate suitable management strategy by their business performance and the change of productivity, in order to promote competitive of domestic real estate industry to accomplish sustainable management. According to the other empirical results that we provide enhance the domestic construction industry overall competitiveness of business and management strategies, intended to serve as a government industrial policy reference, the investors to make decisions, and develop valuable reference for future researchers. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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