中文摘要：

本文分别从一、二、三线城市随机抽取了沪深交易所39家房地产上市公司作为样本，采用三阶段数据包络分析（DataEnvelopmentAnalysis，DEA）模型分离出影响投入变量的环境因素，并对房地产调控政策下各公司债务融资效率评价进行研究。研究结果表明：上市公司的债务融资技术效率较投入变量调整前有所上升；各房地产上市公司债务融资纯技术效率水平参差不齐而表现出明显的差异性；76．92％的企业处于规模报酬递减状态。可以通过缩小债务融资规模来改善这种状态，进而在一定程度上提高其债务融资效率。

英文摘要：

Based on the three - stage Data Envelopment Analysis （DEA） model, and focusing on the evaluation of debt financing efficiency of a sample of 39 real estate companies which are listed in Shanghai and Shenzhen Stock Exchanges and which are ran- domly selected from the 1 st -tier, 2nd -tier and 3rd -tier cities, this paper isolates the environmental factors influencing the in- put variables and studies the debt financing efficiency of each company under the regulatory policies to the real estate companies. The study results show that the listed sample companies＇ technical efficiency of debt financing has somewhat improved compared with the figure obtained before the input variables are adjusted; that the uneven level of listed real estate companies＇ pure techni- cal efficiency of debt financing in China shows obvious difference; and that 76.92% of the companies＇ are in the state of decrea- sing the returns to scale which can be improved by nan＇owing the scale of debt financing, and thus their debt financing efficiency can be enhanced to a certain extent.