Purpose /SignificanceChanges in macro-economic situation affect micro-enterprise behavior. The new economic situation requires that the real estate enterprises change their management concepts and business modes. The transformation direction of an enterprise has its own advantages, and the transformation effect is different. Therefore, it is very important to analyze the direction of enterprise transformation.

Method/ProcessTaking the real estate industry as an example, this paper uses DEA-Malmquist model and DBSCAN algorithm to calculate the total factor productivity (TFP) and annual average of 92 listed real estate enterprises from 2013 to 2017. It also analyzes and clusters the financial indexes of 92 real estate listed companies with TFP values.

Result/ConclusionThe results show that the management direction of real estate enterprises is gradually moving toward two trends: 1) high asset-liability ratio+low technological progress rate, and 2) low asset-liability ratio+high technological progress rate. Most enterprises in China's real estate industry are now in the stage of low factor utilization and low technology progress rate.