Listed Real Estate Companies Operating Performance And Macro-control Policies Relationship Study

Because of the special situation of China, leading to the particularity of China’sreal estate market, the operating performance of real estate listed company has greatimpacted by the macro-control policies. Especially since2008，China’s real estatemacro-control policies was issued frequently. On the other hand, as the development ofChina’s real estate market has just started, the development of the macro-control hasjust started and there are some problems of the macro-control means, methods andeffect. This paper analyzes China’s real estate market from two aspects of the listed realestate companies operating performance and the macro-control policies.At first, this article collect, carding and analysis the macro-control policies from2008to mid-2012. Through the analysis of the macro-control policies in recent years wefound the macro-control policy has two directional changes, one happened in September2008， the another happened in January2010. And through the two time codedistinguished the macro-control policies this article made a comparative study of theencouraged and suppressed macro-control policies.Then, this paper focus on the study of the relationship and interaction mechanismbetween the real estate listed company and the macro-control policies. And establish ainteraction mechanism model consist of central government, local government, realestate company and consumer. Not only focus on the analysis of macro-control policieson the impact of listed real estate company, but also analysis the listed real estatecompany on the impact on the macro-control policies.As for the establishment of performance evaluation index system, this paperselected frequently used and representative index to build the primary index system onthe basis of large number of domestic and foreign literature review. Then use theprincipal component analysis to optimize and screen the primary index system, finallyestablish a suitable performance evaluation system for listed real estate company.On the basis of theoretical analysis, this paper make empirical analysis. This paperselected70listed real estate companies in Shanghai and Shenzhen and collect five yearsoriginal data from2008to mid-2012, then use the SPSS analysis software to do thefactor analysis and get some reliable analysis result.Finally, on the basis of the analysis of the empirical results we draw theconclusions of this research and made some suggestions to government macro-control policies making and listed real estate companies. There are three advices for policiesmaking,1) the government should establish a sound long-term regulatory mechanism;2)strengthen the construction of information technology;3) strengthen the supervision ofthe implementation of policies. There are also three advices for real estate listedcompany,1) they should study the real estate macro-control policies seriously and takereasonable measures;2) improve the management level;3) take the diversity businessstrategy. And view to do some help to the healthy development of China’s real estatemarket.