| With the vigorous development of our country since reform and opening up of the market economy and the significant transformation of the social and economic situation, China’s real estate industry has obtained the considerable development, but because of the changing of many factors affecting the development of the real estate industry and most of the real estate business development is not standard, the form of a single investment, coupled with the influx of our after WTO entry of foreign capital, so in dealing with the real estate market vary from minute to minute and change of domestic and international economy form and the national macro-control, real estate enterprises to produce various kinds of deviations and errors in the business decision-making process. In recent years, China’s housing prices rising, the research in theory the reason is found in investment activities, investment real estate projects objectively is unreasonable, our country real estate listing Corporation projects investment across the investment is a hot situation.Research projects related to domestic real estate enterprises in investment is relatively backward, and more investment in the project of this kind of enterprises as the focus, research on real estate enterprise project investment behavior impacts have not formed system, substantial results. Therefore, at this stage to strengthen enterprise project investment behavior influence factor research to perfect theoretical system of project investment in China has a very important role.Based on China’s real estate A shares of listing Corporation from2010to2012data for the study population, screening out of374eligible sample. The research methods used in this paper mainly adopts the qualitative and quantitative analytical method of the data, the empirical research on China’s Real Estate Company project investment behavior. The investment behavior in the study of China’s real estate listing Corporation project, the related financial indicators and real estate listing Corporation will carry out quantitative and qualitative analysis. In the choice of financial indicators, in addition to select the main content of this paper, the impact of the real estate listing Corporation project investment factors, the foundation, the paper also selected financial indicators of the other as a quantitative analysis mainly includes: enterprise investment, free cash flow and the growth rate of main business etc.. In addition, the main characteristics of China’s real estate industry this paper focuses on the corporate debt level is studied based on7aspects.Study on China’s real estate listing Corporation project investment is reasonable, this paper chooses Vogt model. After the test, we found that: the real estate listing Corporation exists in China project investment unreasonable phenomenon; in addition, the study found that the risk of the cash dividend and increase the proportion of independent directors in the board of directors can effectively reduce the real estate enterprise project investment of7in this paper relates to the effect, although the separation of the enterprise debt and two rights can reduce the risk of the investment project of the real estate enterprises, but the effect is not significant; because of the special situation of our country, the risk of investment projects share proportion of controlling shareholders and the manager of the company the nature for our country real estate listing Corporation did not play a role in restraining.The empirical results that:in the market environment in our country, the separation of debt financing, manager shareholding, chairman and general manager of the two rights and non state holding other variables in a reduced risk of the real estate listing Corporation in project investment can not play an effective role; however, our real estate listing Corporation can use the means or ways some urge managers to distribute cash dividends, but also can introduce more effective corporate governance mechanisms such as the increase of independent directors in the board of directors in the proportion, to reduce the number of project investment Real Estate Company. Effect of this empirical test results and conclusions for the study of China’s real estate listing Corporation project investment behavior factors are very important theoretical and practical significance. |
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