| China’s real-estate market has gradually become a pillar industry of economic growth through monetization and marketization process. The stability of the real-estate market is of great significance to the healthy development of the macroeconomic situation. It’s not only the effective driving force for economic growth, but also great pressure for the current economic downturn. The real-estate industry is also important for social livelihood issues in urbanization process and improvement of people’s living conditions. Meanwhile, the number and size of real-estate listed companies in China has increased sharply after twenty years of rapid development, the same as their profitability in this golden development period. The development and operation of real-estate listed companies depend on both enterprises’ internal factors and the macroeconomic environment. The purpose of this article is to research the influence of macroeconomic environment on real-estate listed enterprises’ profitability. The macroeconomic environment includes important economic indicators and also important national macroeconomic policies. The objective is to make some suggestions for national macroeconomic policies and real-estate listed companies’development through qualitative and quantitative analysis.The first chapter introduces the research background and significance, expounding the important position of real-estate industry in China and summarizing the existed research results at home and abroad. These achievements mainly include the real-estate market supply and demand changes, housing price influence factors, real-estate enterprise performance evaluation, macroeconomic impact on housing price and real-estate industry, etc. This chapter also summarizes the innovation of this article on the basis of the literature review, which is to connect macroeconomic environment with real-estate listed companies, as well as the shortage of this research due to limited data sources and other factors’interference. Chapter one also analyzes the real-estate market supply and demand relation and the current situation of real-estate market in China, which is necessary to explain how macroeconomic environment influences real-estate market supply-demand and development and thus influences real-estate listed enterprises’profitability in the following parts.Chapter two explains the selected indicators, including GDP, CPI, loan interest rates of PBoC, the proportion of the land transfer income of local financial revenues, tax policies, real-estate listed companies’average ROEs (return on equity), etc. Then based on the market supply and demand theory, qualitatively discuss how various macroeconomic factors and policies affect the real-estate listed enterprises’ROEs, in particular focus on the origin of land-finance mechanism and its problems, revealing the substantial impacts of land-finance on real-estate market and real-estate companies. Finally come up with some theoretical hypothesis.The third chapter choses some macroeconomic data and some representative real-estate listed companies’ROEs from1995to2014, and calculates the average annual ROEs of chosen real-estate listed companies in this period based on the weight of their total assets. And then build the linear equation model to discuss the correlation between the macroeconomic data and real-estate enterprises’ROEs. Use Eviews software for regression analysis and conclude the relationship between the independent variable and dependent variables. The results show that GDP, loan interest rates and proportion of land finance have positive correlation with real-estate listed companies’ROEs. Finally compare the results of empirical study with theoretical assumptions.The fourth chapter summarizes the results of empirical research and the main conclusions. According to the research results, this chapter proposes some suggestions for macroeconomic policies reform and also the real-estate listed companies’ performance in order to promote the healthy and sustainable development of real-estate market in China. |
