Research On The Factors Affecting The Performance Of Chinese Estate Listed Companies

China’s real estate industry has made great contributions to the economic construction of the whole country.With the rapid development of the real estate market,large and small housing enterprises have rushed to establish,and some excellent enterprises have reached the level of listed companies,but at the same time There are also many problems,such as a large bubble in the real estate market.In view of the current economic and social environment,China’s real estate listed companies and the entire real estate industry will face opportunities and challenges such as policy regulation and industrial transformation.Therefore,it is more comprehensive to study what factors affect the performance of real estate listed companies,what impact relationship they have,and which are sensitive factors,which have certain research significance.This paper fully considers the characteristics of China’s real estate market and the background of the times,and refers to a large number of relevant literature,taking real estate listed companies as research objects,and exploring the factors affecting its performance.In order to ensure the comprehensiveness of the research,this paper not only considers the macro factors that have an impact on the performance of listed companies,but also further discusses the micro factors including corporate governance and business management.At the same time,in order to avoid possible interference between different categories of indicators,the author has established three different regression models for different categories of influencing factors to conduct research and analysis one by one.Model I studied the impact of macro factors on the performance of real estate listed companies.The monthly data from 2013 to 2017 were selected and analyzed by multiple linear regression analysis.The regression results were: consumer price index,land supply,urbanization rate and real estate listing.The company’s performance showed a positive correlation,while the personal housing credit rate and stock market sentiment were negatively correlated with the performance of real estate listed companies.The urbanization level was the most sensitive factor.Model II studied the impact of micro-level corporate governance factors on the performance of real estate listed companies.The data of 107 real estate listed companies in 2007-2017 were selected for Panel Data linear regression analysis.The regression results were: balance of major shareholders’ equity and liabilities.The level,undistributed profit,and firm size are positively correlated with the performance of real estate listed companies.The proportion of independent directors of the board of directors is negatively correlated with the performance of listed companies inChina.Undistributed profits are the most sensitive factors.Model III studies the impact of business management factors on the performance of real estate listed companies at the micro level.The selected data range is the same as that of Model II.Panel Data linear regression analysis is carried out.The results are: total asset turnover efficiency,investment real estate assets,and external enterprises.The degree of investment,net cash flow,firm size,corporate growth and the performance of real estate listed companies are positively correlated,with total asset turnover being the most sensitive factor.Based on the relevant conclusions drawn from empirical analysis,this paper proposes corresponding recommendations for the three different groups of government departments,enterprise managers and investors.Although there are still some shortcomings in this paper,I hope to provide a certain reference value for the good management of China’s real estate enterprises and even the sustainable development of the real estate market.