The Research Of Board Characteristics, Corporate Social Responsibility And Corporate Performance

Real estate industry is the pillar industry of China’s economic development.The proportion of GDP has gradually increased from 4.61% in 2008 to 6.87% in 2018.Whether the stable development of real estate enterprises is related to people’s livelihood and whether China’s economic development can rise steadily.The development of real estate listed companies is large and fast,and it is more likely to generate corporate governance problems driven by high housing prices.The board of directors is the core of corporate governance of listed companies,and it is a crucial part of the governance structure.As an important decision-making and supervision institution of listed companies,it plays an irreplaceable role in improving the operational efficiency and management level of listed companies so that it can improve corporate performance.At the same time,as one of the high-margin industries,real estate listed companies have paid more and more attention to the fulfillment of social responsibilities,which has become an influential factor in the governance process of the board of directors.Therefore,this paper focuses on real estate listed companies,and studies the relationship between board characteristics and corporate performance,and analyzes the role of corporate social responsibility in regulating the two,which has important practical significance.Based on this,this paper objectively analyzes the improvement of the performance of China’s real estate listed companies from the perspective of corporate governance of the board of directors,in order to improve the governance structure of the board of directors of China’s real estate listed companies,and promote the company to establish a more scientific corporate governance mechanism and provide useful lessons for improving business performance.Based on the relevant theories and research results at home and abroad,this paper takes the listed companies in China’s real estate industry as the research object,and selects all listed companies in China’s Shanghai and Shenzhen A-share real estate industry from 2013 to 2017 as samples,and collects relevant data based on CSMAR.From the perspective of all directors,the characteristics of the board of directors are selected from the perspectives of directors’ education level,female directors’ proportion,political connection and age difference,and analyze its relationship with company performance.Considering the adjustment role of corporate social responsibility,multiple linear regression models are used to empirically test and analyze the relationship.The research results show that the directors’ education level,political connection and company performance of real estate listed companies are significantly negatively correlated.The proportion of female directors is significantly related to the company’s performance.The implementation of social responsibility is positively regulating the relationship between board characteristics and company performance.According to the conclusions drawn from the research,this paper proposes corresponding improvement measures and suggestions from the aspects of board governance and corporate social responsibility,in order to provide reference for promoting the construction of the board of directors of real estate listed companies in China and improving the performance of the company.