Research On The Impact Of Ownership Structure And Diversification On Business Performance Of Listed Real Estate Companies In China

The real estate industry is one of the fastest growing industries in recent years,and it is the basic industry in China.It can play an active or nonactive role directly or indirectly to a certain extent,and promote the positive and interactive development of other industries.However,as a late start industry,the corresponding ownership structure of real estate companies is also relatively fragile and imperfect.The unbalanced ownership structure and different ownership nature have an impact on the development of real estate companies,and at the same time lead to the differentiation of the performance of different real estate companies.As a capital intensive industry,it is vulnerable to a variety of external factors.In order to ensure a sufficient capital chain,most managers of the real estate industry focus on the diversification strategy of the company,and try to enter other areas with good market expectations.Whether the company's diversification strategy can consolidate and improve its strength and bring about the growth of business performance is the focus of this paper.This paper first defines what is the real estate listed company and analyzes its operating characteristics,and summarizes the relevant theories of ownership structure,diversification and company operating performance.Then,on this basis,the paper makes a comprehensive descriptive analysis of the current situation of ownership structure,diversification and operating performance of listed real estate companies in China.Next,on the basis of theoretical research and current situation analysis,we choose variables and indicators,and then start to build a regression analysis model.In this paper,33 A-share real estate listed companies are taken as the research object,and the relevant data of ownership structure,diversification and business performance in 2014-2018 are systematically collated.After descriptive analysis,correlation analysis,regression analysis and using bootstrap intermediary effect test method to analyze the data,it is concluded that the ownership structure and diversification of the company have significant impact on business performance,At the same time,diversification plays an intermediary role in the impact of ownership structure on business performance.In the aspect of optimizing the ownership structure,the paper puts forward some suggestions to increase the proportion of senior managers' ownership and enhance the mutual restriction of equity,and also encourages the company to adopt diversification strategy in time.The whole article is innovative in the selection of research objects and indicators.At the same time,it uses bootstrap intermediary effect test to analyze the diversified intermediary effect,which makes the empirical research more comprehensive.Through the research of this paper,it can provide reference for the good development of real estate listed companies,make the relevant government departments have scientific basis to solve the problems related to the ownership structure and diversification of the company,and make the formulation of policies and measures more targeted and feasible.