Study On Corporate Governance Level Of Listed Real Estate Development Enterprises

With the rapid development of the real estate market,the problem of high leverage and high liability ratio in the real estate industry in China has become increasingly serious.Competition in the real estate industry is intensifying.The market environment is not optimistic.This paper evaluates the corporate governance level of listed real estate development enterprises through a comprehensive scoring method,and finds out the existing corporate governance problems of listed real estate development enterprises according to the evaluation results,and puts forward countermeasures and suggestions to improve the corporate governance level of listed real estate development enterprises.By sorting and analyzing the relevant literature,according to the objectives of corporate governance,combined with the characteristics and policies of the real estate industry,the evaluation index system of corporate governance is constructed from the two perspectives of corporate governance system and governance performance.Institutional indicators of corporate governance include shareholder governance,directors’ governance,managers’ governance,supervisory board governance and stakeholder governance.Performance indicators of corporate governance include profitability,development capacity and financial risk.The range transform method is selected to preprocess the data and the entropy method is selected to assign the weight,calculate the weight and comprehensive score of each indicator level and all corporate governance indicators,and carry out the overall evaluation of the corporate governance level of listed real estate development enterprises.This paper selects 48 listed real estate development companies as research samples to calculate the weight of each index and corporate governance score for 2012-2021.According to the change in the weight of the index,the degree of importance of each index at the level of corporate governance is analyzed.By calculating the standard deviation of indicators at different levels and corporate governance level scores of different enterprises in the same period of time,the differences in corporate governance level among sample enterprises are analyzed.Through a cluster analysis of the comprehensive scores of all corporate governance indicators of the sample companies during 2019-2021,the volatility of corporate governance levels in the real estate industry is analyzed.Through the above analysis,it is found that:(1)stakeholder governance has the greatest impact on the corporate governance level of listed real estate development enterprises.(2)From the perspective of time,the difference in corporate governance level of listed real estate development enterprises gradually narrows and the difference in board of supervisors’ governance level gradually becomes the main difference between enterprises.(3)The overall corporate governance level of listed real estate development enterprises has little fluctuation and is relatively stable.This paper analyzes the trend of the overall score of corporate governance level layer by layer in depth,and finds that the corporate governance of listed real estate development enterprises has such problems as unreasonable ownership structure,high proportion of total guarantee in net assets,imperfect incentive mechanism,lack of female senior executives,incomplete separation of two positions,low quality of information disclosure and low level of green governance.Based on the above results,countermeasures and suggestions are put forward to improve the corporate governance level of listed real estate development enterprises,including optimizing the ownership structure of enterprises,standardizing the internal related transactions of enterprises,perfecting the incentive mechanism of enterprises,improving the internal structure of managers,strengthening the internal supervision of enterprises,ensuring the quality of information disclosure,and improving the level of green development of enterprises.