Factors Analysis On The Performance Of The Listed Real Estate Companies

The development of real estate industry in our country is closely related to the reform of economic system. From planned economy to market economy, the real estate industry of our country prosperity and development quick. Urban housing assignment currency and the acceleration of Chinese urbanization process is fast promoted the development of real estate industry in our country. Decades of exploration and practice accumulation, and make the real estate market in China gradually standardized, scale, health. The estate industry has made great contributions for the revival of the national economy. At present, the real estate industry has become the important strength of our economic. Easy to predict, over the next few decades real estate will still play an irreplaceable role on the development of national economy. Meanwhile, the real estate market appears some unhealthy phenomenon. Residents high housing price-income ratio, villa and other senior high commodity housing development too much, have also aroused the concern of the whole society. Countries have released a variety of macroeconomic regulation and control policy to adjust the real estate industry development direction and safeguard the livelihood of the people. This paper fully considers the internal factors and external factors of operating performance, and puts forward several improvement suggestions and countermeasures.From our real estate industry development present situation, analyses the characteristic of current real estate market in China and the existing problems. Soaked the domestic and overseas scholars research achievement about real estate listed companies, select 79 real estate development and management listed companies as the research object.This research mainly adopts the empirical analysis method, using a single index of performance measurement method, establishes the multiple regression model. This study separately from the internal factors and external factors to verify the influence factors of performance of listed companies. Internal factors include the company size, capital structure, equity structure, corporate growth and operational capabilities, etc. External factors include the real estate boom index, GDP, per capita disposable income of urban households, monetary supply, loan interest rate, etc.The research in this paper is to find out the influence bigger multiple factors of real estate industry performance of listed companies. On the one hand we can help enterprises to find the key factors and the secondary factors, improve the utilization rate of limited resources. On the other hand, make enterprise management business decisions can be more targeted, more effective. This article not only analyses the internal factors affect performance, but also bring macro influence factor into the research model. Through the research and analysis, combining the current situation of real estate industry in China, offering some feasible suggestions for improvement of government. It has a certain significance real estate market policy formulation and enterprise management.This paper first analyzes the background and significance of the research, then reviews of the related theory about the influencing factors. And with Chinese real estate industry status and feature selection explanatory variables for empirical research; finally, according to the empirical results puts forward many suggestions and countermeasures. This paper includes six modules:Chapter One, IntroductionThis chapter briefly analyzes the research background, purpose and significance, research object and method, the innovation and the insufficiency, the possible research content and analysis framework.Chapter Two, Theoretical Analysis and ReviewThis chapter reviews the theory of enterprise performance influence content and related research achievements at home and abroad at present. Firstly expounds the connotation of the company performance. Finally to the domestic and overseas scholars about real estate performance of listed companies of influencing factors on research achievements summary and comb, and for the next study design and lay the foundation.Chapter Three, the Development Status of Real Estate Industry Firstly introduces the development of real estate industry in recent years, industry characteristics and existing problems. Then analyze basic features and industry status of the listed company of real estate industry. Finally on the real estate market of macro-control policy is comprehensive analyzed.Chapter Four, Factors Affecting Performance of the Real Estate Listed CompaniesThe internal factors select the company size, capital structure, equity structure, corporate growth and operation ability as representatives. Select the real estate boom index as an external factor to analysis.Chapter Five, the Empirical ResearchFirst of all, according to the selected internal and external influencing factors, establish the multiple regression model and given research hypotheses,79 sample companies will use of SPSS variable data regression analysis. On the basis of regression model according to the empirical results, and assumptions are verified with the real estate market features of results analyzes the reasons.Chapter Six, SuggestionsIn front of the theoretical analysis and empirical research foundation, real estate industry of our country to improve the operating performance of listed companies put forward many Suggestions:including the corporate internal management and government macro-control policy suggestions.Finally, this paper according to the empirical research conclusion from the government and real estate respectively from two angles of the listed company’s internal put forward suggestions for improvement. Government advice mainly include; home sales price stability, adjust supply and demand imbalance, improve the housing safeguard, perfect real estate investment credit policy and preventing financial risks. The listed company’s internal management advice mainly has: expanding the scale, achieve economies of scale effect, optimize corporate capital structure, perfecting corporate equity structure, improve the company operation ability and attention to the company growth, etc.Main ContributionsThis study specially select the sample company 2008-2010 financial index data, considering the effects of the financial crisis in 2008. And the first time, real estate boom index as an external influence factor into the regression model. Research shows that:performance of the real estate listed companies and real estate boom index have no significant positive correlation. Finally, according to the empirical results from government and company internal management two aspects offer several feasible suggestions.This paper mainly manifested in the limitations of the data source the limitations of limitation and variable index. A listed company’s annual data integrity and authenticity of the unknown, still have a lot of information about the company’s internal information in statements and unable to find in the notes. Due to limited, this article studies the level of real estate industry of our country only affect quantifiable performance of listed companies are studied, and factors unable to quantify ignore some influencing factors. Such as real estate listed management level, the highest quality of decision-maker, industrial competition, etc. This is also should pay attention to later research.