Research On The Relationship Between Board Features And Corporate Operating Performance Of The Real Estate Listed Companies In China

This paper studies the relationship between the board features and corporate performance of listed companies of real estate industry in China. As a pillar industry in the national economy, its development level is the important symbol of the level of economic development, social development and national comprehensive strength of our country. Since2003, real estate’s contribution and impact on the national economy grew a lot, coupled with its characteristics of strong industry correlation, involving more than50industries, which including construction, steel, cement and other building materials industry, as well as credit, insurance and other financial services industry. The real estate industry will promote development of related industries as well as the development of the whole national economy. The impact of real estate on the national economy is also reflected in the demand driven. The current real estate investment has become an important support to expand the demand for investment, effectively stimulating the growth of the national economy. The development level of the real estate industry is mainly measured by its corporate performance, and the level of its performance is the direct expression of the quality of our real estate industry’s corporate governance, high quality corporate governance is necessarily related to good corporate performance and sustainable development ability. But the corporate governance is a new concept in our country, in advance of corporate governance theory research and practical operations still has a long way to go. From this point of view, this article selects the research topic between board governance structure and corporate performance of the real estate industry’s listed companies has an important theoretical and realistic significance.This article mainly includes five chapters content:The first chapter is introduction. This chapter mainly analysis the research background, significance, and introduce the research methods, thought, the framework of the paper and the innovation points. The second chapter is related theory and references. Mainly including four aspects:the first is to introduce the relevant concepts of board features and corporate performance; the second is to describe the correlation theoretical basis between these variables:the third is to describe the mechanism and performance of board characteristics affects the corporate performance; the forth is about the correlation literature review between these variables at home and abroad. The third chapter is to connotation and description characteristic variables of the board of directors and enterprise’s operating performance method and index of the real estate listed companies in China. The fourth chapter is the empirical analysis of the relationship between characteristics of board of directors and corporate operating performance of the listed company of real estate industry in China. First is to introduce the data sources, sample selection and related variables; Secondly, according to the theory of the second chapter raises relevant research hypotheses; The third is to use the data to analysis correlation between the relevant variables, The fourth is to construct the four regression model between these variables and make empirical test on assumptions; and the last is to put forward some suggestions on improving the administration of board governance of the real estate industry which based on the empirical analysis result and experience. Chapter five of this paper is the research conclusion, deficiencies and prospect. On one hand is to review the conclusion of this study; On the other hand is to point out the shortcomings of the study and research prospect of the future.The article analyzes the relationship between the board characteristics and corporate operating performance of the real estate industry’s listed companies in China comprehensively, this is a helpful attempt to explore the association between them, and so it has certain theoretical value and practical significance. In this paper, through using376A shares listed companies’annual report data of China’s real estate industry during2007and2010to analysis the correlation between these variables. The empirical results show that:the board characteristics of the real estate listed companies certain affects corporate operating performance in China, so we should strengthen the construction of the board of the real estate listed companies, improve the present situation of the board of directors reasonable in order to play the positive role in future.This paper may appear the following three aspects of innovation points:one is in the choice of the research object, this paper chooses the real estate companies as research samples, which riches the related research of this field; another is to separate the variables of the average of independent directors’annual allowance from the variables of the board of directors’salary in order to study how it influences the corporate operating performance alone; the other is to combine single indexes and comprehensive index which measured by factor analysis method to evaluate the corporate performance of the real estate industry’s listed company in China.