Empirical Research On The Evolution Of Real Estate Industry Listed Company Shareholders’Benefit Pattern

Because the special reasons for China’s socialist market economy and the restrictions of capital market size, in the past, the equity of listed companies in China has been using a "split-share mode".However, with the changing conditions of the continuous development of China’s market economy and market environment, the special problems in the transition process of China’s economic system have formed gradually, the drawbacks of equity split mode has become increasingly prominent.Not only results in the situation of China’s split share structure, but also distorts the pricing mechanism of the securities market,leading to lack of the common benefits of the foundation in the corporate governance. At the same time, some large shareholders expropriate the companies’benefits and the minority shareholders’ benefits.Serious distortions of the pattern of benefits in the listed companies are not conducive to the development of the external competitive environment of corporate governance, but also restrict the improvement of the governance mechanisms of listed companies and company performance improvement. The largest shareholder controlling and controlling shareholders expropriating the benefits of minority shareholders have also become major issues of corporate governance. Although the split share structure reform in2005and the equity incentive in2006can mitigate these phenomena, but can’t solve the problem fundamentally. Because the core issue is the evolution of the shareholders’ internal benefit pattern,especially the invisible benefits.In recent years, shareholders’benefit pattern of listed companies and invisible benifits have also become an important research topic of corporate governance. The benefit pattern is a relatively new research area and the systematic study of the pattern of benefits of shareholders of listed companies has not yet appeared too. Therefore, the research on the evolution of listed company shareholders’benefit pattern with the invisible benefits plays an important practical significance for understanding and improving the corporate governance environment in China, solving the phenomenon of distorted benifit pattern and enhancing the company’s performance. Therefore, based on analysis of past scholars’research,the writtor tries to build a general analytical framework and model for this study. At the same time,according to the result of the study,the writtor gives some advice. This also provides the reference and inspiration to the other listed companies for addressing the same problems.The paper is divided into6chapters:The1chapter is the Introduction.The2chapter is the Literature Review and the Theoretical Basis.The3chapter is the Framework and Model of the Evolution of Real Estate Industry Listed Company Shareholders’Benefit Pattern,this is the one of the important parts in this paper.The4chapter is the Empirical Research on Shareholders’Benefit Variating and selecting of Real Estate Industry Listed Company.The5chapter is the Evolution and Game Analysis of Real Estate Industry Listed Company Shareholders’Benefit groups.The6chapter is the Conclusion and Advice.Through the analysis of this study, we obtained the following conclusions:(1) From the two aspects of the external environment subsystems and internal environment subsystem, we can built the analysis model of evolution of real estate industry listed company shareholders’benefit pattern through the introduction of invisible benefits and the concept of variation and selection.(2) In the external environment subsystems, the split share structure reform, equity incentive and other external environmental factors cause the change of social interest groups’ number, form, space and other factors.(3) The level of the shareholders’invisible benefits of listed real estate companies is affected by many factors.(4) In the internal environment subsystem of listed real estate companies, there are three influencing factors on the variation of the invisible benefits.The first factor is the interests of the social hierarchy and the external environment changes, the influencing factors of invisible benefits and shareholders’ implicit interest standard.(5) The process of invisible benefits selection is the process of the visible benefits and invisible benefits’standard determining.(6) the variation and selection of the shareholders’invisible benefits play an important part in the process of the shareholders interest groups’evolution and game.(7) The status of real estate companies’shareholders benefit pattern is the outcome of the shareholders interest groups’evolution and game. In this study, there are four innovation:(1) Builting the analysis framework and model of evolution of real estate industry listed company shareholders’ benefit pattern.(2) Doing research on the process of variation and selection of the real estate listed companies’invisible benefits.(3)On the empirical analysis, there are some innovation about the data and seting the variable.Meanwhile, making a more reasonable methods about the measurement of invisible benefits.(4) Providing some advice through the factors of the invisible benefits and the variation and selection of invisible benefits.At the same time, proposing some new measures,especially the guiding mechanism of the shareholders’invisible benefits.