Empirical Research On The Impact Of Real Estate Control Policies On The Performance Of Listed Cornpanies

In2010,2011, China has issued a series of real estate macro control polices,"state eleven terms, state ten terms, state new eight terms", aimed at curbing excessive speculation of the real estate market and the phenomenon of false prosperity.Based on this background, this article study the series of macro-control policies impact on the operating performance of the listed companies. The article main analysis whether the real estate listed companies, the mortgage listed companies and closely related to the real estate industry listed company operating performance have changes after the policy.Through the above three types of listed companies in the2010-2012panel data regression analysis and paired sample t-test, we have three conclusions:(1)The operating performance of listed real estate companies are not subject to the impact of the current round of policy control;(2) The mortgage operating performance of listed companies by the negative impact of the current round of regulatory policies;(3) Indirectly by regulation of the operating performance of the manufacturing sector in the industry is closely related to the real estate industry, impact and decrease the operating performance of the construction industry and social services are not subject to regulatory impact.Comprehensive analysis of the above three conclusions, this round of regulation did not achieve the desired results. Regulation of real estate should be focused on optimizing the structure of supply continue to increase the effective supply of protection of housing and ordinary housing; sound and comprehensive regulatory mechanism of policy coherence; dredge the channel of the implementation of policies, prompting the local government to implement policies.