China’s Real Estate Listed Companies In Corporate Governance On Corporate Performance

In recent years, as the outbreak of Asian financial crisis and the subprime mortgage crisis, and the occurrence of the cases such as Lehman brothers, Enron and a series of other events, the corporate governance issues has been growing concern. The misconduct of corporate governance which had led to some of the economic events seriously affected the current world economic order. In China, especially since the reform and opening-up, All walks (?)(?) life have gained rapid development. As a special industry, Real estate has attracted much more attention. As the pillar industry of a country, Real estate plays a important role in a country’s all aspects such as economic, political,military and so on. Whether at home or abroad, the history have proved that the real estate industry is the carrier and foundation of the nation for each activity. In China, Real estate has become an important driving force for China’s economic development. However, the market economy of China is late in getting started, and the management of real estate companies is not perfect. As an important part of enterprise management, corporate governance has to face many problems as well. The quality of corporate governance is closely linked to company performance, so it is very necessary and important to establish a sound system of corporate governance for listed real estate companies. How to improve the corporate governance and performance of listed real estate companies, and to promote the sustained and healthy development of the real estate industry has become very concerned about the entire real estate industry and problems to be solved. Therefore, the paper selected listed companies to study the impaction of corporate governance on corporate performance.In this paper, we chose the samples of Shanghai and Shenzhen A-share real estate development and operation of enterprises, studied a number of samples required conditions screening, and collected data from2009-2011three years. In the research of corporate governance and corporate performance relationship from two aspects of governance of board of directors and shareholder governance synthesis, when the selected variables and indicators also has carried on the comprehensive consideration, finally in descriptive statistics and regression analysis of the data analysis, finally to verify this hypothesis.Based on corporate governance in the two aspects of governance of board of directors (?)(?)(?) shareholder governance, board structure and ownership structure as the explanatory variables, respectively select the board size and proportion of independent directors, the chairman and general manager position of unity as well as the first big shareholder’s shareholding, the proportion of state-owned shares, the proportion of tradable shares, legal person share proportion as explained variable indicators, in order to net assets yield measure the operating performance of enterprises, and to the company’s total assets and liabilities ratio as control variables, through descriptive statistics and regression analysis, verified the governance of board of directors and shareholder governance’s impact on corporate performance assumptions, finally proposed consummates our country real estate listed companies corporate governance measures:(1) To control the scale of the board of directors within the scope of a reasonable number (2) Improve the proportion of independent directors (3) To prevent the chairman and general manager by the same people.(4) Reduce the proportion of state-owned shares (5) Improve the tradable shares and legal person share ownership (6) Reduce the first shareholder’s shareholding in order to counterbalance between the shareholders effectively.