The Influence Of Demographic Traits Of The Managers On The Investment Of Real Estate Enterprises

In recent years, China’s real estate industry has made rapid development, but at the same time, there also appear some problems. Although the government has carried out some macroeconomic controls, the effects are not so satisfied. Investment as a basic economic activity of the industry is involved in many aspects of the industry. Thus, having a clear understanding of the investment behavior of the real estate industry will definitely promote the healthy development of the industry.The author thinks that manager as the decision maker has the biggest impact among the factors affecting investment."Upper echelon theory" which originated in the nineteen eighties provides the theoretical basis for this problem. This paper used the regression model to test the impact of the managers’ background characteristics on real estate companies’ investment empirically, based on402samples data from115Shanghai and Shenzhen A-Share listed real estate companies from2008to2012.We found that:(1)The average level and heterogeneity of the background characteristics of manager’s team have a certain influence on the investment of Real Estate Company. Specific performance can be described as that young, new, uniform age distribution and the more variable team tend to increase investment.(2) Comparing the state-owned listing corporation with non state-owned Listing Corporation, age of the managers affecting investment in state-owned listing corporation management team is more significant, while the variation and the term of office of manager’s team affecting investment in non state-owned listing corporation management team is more significant.(3) Considering the background characteristics of manager’s team and the background characteristics of a certain leader, the background characteristics of manager’s team affecting investment is more significant.Combined with the existing research, manager’s background characteristics has the same effects on the investment in real estate and other industries which means related research conclusions are consistent. This research makes up the deficiency of the study in this field, expanding the research horizon of real estate firm’s investment and enriches the research contents of Upper echelon theory. And also this research provides some reference value for setting up management teams in real estate companies. In addition, this paper provides a new method for the calculation of investment of project for other scholars.