| In order to control the city house prices, many macro policies have been issued since2005. But the implementation of these policies did not achieve the purpose of controlling house prices. The house prices rose higher and higher. On Jan.262011, the State Council had to issued a new policy called "the New Policy on Jan.26,2011". The New Policy is to promote supply and demand, adjust the structure and heavy regulation."Credit limit" and "restriction" are tighter, more comprehensive, regional range. Tax policy is more stringent. And the iron hand "accountability" is determined. The New Policy is known as the most stringent macro-control policy in the industry. In the background of government control of the real estate market, how to evaluate the impact of the micro policies on the operating perfonnance of listed real estate enterprises is very important. The influence degree may take listed real estate enterprises to adjust the company strategy to adapt to changes in the policy environment. So listed real estate enterprises can develope smooth and healthy. Therefore, this paper attempts to choose different types of listed real estate corporation as the research object, to analysis the impact of the special new policy on the operating performance of different types of listed real estate enterprises.First this paper introduces the background, the purpose, the main content and the market reaction of the new policy. Then this paper introduces performance, operating performance, the performance assessment theory, performance evaluation system and performance evaluation methods. These are the basic theories of the empirical study. Finally this paper collects the quarterly financial data of46listed real estate corporations from the first quarter of2009to the third quarter of2013as sample data. These46listed real estate enterprises are divided into four types of franchise company, non franchise company, residential company and non residential company. The New Policy is setted to dummy variable. Panel regression analysis model is setted. First, from different angles, the four single operating performance indexes of profitability, operating capacity, solvency and development ability are used. The effects of the New Policy on the operating performance are investigated one by one. Then, for evaluating the operating performance more comprehensively, the paper use factor analysis method to construct the comprehensive performance index, the impact of the New Policy on comprehensive operating performance is investigated. And this paper compares the different impacts of the New Policy on operating performance of four types of listed real estate corporation.Based on empirical analysis, this paper draws the following conclusions:1.The negative influence of the New Policy on the operating performance of listed real estate enterprises is obvious.2.To the operating capacity, the negative influence of the New Policy on the profitability, the operating capacity and the development ability of listed real estate enterprises is significant. The New Policy is not directly relevant to the the solvency of listed real estate enterprises3.To the comprehensive performance, the negative influence of the New Policy on the operating performance of residential company and franchise company is more significantly. Then based on these conclusions some suggestions are given. For the listed real estate enterprises, the suggestions are corporations should correctly understand the macro-control policies; take more "timely, effective, reasonable" countermeasures to adjust the capital structure; take more kinds of operations instead of single kind of operation and improve the company management. For the government’s macro policies, the government should establish a long-term stable macro-control mechanism and strengthen macro policy implementation and supervision. |
